Housing supply is set to tighten further in NSW as the rampant population growth continues unabated according to a report by Residential Development Council.
NSW population is expected to climb by 20% to 8.470 million people over the next 20 years while Sydney's population is forecast to jump by 1.043 million to 5.484 people by 2027 - a staggering 23% increase.
Regional centres such as Newcastle, Wollongong and Port Macquarie are also expected to see explosive growth in population during the same period. Newcastle's population is forecast to grow by 104,518 people or 20%, Wollongong by 33,269 people or 12% and Port Macquarie by 15,233 or 35% increase.
"The Australian population experienced its biggest increase on record last year, and at the current trajectory, Australia will need to accommodate the housing needs of 27% more people for the next 20 years," said Caryn Kakas. "Australia's population is anticipated to increase by just under six million people within 20 years, bringing the total number of permanent residents to 28 million."
Kakas pointed out that in order to meet the annual demands on housing, the market will need to provide at least 155,000 houses per annum over the next 20 years. This excludes the housing starts needed to help Australia recover from its current state of chronically undersupplied housing market.
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