It’s the world’s 4th fastest growing developed city and it’s like adding a city the size of Ballarat to Melbourne every 12 months.
The ABC report that it’s projected to be Australia’s biggest city by as early as 2028.
And by 2050, it will have grown to 8 million — the size of London and New York.
Melbourne to become our biggest city
As you can see from the graphs above, Melbourne is going to overtake Sydney as Australia’s largest city – probably in 15 years time.
Greater Melbourne now includes the new neighbourhoods of Plumpton, Wollert, Lindum Vale and Cloverton.
But what worked for a city of 3 million won’t work nearly as well for a city of 5 million.
This significant growth is going to have an effect on Melbourne’s status as one of the world’s most liveable cities, and it’s very likely we going to have a significant infrastructure boom that it that, together with our booming economy and strong population growth is going to underpinned the value of our property markets in the medium to long-term future.
Of course, as our city grows not all properties will increase in value equally.
With little wages growth for the average worker in the foreseeable future, it is unlikely they will be able to afford to live close to the CBD, with many young families pushed further and further out.
On the other hand those who work in industries where wages growth is still strong, in particular in the various services industries situated close to the CBD, will have high disposable income and be able to and prepared to pay for the privilege of living close to work, amenities and the established infrastructure.
If Melbourne follows the pattern of most large developed cities, properties close to the CBD, good infrastructure and near the water will always carry a premium and outperform the averages.
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