It’s widely recognised that both Melbourne and Sydney are the two largest cities of Australia. Both larger than our national capital city, Canberra. Their employment opportunities and lifestyle activities are just some of the drawing cards that make them so desirable.
Sydney has been the most populous city since 1901. With this, it’s fair to say Sydney has been the largest contributor to the Australian economy. However, it might not be too long now until Melbourne’s population takes overtake Sydney.
Sydney have an estimated population of almost 5 million people, however Melbourne’s population growth significantly exceeds its counterpart Sydney by an additional 18%. It’s expected to be Australia’s largest city between 2030 – 2050.
Why is Melbourne the place to be?
Melbourne has taken a record seven year dominance to be ranked the most livable city in the world by the Economist Intelligence Unit’s livability survey. Only in 2018 was it ‘pipped on the post’ by Vienna. Melbourne has so many attractions to cater many lifestyle needs. Most notably, it’s love for arts and culture, coffee, international cuisine, global sports and many more. It’s wide selection of healthcare and universities are also very reputable.
Melbourne is an entertainment haven! Often on the world map, it hosts some of the biggest sporting events. The Melbourne Cricket Ground is a world class stadium that holds an impressive 100,000 people. Used for both concerts, sporting events (such as Cricket & AFL) and annual festivals, it attracts millions of people. Melbourne is also home to the Australian Open Tennis which attracts more attendance than any other tennis tournament in the world. The Formula 1 Grand Prix and Motor GP are huge crowd pleases that are watch upon throughout the world. Being domiciled in Melbourne ourselves, it’s the café life that expresses Melbourne’s culture. The diversity in food is heaven to the beloved foodie! There really isn’t anything you can’t get your taste-buds on.
What is causing Melbourne’s population growth?
According to the last Census Report, nearly 1 million people moved to Melbourne since 2001, whilst Sydney received a little over 750,000. Furthermore, according to the Australian Bureau of Statistics (ABS), during 2013-2014, New South Wales saw a population loss of 6,900 persons, whilst Victoria actually grew by 8,800 persons.
Comparing the two major cities, there seems to be little difference in job opportunities. With education, healthcare and professional services providing diversity in work, the only key difference is Sydney earns more income to Melbourne. However, the cost of living in Sydney is more expensive and Melbourne offers cheaper housing. These two later points may be large contributors to Melbourne taking in a greater population.
With population forecasts determining Melbourne exceeding Sydney between 2030 and 2050, it will be interesting to see how this will influence the Australian economy. Melbourne will need to closely watch its property market to ensure it has an appropriate supply of housing to accommodate. While its transport infrastructure needs continued improvement, we see Melbourne’s future to be quite exciting.
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.
January 2019
