Australia's Population to Rise Dramatically

Australia's population is expected to double by the year 2075, according to recently released information from the Australian Bureau of Statistics (ABS).

The ABS predicted the overall population for the country will reach a high of 46 million people, with much of this growth scattered amongst the various states and territories.

Sydney and Melbourne are expected to be the two state capitals in the country to see the most growth. Both cities will reach 7.9 million people by the year 2053.

But it seems Western Australia will experience one of the highest rates of growth overall after the population doubles to 4.7 million by the year 2040.

As a result of this predicted growth across the country, there will likely be a need for real estate as more people flock to Australia to live and work.

"Based on our projections, with medium growth, Australia will double its population by the year 2075," said ABS Director of Demography Bjorn Jarvis in a November 26 statement.

However, Mr Jarvis noted this timeframe could change to before 2058 or after 2101 under high and low scenarios.

In order to support this rising population, the Urban Taskforce stated the government will need to enforce appropriate planning systems across the country, especially in New South Wales where numbers are strong.

"In 2053 projections show that Sydney will cease to be the largest city in Australia and without support for growth, this could occur even earlier," said Urban Taskforce Chief Executive Chris Johnson in a November 28 statement.

"With a current housing shortfall of over 10,000 a year and a planning system that is becoming anti-growth it is likely that Melbourne will become the number one city in Australia around 2040."

Construction of real estate in Sydney and the surrounding areas of the state is already beginning to trend upwards, after the ABS released housing approval data for the month of October.

The number of dwellings approved over this month rose by 1.9 per cent in trend terms across the country after rising for 22 months in a row.

This activity has been largely attributed to the low interest rate environment in the country, according to Master Builders Australia Chief Executive Wilhelm Harnisch. Mr Harnisch said he expects this to continue to fuel a recovery for this sector heading into 2014.