Australia's growing quickly, which has been putting enormous pressure on the housing industry. The country's total population increased by 1.8 per cent during 2012 – the highest rate of growth since December 2009.
Most of this development is happening in one of the eight capitals, with 66 per cent of the country's population living in these cities. This explains why these locations accounted for 75 per cent of the total population growth during 2011/2012.
However, the rate of growth varies considerably from region to region. During 2011 to 2012, Perth experienced a record level of growth at 3.6 per cent. Remarkably, Perth only accounts for 8.4 per cent of Australia's population but has been drawing 18 per cent of the country's growth.
Dwelling values are continuing to rise, which will be good news for people involved in real estate in Australind.
While these numbers are creating more active buyers in the market and driving the supply and demand issues some cities are facing, things are looking up for the capital city housing markets, which are steadily recovering. Dwelling values have risen by half a per cent, and Perth and Sydney are driving capital gains higher by 9.4 per cent and 7 per cent, respectively.
Having more people who are increasingly active in the market is good news for those with real estate in Bunbury.