Population growth is an essential indicator for the real estate industry, and recent data from the Australian Bureau of Statistics (ABS) could spell good news for owners of Bunbury rentals.
According to the ABS, Western Australia's capital city saw the fastest population growth over the past 40 years, rising by 1.2 million people since 1973.
"Currently, Perth and Darwin are the fastest-growing capital cities. Between 2012 and 2013, Perth grew fastest (3.5 per cent), followed by Darwin (3 per cent), Melbourne (2.2 per cent) and Brisbane (2.1 per cent)," said ABS Director of Demography Denise Carlton in an April 3 media release.
However, it's not just the capital city of Perth experiencing significant population growth.
The estimated resident population of WA was 2.52 million people as of June 2013, accounting for 11 per cent of the entire country's population.
This represented a 3.3 per cent increase from 2012, and also accounted for the fastest growth of all other states and territories, easily beating the national growth rate of 1.8 per cent.
With WA as a whole seeing such considerable population growth, it means more and more people are in search of accommodation.
Owners of Bunbury rentals could benefit from high demand for housing and see their investments pay off.