Encouraging news through from Demographer Bernard Salt, that there will be more growth in Australia’s biggest cities over the next 30 years than in the biggest cities of the developed world.
Bernard covers:
“The reason of course, is the controversial policy of Big Australia, which lifted net overseas migration from around 100,000 per year to 180,000 per year. That transformation took place about a decade ago and, despite a few ups and downs, has remained in place ever since. With more people coming into Australia, our biggest cities are tracking higher rates of growth. This applies specifically to Melbourne and Sydney and to a lesser degree southeast Queensland.”
“Sydney and Melbourne are officially expected to accommodate another three million residents by the mid-2050s; southeast Queensland and Perth are expected to add another two million each. These numbers translate into net growth of between 56 per cent for Sydney and 127 per cent for Perth over this period (although the outlook for Perth will be moderated in the next round of projections).
By comparison, cities like Tokyo and Moscow are expected to shrink by more than 10 per cent over the next 30 years. Paris, on the other hand, is expected to grow by just 3 per cent. Places like Miami, San Diego and even Greater New York are expected to grow by around the 30 per cent mark. Growth in Boston, San Francisco-Oakland and Detroit is expected to be closer to the Sydney level (42-52 per cent).”
Bernard Salt is a KPMG partner and an adjunct professor at Curtin University Business School
All good, logical and positive news with regards to investing in our major capital cities, where there are numerous industries and infrastructure growth.
Property Club members have had great success in these cities and states; make sure you contact your Property Mentor for guidance on our best property picks available!
If we continue carefully and surely building a safe residential property portfolio, it will stand you in good stead for the future!
Have a great weekend and catch you next week!
Troy Gunasekera
Property Club National Manager