By Herron Todd White
The ACT population has continued to grow from 2018 to 2019 with growth of 1.23% to 419,200 as of 31 March 2019. The ACT has one of the fastest-growing populations in Australia and is expected to hit 500,000 by 2030.
If we study the graph which shows the current population (2017) and projected population (2022), we can see that the most prominent age bracket is those between 20 and 39 (2017). The high population in this age bracket could explain the high demand for entry-level products in the ACT market, which are popular among this age bracket given the generally lower budgets.
The population of those aged 20 to 35 is expected to drop from 2017 to 2022, which means we may see a slight drop in demand for entry-level products.
We can also observe an expected large population growth from 2017 to 2022 for the population aged 70 plus. This growth in population will likely increase demand for property types marketed at the aging population, such as retirement units, retirement villages and properties marketed at downsizers.
Speak with a Canberra Mortgage Broker today.