With reference to the latest research report from the Australian Bureau of Statistics (ABS), Melbourne has recorded the highest population growth over 2019. Brisbane recorded the second highest growth rate over the same period.
Melbourne’s population soars
The Regional population statistics published by the ABS showed a 2.3% population increase compared to the national average rate of 1.8%. Overseas migration continued to demonstrate a large contribution, particularly in Melbourne.
Melbourne’s population is now more than 5 million and is on tract to surpass Sydney’s population soon. The question remains, is this sustainable in the wake of covid-19 and the various lockdowns.
Covid-19, what will happen to Melbourne?
There is no doubt, overseas immigration has significantly slowed. This will impact the population growth as Melbourne will rely on natural birth rates. Many Melbournians have been impacted by the lockdowns the Victorian state government has imposed. This has seen a number of people leave the state for lifestyle reasons. This will also have some form of impact to the population growth going forward. The ABS haven’t reported on the population growth for 2020, but we do anticipate these numbers to be less.
Business will no doubt be most impacted by these government restrictions, however the buying activity in the property market still remains strong. The Melbourne property market continues to show strong increases, but more towards townhouses and most notably house and land. With various government grants offered, many young Australians have bought up big! There still remains a large shortfall of property to support the population, but this is the time when you need to understand what type of property will witness short term returns. Location plays a critical component too.
Where do I invest?
If you are interested in investing into the Melbourne property or regional Victoria market, there are many great opportunities. Please feel free to contact us so we can help source the right property and location that meets your specific needs and budget. The Melbourne population growth is not even across all areas, so you need to be aware of what suburbs are expanding or going through gentrification. Not all areas are equal so income and growth will perform differently. If you are wanting to invest in Melbourne, we specialise in sourcing brand new and off the plan properties for buyers. We welcome your contact at your earliest convenience.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more please contact us. We welcome the opportunity to assist you.
April 2021
