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Sydney Packs them in

The latest Australian Bureau of Statistics figures reveal that Sydney is booming and has a higher population density than Paris, London, Mexico City or Los Angeles, with two-thirds of NSW’s population now living in the city.

It has the highest density in Australia with 8,800 people per sq km in Sydney’s east and 7,900 in the Western Suburbs.

By comparison, Mexico City has 8,400/sq km, London 5,100/sq km, Paris 3,550/sq/km and Los Angeles 2,750/km. However, it’s no where near as dense as Mumbai, India, with 29,650/sq km.

The ABS Population Change report found the estimated resident population of NSW reached 7.23 million people in June, with Sydney reaching 4.58 million and growing 1.7 per cent each year.

Sydney’s west was growing the fastest, with Blacktown taking in an extra 8300 people each year, followed by Parramatta with 5100 and Sydney City, with 4500.

If you’ve been following my blogs you’ll know that residential construction has not kept pace with all these new residents and this imbalance in the supply and demand equation will keep pushing up rents and house prices in Sydney which is likley to be the best property performer this year.



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About

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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