--- title: "28 Million and Counting: Population Growth Fuels a Renovation Boom" description: Australia’s population hits 28 million and is tipped to reach 30 million by 2031. Renovation loans are up 16%, led by Queensland. image: https://www.nuestar.com.au/hubfs/The%20Week%20in%20Real%20Estate/Population%20Hits%2028%20Million.png --- [Nuestar](https://www.nuestar.com.au/) - About ▾ ABOUT - [About Nuestar](https://www.nuestar.com.au/about) - [Testimonials](https://www.nuestar.com.au/testimonials) - Process ▾ PROCESS - [The Access](https://www.nuestar.com.au/process/the-access) - [How We Work](https://www.nuestar.com.au/process/how-we-work) - [Who We Work With](https://www.nuestar.com.au/process/who-we-work-with) - Insights ▾ INSIGHTS - [Australian Property Market](https://www.nuestar.com.au/insights/australian-property-market) - [Investing as an Expat](https://www.nuestar.com.au/insights/investing-as-an-expat) - [Building a Property Portfolio](https://www.nuestar.com.au/insights/building-a-property-portfolio) - Resources ▾ RESOURCES - [Blog](https://www.nuestar.com.au/blog) - [Research Library](https://www.nuestar.com.au/resources/gated) - [SMSF Videos](https://www.nuestar.com.au/resources/smsf-videos) - [Spotify Podcast](https://open.spotify.com/) - [Apple Podcast](https://podcasts.apple.com/) [Log In](https://propertydirector.com.au) [Book a Discovery Session](https://www.nuestar.com.au/contact) About - [About Nuestar](https://www.nuestar.com.au/about) - [Testimonials](https://www.nuestar.com.au/testimonials) Process - [The Access](https://www.nuestar.com.au/process/the-access) - [How We Work](https://www.nuestar.com.au/process/how-we-work) - [Who We Work With](https://www.nuestar.com.au/process/who-we-work-with) Insights - [Australian Property Market](https://www.nuestar.com.au/insights/australian-property-market) - [Investing as an Expat](https://www.nuestar.com.au/insights/investing-as-an-expat) - [Building a Property Portfolio](https://www.nuestar.com.au/insights/building-a-property-portfolio) Resources - [Blog](https://www.nuestar.com.au/blog) - [Research Library](https://www.nuestar.com.au/resources/gated) - [SMSF Videos](https://www.nuestar.com.au/resources/smsf-videos) - [Spotify Podcast](https://open.spotify.com/) - [Apple Podcast](https://podcasts.apple.com/) [Log In](https://propertydirector.com.au) [Book a Discovery Session](https://www.nuestar.com.au/contact) ![](https://www.nuestar.com.au/hubfs/The%20Week%20in%20Real%20Estate/Population%20Hits%2028%20Million.png) # 28 Million and Counting: Population Growth Fuels a Renovation Boom October 15, 2026 3 min read ## Reno Appetite Grows ![Reno Appetite Grows](https://www.nuestar.com.au/hs-fs/hubfs/The%20Week%20in%20Real%20Estate/Reno%20Appetite%20Grows.png?width=656&height=445&name=Reno%20Appetite%20Grows.png)   Australia’s appetite for renovation is continuing to grow despite increasing materials costs. National Australia Bank data shows that renovation loan demand is up by 16% in the 12 months to April 30. It says Queensland owners in particular are keen to renovate and upgrade their homes, with a 25% increase in renovation loans over the past year. Western Australia renovation loans are up 17.9% and South Australia is up 15%. While Victoria's renovation loans are up 10.8% and New South Wales is up 10.7%. NAB executive home lending, Denton Pugh, warns homeowners that they still need to factor in potential cost increases. “The risk is costs could begin creeping higher again as fuel prices flow through to building materials and labour,” he says. “Renovations remain a great way to add value, but in the current environment, it’s important to plan ahead, build in buffers and stay flexible as conditions change.” He suggests that would-be renovators ensure they plan to use easy-to-source materials and focus on upgrades that reduce ongoing household costs. ## Population Hits 28 Million ![Population Hits 28 Million](https://www.nuestar.com.au/hs-fs/hubfs/The%20Week%20in%20Real%20Estate/Population%20Hits%2028%20Million.png?width=656&height=383&name=Population%20Hits%2028%20Million.png)   Australia’s population has hit 28 million people – that’s 10 million more than in 1995. This is despite our fertility rate plummeting in the past decade to 1.48, which means couples are not replacing themselves. The Australian Bureau of Statistics (ABS) Population Clock shows the most recent million were added in less than three years, meaning migration has significantly boosted numbers. It estimates that every one minute and 15 seconds, another person is added to the Australian population. In 2003 Australia wasn’t forecast to reach 26.4 million people until 2051. The ABS now estimates Australia's total population will reach 30 million by 2031. In the year to October 2025, Western Australia had the fastest population growth of 2.2%, followed by Queensland and Victoria (both 1.7%), the Northern Territory (1.4%) and the ACT (1.3%). South Australia grew by 1.1% and  Tasmania by 0.3%. Demography director at the ABS, Beidar Cho, says Australia’s growth rate has been consistent at about 1.6% over the past 20 years. ## Building Approvals Drop ![Building Approvals Drop](https://www.nuestar.com.au/hs-fs/hubfs/The%20Week%20in%20Real%20Estate/Building%20Approvals%20Drop.png?width=656&height=409&name=Building%20Approvals%20Drop.png)   Building approvals have dropped for the second consecutive month. Approvals fell by 3.4% in April to 16,710, according to Australian Bureau of Statistics (ABS) data, following a 10.5% drop in March. New South Wales approvals are down the most - 9.5%, followed by Western Australia (-7.4%) and Victoria (-3.9%).  