The latest population figures suggest that Melbourne is on track to become Australia’s largest city, with Victoria set to experience strong population growth over the coming 50 years.
Australian Bureau of Statistics population projections show Melbourne’s population is expected to surpass Sydney’s by 2053.
But Melbourne could be Australia’s most populated city by as early as 2030 if the country sees high end growth in coming years. The projections pitch Melbourne’s headcount at 8.6 million by 2061 and Victoria’s population is projected to increase a staggering 83% in the next 50 years – from 5.6 million in 2012 to 10.3 million in 2061.
The ABS looks at a number of factors to predict population, including fertility rates, net overseas migration and life expectancy. The most conservative estimates still predict Melbourne hitting 7.6 million people by 2061.
Victorian Minister for Planning Matthew Guy said the state government is working to support that growth, with plans to become “a State of Cities, not just a city-state.”
The growth invites significant opportunities in the housing sector, for buyers, sellers and investors; with affordability, access and lifestyle needs likely to remain under scrutiny for in coming years.
“Access to appropriate and affordable housing is a very important factor in maintaining the standard of living expected by the community,” said Housing Industry Association Economist, Geordan Murray.
“Throughout the last decade housing supply policy has not been given the priority deserving of issues that play such an important role in our economy and in the welfare of the community.
“The ABS projections send a clear message to policy makers around the country. Ensuring that the supply of new housing can meet the needs of a growing population is an urgent and ever-present policy priority.”