Over the last decade Melbourne’s growth outpaced all other any Australian cites adding 666,000 new residents – equivalent to a third of a Brisbane.
The Age reported that the Bureau of Statistics estimates that the city added 67,000 people in the year to June 30, 2011, almost 1,300 a week, as new suburbs emerged, expanded and filled up, mostly to the north and west.
Melbourne took 80 per cent of Victoria’s growth in 2010-11. While regional cities and the coast grew solidly, population losses continued in inland western Victoria.
By mid-2011, the bureau estimates that Melbourne had 4,137,432 residents, and had grown by almost 20 per cent in 10 years.
Most had set up home on the city’s fringes, as home buyers moved out in search of affordable housing.
For the second year in a row, Wyndham (Werribee) was Australia’s fastest-growing municipality, adding 12,230 people, more than Adelaide or the Gold Coast – and almost 10 times as many as the Pilbara.
Melton, Cardinia (Pakenham-Cranbourne) and Whittlesea (South Morang etc) were not far behind. With Wyndham, they made up four of the six fastest-growing local government areas in the country.
Before you get too excited – this doesn’t translate to good property investment.
This physical growth and new population doesn’t mean these are good places to invest – in general they are not.
Currently there is an oversupply of new properties in these suburbs, vacancy rates are high and there is not a strong demand from tenants and there is little scarcity in these new estates
Growth is slowing.
Growth in Victoria and Melbourne has slowed sharply since 2009, as the higher dollar and new visa rules have shrunk the number of foreign students coming here. In 2008-09, the city grew by 96,000 people, or 2.5 per cent, compared with 67,000 or 1.6 per cent last year.
The state’s growth has shrunk from 120,000 people, or 2.25 per cent in 2008-09 to 84,200, or 1.5 per cent in 2010-11.
Even so, it outgrew New South Wales (82,200, 1.1 per cent) and Queensland (74,800, 1.7 per cent).
What about growth in the rest of Australia?
In the decade to mid-2011, Sydney grew by just 499,073, or 12 per cent.
For every three new residents in Sydney, Melbourne gained four. But the gap narrowed last year, and with the economic trends shifting against Melbourne, Sydney could well outgrow it in this financial year.
Perth was the standout of the big cities. It again outgrew Brisbane, adding 42,750 people, up 2.5 per cent, to end the financial year with a population just short of 1.75 million. The centre of Australia’s economic growth, the Pilbara, grew by just 1300 people, or 2.7 per cent, despite the billions of dollars of construction work taking place there.
It still has only 49,900 people living in an area twice the size of Victoria, as its workers commute from other cities, other states, even other countries.
The bureau estimates Australia’s population reached 22.618 million by June 30, growing by 321,000, or 1.4 per cent.
The pace of population growth is now picking up again, as more foreign workers arrive to build Western Australia’s new mines.
Source: The Age
SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
NEED HELP LISTENING TO MICHAEL YARDNEY'S PODCAST FROM YOUR PHONE OR TABLET?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
PREFER TO SUBSCRIBE VIA EMAIL?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.