Housing demand to collapse as population growth falters | swrighteconomy swrighteconomy
The biggest collapse in Australia's population growth since World War I will drive a huge fall in new home construction that could hold back the nation's recovery from the coronavirus recession.
About 60 per cent of the nation's population growth over the past decade has been driven by net overseas migration, which totals 2.7 million residents. But the closure of the border, as well as concern globally among people moving between nations, is expected to lead to that collapse.The number of international students, who account for about half of net overseas migration, has also collapsed in a development that has forced some major universities to cut staff.
If population growth holds up a little better, the market would bottom at 110,000 in 2022. Even that would be the worst annual performance since the 1980s.The drop-off in construction would then amplify the economic pain being felt by the country. The corporation says the drop in population growth will also hit rental markets, particularly those dependent on international students.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coronavirus pandemic to slow Australian population growthThe federal government's Centre for Population says fewer Australian babies will be born over the next two years because of the COVID-19 pandemic, contributing to the lowest population growth rate since the First World War.
Read more »
Inner West Council demands heritage listing for derelict church instead of low-cost housingThe Inner West Council is insisting on heritage listing a derelict church in Marrickville against the will of its owner, the Churches of Christ, which wants to turn the site into affordable housing | michaelkoziol
Read more »
Man United make dismal start, Arsenal and Everton win againManchester United's Premier League campaign began in faltering fashion as a double from their former player Wilfried Zaha gave Crystal Palace a 3-1 win at Old Trafford stadium, but Arsenal and Everton made it two wins from two
Read more »
Australians were suffering from weak wages growth long before the coronavirus pandemicFrom 2016 to 2019, politicians enjoyed an annual 2 per cent pay rise each year — an 8 per cent increase. For everyone else, money for non-essentials has become so tight, any unexpected or unplanned expense could throw out entire household budgets, writes Gareth Hutchens.
Read more »
'Chase the dictatorship away': Thousands in Thailand demand PM's resignationProtesters in Thailand have broken through the gates of a university in Bangkok in what is expected to be the country's biggest protest in years.
Read more »
Tickets please: Even paid-up members could miss out on finals seatsThe NRL grand final could have as few as 10,000 general admission seats available to the public as some ticketed club members face the prospect of missing out on attending the finals series altogether due to the lack of seats | proshenks
Read more »