Australia’s population is tipped to grow by 13.8% between 2021 and 2030, according to a report from global real estate firm, CBRE.

It says the surge in population, which will be driven in part by migration, will increase demand for all types of real estate including residential, commercial, office and industrial.

This demand will lead to higher rents for all property classes.

The report says population growth is one of the biggest drivers of vacancy and rental growth in both commercial and residential property and that with Australia having the second highest population growth rates of the developed world means prices will increase.

“This will drive significant demand for housing,” the report says.

The current rate of population growth is equivalent to adding an additional 4.43 million people to the population.

Analysts believe this surge in population at a time when supply of new housing is low, will lead to overcrowded housing, soaring rents and increasing homelessness.