Making sure there's a steady stream of apartments in Belconnen and other types of real estate is essential, especially if housing supply is going to keep pace with population growth. The Housing Industry Association (HIA) explained that it's states and territories along the eastern seaboard that are attracting the highest levels of attention.
"Variation in economic performance across geographic areas has a significant impact on the flow of migration, and vice versa," noted HIA economist Geordan Murray.
"The states posting better economic performance have people flocking to them."
The Australian Bureau of Statistics (ABS) revealed that by the end of last year, the national population had increased 1.4 per cent. Among the areas that witnessed considerable growth was the Australian Capital Territory (ACT), where the population also increased 1.4 per cent year on year.
Much of the country's population growth was a result of net overseas migration, which contributed to 54.3 per cent of the rise. Natural increase – the number of births minus the number of deaths – accounted for the remaining 45.7 per cent.
The HIA pointed out that while migration may have slowed over recent years, there's still a prominent need for quality homes to be made available. Thankfully, there has been a large amount of real estate in Belconnen and other parts of the country to help plug this gap, which will be increasingly important as the demographic changes.
One issue that's already arising is the number of baby boomers who are now leaving the workforce, meaning there are more jobs that need to be filled. This is something that migration can help achieve – and the latest wave of workers are going to need quality accommodation to stay in.