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Looks like Melbourne could become our biggest capital city sooner rather than later

Recently the Australian Bureau of Statistics released its latest population growth forecasts.

While there figures are not set in stone – they are merely forward projections of the last few years’ population growth, it seems that Melbourne could overtake Sydney as Australia’s largest city in around 20 years.

In fact on current rates of growth Melbourne’s population is likely increase by around 10% in the next 5 years.

You see…Melbourne’s population is swelling by 2 per cent a year,  putting it on track to be a city of 8 million people by 2050.

The ABS estimates that in mid-2012, the city’s population was about 4.25 million, after six boom years in which it grew by almost half a million.[sam id=36 codes=’true’]

Today Melbourne is home to around 4.35 million people and with 27% more people than were here  at the start of 2000.

If growth continues at that rate, Melbourne’s population would pass 5 million by 2025, overtake Sydney by 2037, and reach 8 million by 2049.

Obviously the population explosion will put a strain on environment and our infrastructure, but it will create a massive building and property boom

And we are living longer…

The data also reveals that a child born today could live to the year 2101 and see a nation with a population of more than 70 million and overseas migrants will account for 43.6 million people living in Australia.

At the turn of the next century the median age will exceed 46.2 years, compared to 37.3 years today. And we will start to live longer, with life expectancy at 92.1 years for men and 93.6 for women.

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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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