Melbourne expected to overtake Sydney's population

By the resi financial blog team, 02 December 2013

Melbourne to overtake Sydney population

A location for great investment property in Australia could be Melbourne, with the latest data from the Australian Bureau of Statistics (ABS) indicating the Victorian capital is set to overtake Sydney as the nation's largest city in the coming years.

The prediction is Melbourne will become larger than Sydney by 2053, with further projections that it could become the most populated city by 2030. This could be great news for anyone looking for areas to expand their property portfolio.

This is all based on the expectation that Melbourne will have a population of 8.6 million people by 2061. Furthermore, the state of Victoria itself is expected to grow from 5.6 million in 2012 to a whopping 10.3 million in 2061, a growth of 83 per cent.

With all of the infrastructure development in the city at the moment, this could become a reality as Melbourne's economy and workforce continue to grow into the future.

Planning Minister Matthew Guy said the creation of Growth Areas and urban development precincts reflected the state's dedication to population growth and city-wide expansion.

"The ABS has advised that Melbourne’s population will continue to grow strongly, which is why good, long term planning is so essential to maintaining good jobs growth and preserving the way we live," said Mr Guy in a November 27 statement.

In order to allow for demographic changes and healthy expansion, a number of policies have been created in order to ensure Melbourne and Victoria retain their high standards of liveability and high-quality lifestyle.

This could provide a great opportunity for residential investment, or commercial property purchasing, to help facilitate your real estate goals and aid the growth of your property portfolio.

Categories: Property Investment