Melbourne is truly the place to be in Australia. Along with recently being named the world’s most liveable city for the sixth year in a row, the Victorian State Government is forecasting massive population growth in our beautiful city in the not so distant future.
There has been a lot of talk and criticism recently regarding fears of property oversupply in Melbourne, but according to the Urban Development Institute of Australia our population set to double over the next 35 years, the fear over supply is empty. The State Government advises that this population growth is something that needs to be in the forefront of planning today so that the city will be equipped for the future and not playing a game of catch-up down track. It is anticipated that 2.2 million more dwellings are needed to cater for increased demand which breaks down to 55,000 new dwellings per year for the next 35 years. Analysts say that we will begin feel this as early as 2017.
The Urban development Institute forecasts that apartments will continue to be a preferred housing option for many of our growing population due to its proximity to transport and amenity, largely driven by its affordability compared to traditional houses. It is anticipated that the demand for housing in the inner and middle suburbs will grow by 1 million, maturing the apartment market and increasing demand – quashing all notions of an apartment oversupply.
With Melbourne’s population set to boom over the next 35 years it is important that planning and strategy begins today so that our city is prepared for the future. Apartments are increasingly becoming a preferred style of residence discounting any fear mongering strategies of apartment oversupply in our city.
For more information about investing in apartments for Melbourne’s future – contact Solid Group on (03) 9690 2666