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Here’s a statistic that may lead to higher rents and property prices – Australia’s population is growing at the fastest rate in 15 years.

The population increased by 1.9% last year (see graph), driven by a surge in migration, according to the latest data from the Australian Bureau of Statistics.

All those extra people have to live somewhere. Most new arrivals start as renters, before many eventually buy a place of their own, which is why population growth affects both the rental and sales markets.

Australia’s population was 26.3 million at the end of 2022, after increasing by 497,000 people during the year.

Subiaco finance brokers are here to help

Interest rate rises are here, but you don’t have to fear with the right broker on your side.

The team at Sonam Capital are here to empower you through financial knowledge. We’ll take the time to get to know you and your unique situation and speak in a language you can understand, with strategies you can implement for the best possible outcomes.

Nick, Wayne and Amanda at Sonam Capital are your Subiaco finance specialists.

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