Melbourne is growing faster than any other city in Australia. The Victorian capital’s net population growth over the last 2 years has been the largest in Australian history, with 250,000 new residents since 2016 added to the city. People are being attracted to Melbourne for various reasons; a strong sporting scene; the appealing “foodie” culture and cheap housing. However, one major drawcard is pulling in more interstate and overseas residents than ever – Employment.
Employment growth in the city is outpacing the rest of the nation. It now holds many of the largest manufacturing centres in the country and major multinational organisations such as BHP Billiton and ComputerShare have centralised their global headquarters in Melbourne. These significant employment providers have recognised the growth potential of the city and are aiding to drive economy as a whole. Over the 2016/17 financial year alone, Melbourne added over 100,000 jobs to its economy. This equates to more employees than Greater Hobart’s whole labour force.
Not only is the economy growing faster than the rest of the country, but it is growing in a more sustainable fashion. Data from the Grattan Institute demonstrates how Melbourne’s economy is growing throughout it’s segmented sub-markets. Employment in the northern corridor, inner west and pockets of the southeast has risen considerably over the last 12 months.
Contrastingly, Sydney’s growth was weaker and primarily came from the greater west. This data provides a visual representation of the major employment growth centres throughout the city. This is important as it gives an indication of expected property demand, as residents are continually drawn to markets proximate to employment.
Melbourne vs Sydney – Employment Growth (Source: Grattan Institute)
Employment growth is a metric that we regularly analyse before approving a market. At present, Melbourne’s data paints a diverse picture of segmented growth and ultimately, opportunity. It is our mission to follow these trends and supply our clients with the best investment prospects in the country.