The federal government’s National Housing Finance and Investment Corporation has forecasted that demand for housing could be cut by between a 129,000 and 232,000 dwellings over the next three years.
According to the Brisbane Times, the collapse in Australia’s population growth is linked to the lack of overseas migration in Australia this past few months due to the pandemic restrictions.
About 60 per cent of the nation's population growth over the past decade has been driven by net overseas migration, which totals 2.7 million residents.
This lack of demand will be a big hit for the construction sector in Australia.