The Australian Treasury recently released the latest Intergenerational Report, which takes a close look at how Australia's growing population is expected to affect the development of the nation. According to Master Builders Australia chief executive officer Wilhelm Harnisch, Australia will need 9 million more homes across the country over the next 40 years to keep up with the anticipated increase in people looking for homes.
This could mean an increasing supply of property in Belconnen over the next few decades, with Mr Harnisch stating that the country expects to see a 1.3 per cent annual growth rate in the coming decades.
"The key challenge will be to tackle intergenerational housing affordability in order to preserve home ownership as a fundamental pillar of Australian economic and family life over the next 40 years," said Mr Harnisch in a 5 March statement.
A key aspect of this is the increasing popularity of multi-unit dwellings across the country, especially among baby boomers looking for homes better suited to retirement. This could be a great market to consider for investment, especially off the plan over the next decade.
Be sure to get in touch with a local real estate agent to discuss your property options in Belconnen today.