Did you know that Melbourne is now one of the world’s ten fastest-growing cities in terms of population growth? The latest OECD (Organization for Economic Cooperation and Development) figures show that it’s outpacing major global cities like New York and London.
This level of growth has major ramifications for both Melbourne and surrounding regions in Victoria. The Victorian government has just released its Victoria in Future 2019 Report. It forecasts that 29 Victorian suburbs will more than double their population by 2036.
Melbourne is also expected to overtake Sydney as Australia’s largest city during the next 10 years, with its current population of just over 5 million predicted to reach 7 million by 2036 and 9 million by 2056. Victoria’s statewide population is tipped to reach 8.7 million by 2036 and 11.2 million by 2056.
The number of high-density developments in inner-city Melbourne is likely to continue to cater for increasing numbers of people living in the CBD, as well as:
South Melbourne, and
In addition, Port Melbourne’s traditional industrial zone is expected to have a population of 23,000 residents by 2036 thanks to the Fishermans Bend urban renewal project that’s currently underway.
New suburbs like Rockwell and Mount Cottrell should lead the population surge in the west according to the Victorian government, with the population of both expected to increase twentyfold. Other major population growth suburbs are forecast to include:
Point Cook South, and
In the north-west, Hillside is tipped to more than double in size.
Northern Victorian suburbs/towns
Northern suburbs that are predicted to grow the most in terms of population include:
The highest south-eastern population growth suburbs are forecast to be:
The population of Grovedale in Geelong is expected to double by 2036, as are numbers in Alfredton and Delacombe in Ballarat.
The bottom line on Victorian Suburbs
Population growth can be a driver of increases in property prices. It’s certainly one worthwhile consideration if you’re researching where to invest in Melbourne.