PHOTO: Australian population

Despite encouraging signs for the property market since the federal election, the biggest boost to the industry could be Australia’s surging population.

According to the latest figures released by the Australian Bureau of Statistics, Australia’s population grew by 1.6 per cent during 2018 reaching 25.2 million people.

The number of births in 2018 reached an all time high of 314,900 while net overseas migration accounted for 248,500 people, still below the peak of 315,700 recorded in calendar year 2008.

Victoria continues to swell, with its population growth at 2.18 per cent. By contrast, population growth in South Australia and Western Australia was 0.8 per cent and 0.9 per cent respectively in the 2018 calendar year.