Australia’s level of population growth over the last decade has been nothing short of miraculous. Our little country has outgrown the majority of OECD nations, adding almost 3 million residents through strong levels of overseas migration. To give you some perspective, that’s the equivalent to adding the population of Western Australia since 2009.
The result of our evolving population has been a robust performance from our residential property market. Strong demand from demographic shifts (particularly throughout the Eastern Sea Board) has driven the performance of our housing markets since the turn of the 21st century. With our country forecast by the Australian Bureau of Statistics to hit 30 million as early as 2029, this trend is expected to continue over the coming decade.
So, which area is growing the fastest in our country?
Data collated by the Australian Bureau of Statistics has highlighted Melbourne again as the fastest growing Macro region in the country over 2018. Relative housing affordability in comparison to its sister city Sydney, coupled with the fastest growing economy in the country has aided in driving the population. The city added approximately 120,000 new residents over the last 12 months. In terms of the growing local government areas, Melbourne also dominated. Over the past year, the city held six of the ten fastest growing regions in Australia.
Australia’s Fastest Growing Regions (Source: Australian Bureau of Statistics, Population.id)
Two regions that were in the top 3 fastest growing regions in the country included Wyndham and Melton. Both are located within Melbourne’s rapidly evolving western corridor. The introduction of major infrastructure projects coupled with a rapidly diversifying economy is proving to drive demographic growth in the region.
Over 22,000 new residents moved to the western corridor over the past 12 months, a trend that has heightened the demand for housing throughout the west. The regions strong industrial routes and access to the fastest growing economic hub in the country have made it increasingly sought after by Australians. With the Werribee precincts and Melton areas continuing to transform into hubs of employment and amenity, we will likely see this trend continue over the long term.
At Blue Wealth it is our aim to provide our clients with the most accurate research, in order to give them the most effective tools to make informed investment decisions. We will continue to follow strong trends such as the growth of Melbourne’s West, in order to provide our clients with the strongest opportunities for positive growth.