Australia's booming population is showing no sign of slowing, with overall growth surging by 1.7% to 21.37 million over the year - its fastest pace in 19 years.
A record 213,500 people immigrated to Australia as at 30 June 2008, accounting for more than half (59%) of the total growth. The strong migration number is complemented by the equally solid number of babies born in the same period.
Western Australia continues to rack up the fastest population growth (2.7%), followed by Queensland and NT (2.3%) and Victoria (1.8%).
Craig James, chief equities economist with CommSec, said the rising number of migrants coming to Australia will add to the demand for homes in 2009. "More people in Australia means greater demand for houses, roads, schools, hospitals and a raft of retail goods, and as such is providing much-needed stimulus in trying times for the global economy. Population growth in NSW is now the strongest in seven years, boosting the outlook for Australia's biggest economy."
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.
We value your privacy and treat all your information seriously - you can check out