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Population 'increasing by 337,000 per year'

The population of Australia is increasing by around 337,000 people per year, property expert Michael Matusik has claimed.

Australia's population is increasing by 337,000 people each year, an Australian property expert has noted.

Michael Matusik wrote in the latest Matusik Snapshot that migrants from China, India, Africa and the Middle East are moving to the country in great numbers, as well as those from the UK, Europe and New Zealand, API Magazine reports.

"These new migrants often live in bigger family groups than older Australian households, which in turn is pushing up the average household size and reducing the need to build as many new homes," Mr Matusik explained.

He went on to say that this migrant shift will result in a decrease in demand for single brick veneer homes in suburbia.

Mr Matusik also said that the Australian property market is not as undersupplied as some industry bodies have claimed.

The Reserve Bank of Australia's president David Airey claimed last month that a lack of new housing in the country is causing the affordability of property to fall.

Posted by Craig Francis

- population, housing

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