Considering property investment in Sydney? According to the Australian Bureau of Statistics (ABS), you won't be the only one looking for housing in the region.
The ABS recently reported that New South Wales experienced an influx of more than 110,000 people over the year ending December 31 2013.
"This is New South Wales' highest annual population increase since June 2009 and the highest growth rate since September 2009 when Australia experienced record growth from net overseas migration," said Phil Browning, acting director of demography at the ABS.
"Net overseas migration was the main contributor to New South Wales' population growth, adding 71,400 people over the year, which is the highest increase for the state since September 2009."
NSW was the clear leader when it came to overseas migration. Even while NSW saw such growth, Australia as a whole recorded an annual decrease of 2 per cent.
The population growth in NSW helped to push the country up as a whole.
"The figures show Australia's population reached 23.32 million by the end of 2013, having added around 396,000 people in the year during 2014. This is equivalent to a growth rate of 1.7 per cent over the year, which is down from 1.8 per cent a year ago but still well above the long term average," said Housing Industry Economist Geordan Murray.
So what does this mean for home buyers in the Harbour City?
It will certainly mean stronger competition, but this frustration could be offset by further price growth due to high demand.
If you're looking to buy investment property in Sydney, there's no doubt that more home seekers will mean a greater pool of potential tenants to choose from, as well as the chance to charge higher rents.
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