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Australia may experience a drop in housing demand after attracting fewer migrants than in previous years.
The Australian Bureau of Statistics data has revealed that 396,000 new residents came to Australia in 2013, down by 9,300 in 2012.
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Population growth reached its peak in 2008, hitting 2.2 per cent. Growth then fell to 1.8 per cent by 2012 and dropped to 1.7 per cent last year.
RP Data analyst Tim Lawless said a reduction in population growth and foreign arrivals could stymie demand in the market.
“With population growth winding down we can expect some further easing of housing demand, both from a sales and a rental perspective,” he said.
“The slowdown seems to be most pronounced in the mining states of Western Australia and Queensland where population growth conditions have previously been the strongest.”
While net migration into Western Australia is the third highest of any state, ABS data shows migrant numbers are down 19.8 per cent over the year.
Queensland, the fourth most popular destination, has seen migration drop by 19.1 per cent.
However, Mr Lawless said the situation looks positive for New South Wales and Victoria.
Net arrival numbers reached 71,446 in New South Wales and 62,337 in Victoria over 2013.
[Related: Demographic boom for Sydney brokers]