The smaller capital cities had more demand, with Tasmania up by 42.2%, South Australia up 4.3% and Queensland up 0.3%.  ABS head of construction statistics Daniel Rossi says the biggest declines are in the semi-attached dwellings category, which dropped 5.8%. Higher density approvals are still strong with a 9% increase in apartment approvals. Despite the monthly decline, approvals are still higher than at the same time last year with total approvals 10.2% higher year-on-year. Housing Industry Association (HIA) senior economist Tom Devitt says international conflict, budget announcements and rising interest rates are likely to influence approvals in the second half of the year. “These issues magnify the importance of the role of governments to reduce the cost of delivering a new home to market,” he says.    Share [Previous story ← Location Still Wins: The Post-Budget Buying Window Opens](https://www.nuestar.com.au/blog/location-still-wins-post-budget-buying-window) ## You May Also Like These Related Stories [![](https://www.nuestar.com.au/hubfs/The%20Week%20in%20Real%20Estate/More%20Choice%20for%20Buyers.png)](https://www.nuestar.com.au/blog/location-still-wins-post-budget-buying-window) ### [Location Still Wins: The Post-Budget Buying Window Opens](https://www.nuestar.com.au/blog/location-still-wins-post-budget-buying-window) October 15, 2026 7 min read [![](https://www.nuestar.com.au/hubfs/The%20Week%20in%20Real%20Estate/Auction%20Market%20Cools.png)](https://www.nuestar.com.au/blog/commercial-property-yield-investors) ### [Commercial Property Emerges as a Winner for Yield-Focused Investors](https://www.nuestar.com.au/blog/commercial-property-yield-investors) October 15, 2026 4 min read [![](https://www.nuestar.com.au/hubfs/The%20States%20Investors%20Rate.png)](https://www.nuestar.com.au/blog/federal-budget-2026-property-tax-changes) ### [2026 Federal Budget: What the Property Tax Changes Mean for Investors](https://www.nuestar.com.au/blog/federal-budget-2026-property-tax-changes) October 15, 2026 5 min read ## Ready to build a *long-term* property portfolio? If you are interested in taking the next step book a Discovery Session with our team. It is informal, online, and we'll walk through your position, goals and connect you with a team of subject matter experts to help guide decision making. [Book a Discovery Session →](https://www.nuestar.com.au/contact) ![Nuestar Logos - RGB\_Primary](https://www.nuestar.com.au/hubfs/Nuestar%20Logos%20-%20RGB_Primary.png) RESEARCH . ACCESS . STRATEGY [Call 1300 0 NUESTAR](tel:13000NUESTAR) Offices Sydney Hub Customs House, Level 3 / 31 Alfred St., Sydney NSW 2000 Brisbane 141 Brookes Street, Fortitude Valley QLD 4006 Singapore Level 39, Marina Bay Financial Centre Tower 2, 10 Marina Boulevard, Singapore 018983 Explore - [About Us](https://www.nuestar.com.au/about) - [How We Work](https://www.nuestar.com.au/how-we-work) - [Who We Work With](https://www.nuestar.com.au/who-we-work-with) - [The Access](https://www.nuestar.com.au/the-access) - [Success Stories](https://www.nuestar.com.au/testimonials) - [Contact](https://www.nuestar.com.au/contact) - [Book a Discovery Session](https://www.nuestar.com.au/discovery-session) Follow - [LinkedIn](https://www.linkedin.com/company/nuestar/) - [Facebook](https://www.facebook.com/nuestar.au/) - [Instagram](https://www.instagram.com/nuestar_insta/) - [YouTube](https://www.youtube.com/@nuestarvideos) The information provided by Nuestar is general in nature only and is not financial, legal or property investment advice. Investors should always seek independent advice specific to their circumstances. © 2026 Nuestar. All Rights Reserved. | [Terms & Conditions](https://www.nuestar.com.au/terms-and-conditions) | [Privacy Policy](https://www.nuestar.com.au/privacy-policy) HTTP 200 ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Ned Wilson", "url" : "https://www.nuestar.com.au/blog/author/ned-wilson" }, "dateModified" : "2026-10-15T06:31:59.040Z", "datePublished" : "2026-10-15T06:31:53.000Z", "headline" : "28 Million and Counting: Population Growth Fuels a Renovation Boom", "image" : [ "https://www.nuestar.com.au/hubfs/The%20Week%20in%20Real%20Estate/Population%20Hits%2028%20Million.png" ], "mainEntityOfPage" : { "@id" : "https://www.nuestar.com.au/blog/australia-reaches-28-million-population-growth-and-the-renovation-boom", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.nuestar.com.au/hubfs/nuestar%20-%20Logos%20-%20Reverse%20(Clearance).png" }, "name" : "Nuestar Pty Ltd" } } ```