Australian Bureau of Statistics figures reveal thatMelbourneis continuing to experience a population surge, growing faster than any other Australian city for the ninth consecutive year. The records showMelbourne’s population boom accounted for one third of the nation’s growth in 2009-10 and puts the city within 500,000 people of Sydney.
In the year to June 2010,Melbourneis estimated to have grown by 79,000 people, or more than 200 per day to reach a total population of 4.077 million.
Since 2001, the city has gained 605,000 new residents, up 17%, pushing out the urban boundary in most growth corridors. That is far ahead of growth of 447,000 inSydney, 380,000 inBrisbane, and 303,000 inPerth.
The four fastest-growing areas inAustraliain 2009-10 were all onMelbourne’s fringe. Wyndham (which includes Werribee), Melton, Whittlesea (South Morang) and Cardinia (Cranbourne) left behind all the boom areas of other states, with their combined populations growing by 33,216 or 7%. If the growth rates of 2001-10 continue,Melbournewill overtakeSydneyin 2028, when each city will have roughly 5.6 million people.
It’s no wonder then, that rental vacancy rates have been at all time lows for over five years and that property prices have shown excellent capital gains across the city over the medium term.