Melbourne’s population is likely to almost double to 8 million people by the middle of the century, with Victoria’s population swelling to around 10 million, according to a government report Victoria in Future.
Victorian Planning Minister Matthew Guy, suggested that 720,000 extra people will live within Melbourne’s suburban boundaries by 2031.
The report predicts that more than half of the regional growth the state will see up until 2051 will come from people moving out of Melbourne to towns like Geelong, Ballarat and Bendigo.
We’re having more babies
The report also showed the tide had turned on falling fertility rates. Mr. Guy said:
“Since the early 1970s, our fertility rate has been falling and the number of children born every year has remained virtually unchanged. But now that’s turned around, with twice as many babies expected to be born in 2050 than in 2000.”
This natural population increase would mean that, as a result of more children being born and a longer life expectancy, there would be an increase of 1.8 million people in Victoria by 2051.
Life expectancy for those born in 2051 is also expected to have increased to 87.6 years for males and 89.9 years for females.
Now if this isn’t going to underpin Melbourne’s property markets I don’t know what is!
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