The current pressures on the nation’s housing and rental markets will only grow, with Australia’s population on track to swell by 7.4 million by 2041.
Let's look at some population projections from NSW government planning:
- NSW is expected to grow on average by over 85,000 people each year until 2041.
- Based on recent trends regional NSW's population will increase by 570,000 to 3.7 million in 2041.
- Greater Sydney’s population will grow to approximately 6.1 million by 2041 — over a million more people than currently live in the region.
Over the next 20 years (2021-2041) New South Wales' population will grow by 1,706,176 (21%) – or around (1%) a year. Not all places will grow or change in the same way, at the same rate, or at the same time.
Demand for housing in NSW
We will need an additional 904,000 homes over the next 20 years to house this growing population. That means 45,200 new homes per year, including 28,500 in Greater Sydney and 16,700 in regional NSW.
Perhaps now is the time
Rather than trying to time your next property purchase based on where we are in the cycle, take a long view and if your income is secure and the time is right for you, this may be an ideal time to get a foothold in property market while others are sitting on the sidelines.
Obtaining an Approval in Principle (AIP) can indeed be beneficial when looking to purchase a property, especially in a competitive market where prices are rising and buyer competition is high. An AIP, also known as pre-approval, allows for faster decision making and increased credibility with agents.
Cut through the noise, get in touch with us today and become market ready! Or check out Addisons Advisory Group Property Services.
Surround yourself with a team of professionals who can provide you with ongoing support and expertise in securing your financial future.
The Addisons Team are here to help!
