|Property Boom in Perth Expected|
The ABS’s population projection estimates Perth and Brisbane’s population over the next 50 years to grow by over 110% .
Over the last 10 years, Perth and Brisbane boosted population figures by 25.2%, Darwin 20.8% growth, Melbourne 18.3%, Canberra 15.2%, Sydney 11.6%, Hobart 9% and Adelaide 8.8%.
In Perth, major planning and transport reforms under way to support the projected population boom as a result of the massive influx of workers servicing the resources sector. It is expected that Perth’s population will grow from 2 million to 4 million and house prices will rebound to reflect this.
An aging population, a new generation of homebuyers who want to be close to the city and an influx of immigrants who are more accustomed to high density living, will drive demand for units that are near public transport and within easy reach of the CBD or places of employment, and where available property is in limited supply.
This will result in increased property prices.
Just as Sydneys Inner West (Newtown, Petersham and Dulwich Hill have gentrified into trendy and highly sought after suburbs, many Perth suburbs will have the potential to do the same. Growth areas being gentrified include Victoria Park, Belmont, Redcliffe and Cloverdale, Bayswater, Bedford, Dianella and Yokine
In Brisbane, the winning suburbs will be the transport hubs where rezoning has either already occurred or is under way. Growth areas include Indooroopilly, Toowong, Carindale and Mount Gravatt, and more affluent suburbs expecting growth include Brisbane’s leafy west and northwest, including suburbs like Ashgrove, Bardon and Toowong.
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