Population boom 'to fuel Australia's housing growth'

Australia is set to see significant economic and housing market expansion for years to come as a result of a population boom, it has been claimed.

The country saw a 2.1 per cent rise in its population in the year to March, official figures have revealed, the fastest on record and the largest current growth rate of an advanced economy, Reuters reports.

Such a trend could see a 60 per cent population increase in the population over four years and chief economist at CommSec James Craig said this would directly impact on the property sector.

He stated: "More people translates to increased spending and demand for homes and as a result, increased momentum for our economy."

Such a situation could mean those who buy homes in Australia find the price gradually rising, particularly if the increase in supply fails to keep up with demand.

Australia is the most popular choice for Britons keen to move abroad to work, a recent survey showed.

Money exchange firm Foreign Currency Direct established that 20 per cent of those thinking of seeking a job overseas would prefer the country to any other.

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