What’s in store for the Melbourne property market?
Most commentators are suggesting it will be the best performing market over the next year or 2, but I’m taking about the long term.
As always this will be driven by demographics.
Demographer Mark McCrindle outlined his views in a recent blog and on Chanel 7 news.
Here’s what he had to say:
Melbourne is booming with its population set to overtake Sydney as Australia’s biggest city in the next few decades.
It’s Australia’s multicultural, hospitality and sporting heart and the fastest growing city in Australia.
By 2056, it could reach 9,000,000 residents and become the nation’s biggest city.
While 1 in 4 Australians live in Victoria, three quarters of them live in Melbourne
The many suburbs and tribes that make up Victoria’s capital are evolving in ways our grandparents could never have predicted.
More than half of all new housing approvals are for medium or high density housing, so the future actually will be vertical communities rather than the horizontal sprawl of the past.
Compared to the rest of Australia, Melbourne has a young population with an average age of 36 years compared to the Australian average of 37.
Residents in East Melbourne have the city’s highest income of $1,989, while 75% of people in Parkville have university degrees. 64% of Sandhurst residents are married, while Carlton only have 16% married couples.
The motorcar is king in the west, with residents in Plumpton owning 2.6 cars per household.
Culturally diverse, vibrant & picture perfect, Melbourne property has a very bright future.
Watch Mark McCrindle in the three part series on Channel 7 below:
Source: Mark McCrindle