The population of Australia is growing by 10,000 every week as immigrants flock to the country's major cities in order to take advantage of new commercial opportunities.
This is according to Ronald M. Cross, chief executive of the ParkTrent Group of Companies which represents one of Australia's largest privately-owned real estate businesses.
Mr Cross says the unprecedented boom in the natural resources sector in states such as Queensland and Western Australia, as well as new commerce opportunities in South Australia, is attracting immigrants from nearby Asian countries, placing huge demand on the housing sector, New Straits Times reports.
As a result of all this, rental rates in capital cities are shooting up like never before, with the housing market currently facing a shortage of around 300,000 living units.
Increased foreign investment in booming industries, coupled with greater demand for new housing, is likely to kick-start Australia's construction sector in the coming years, which may well go on to become a major driver of the nation's economy.