A major Sydney milestone seemed to pass us by recently with minimal fanfare.
ABS statistics showed the population of Greater Sydney, which includes the Blue Mountains and Central Coast, reached 5,005,400 at the end June 2016 after adding a million people in just 16 years.
That was an increase of almost 83,000 on the previous year, and the city’s fifth largest annual population increase in absolute terms since 1901 with Sydney absorbing 78 per cent of NSW’s total population increase in 2015-16.
Sydney’s population grew by 1.7 per cent last financial year while the rest of NSW grew by 0.8 per cent.
It took the harbour city almost 30 years, from 1971 to 2000, to grow from 3 million to 4 million people but only half that time to pile on its next million.
This makes Sydney Australia’s only global city and a key city within the Asia-Pacific region.
What about Melbourne?
While Sydney is Australia’s largest capital city, Melbourne, with a population of 4,641,636 is Australia’s fastest-growing capital city growing at a rate of 2.4 per cent a year.
Sydney grew at an annual rate of 1.7 per cent.
Population projections have the two capitals going head to head for the nation’s largest city in about 2050.
Nipping at their heels is Brisbane — latest population 2,349,699 — with a growth rate of 1.8 per cent.
The slowest growing capital city was Adelaide, at just below 1 per cent.
Here’s an intersting graphic from The Australian:
At current growth rates Sydney will reach a population of 6 million by 2028
HERE’S HOW YOU CAN TAKE ADVANTAGE OF THIS SPECTACULAR GROWTH…
If you’re looking to take advantage of the spectacular growth in the Sydney property market and looking for independent advice, no one can help you quite like the independent property investment strategists at Metropole.
Remember the multi award winning team of property investment strategists at Metropole have no properties to sell, so their advice is unbiased.
Whether you are a beginner or a seasoned property investor, we would love to help you formulate an investment strategy or do a review of your existing portfolio, and help you take your property investment to the next level.
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