For the reasons I explained here, even these projections appear likely to be the low side, and this latest statistical release also hints at a similar conclusion, highlighting a projected "rising median age" i.e. younger immigrants are likely to be welcomed with open arms by future governments in order to lower the median age, while simultaneously adding to economic growth and improving the participation rate.
What is less well appreciated is that a projected explosion in the number of lone households is set to place the property markets of our four largest capital cities under intense duress, as I'll detail through a handful of key charts below.
What this means for property markets
What does this mean in terms of our property markets? In short, we'll need equivalently more dwellings than one might intuitively expect to house the projected expansion of the population.
This is set to add extreme pressure to some housing markets, though as we will see below, not all of them.
Why will this demographic shift occur?
Projected household growth