Official statistics suggest a new home must be built in Australia every few minutes to keep up with migration as new housing data paints a grim picture for people trying to get on the property ladder. Australia’s population grew by 2.5 per cent to 26.97 million people in 2023, with net overseas migration accounting for 84 per cent of the growth, according to figures published by the Australian Bureau of Statistics last month. Dividing the net increase of 547,300 arrivals, by the average of 2.
The revelation comes just days after the Albanese government paid states and territories $1 billion to turbocharge the construction of new homes under the Homes for Australia plan. The investment aims to achieve the “ambitious” national target of building 1.2 million new, well-located homes over the next five years - or 240,000 per year. Housing Minister Julie Collins said the funding would help deliver the “right infrastructure to get homes on the ground more quickly”.