Melbourne leading population growth charge
Melbourne is leading the nation in population growth according to new figures.
The Australian Bureau of Statistics has released its annual regional population growth figures, showing that population growth in Melbourne is leading the nation. While Sydney still holds the crown for Australia’s most populous city at 4.9 million people, Melbourne outpaced all other capitals in annual growth.
Melbourne grew by 2.1% over the 2014-15 financial year, reaching just over 4.5 million residents. Sydney saw 1.7% growth, while Brisbane grew by 0.9%.
CoreLogic RP Data researcher Cameron Kusher said the strong economies and robust job markets in Melbourne and Sydney attract interstate and overseas migrants. However, Kusher said this can put pressure on housing.
“Of course, this growth doesn’t come without its challenges, housing affordability in particular is a significant issue in both cities after substantial rises in home values over recent years. Furthermore, providing the necessary infrastructure to support this population growth remains a challenge,” he said.
Kusher said these pressures could lead to future population booms outside of Sydney and Melbourne.
“Areas with a healthy level of job opportunities such as South East Queensland are likely to be beneficiaries of higher migration flows, particularly from interstate.”
Time to invest?
Population growth is a major driver of housing demand. With population growth strong in several capital cities, could it be a good time to invest?