Infrastructure Australia recently produced a report on how we will accommodate Australia’s population growth – in Sydney’s case, the report asked how will we house a population that will be 7.34m by 2046.
Infrastructure Australia concluded that although people are expected to live all over Sydney, the share of employment will remain heavily skewed to the CBD and city fringe, and to a secondary extent Parramatta.
Nobody can predict the future, and in the short-term, the performance of the Sydney property market is likely to be modest. But, in the long term, the implications of this report shows that there will be a massive ongoing demand for rentals close to the middle of Sydney.
From the horse’s mouth…
‘Between 2017 and 2046, Australia’s population is projected to increase by 11.8 million people.
That’s equivalent to adding a new city, roughly the size of Canberra, each year for the next 30 years.
About 75% of this growth will occur in Sydney, Melbourne, Brisbane and Perth.’
Population growth is a central driver of this change.
In the next 30 years, Sydney’s population is projected to increase by 2.4 million people, growing to be a city of 7.4 million.
Over the same period, Melbourne is projected to grow by 2.7 million people, to be a city of 7.3 million.
Between now and 2046, Brisbane is projected to grow by 1.6 million people and Perth by 2.2 million people, delivering cities of just under 4 million and 4.3 million, respectively.
This means the Brisbane and Perth of tomorrow will become cities the size of Melbourne and Sydney today.
Melbourne and Sydney, on the other hand, will become cities comparable to the current size of some of the world’s most significant urban economies, operating more like the Hong Kong, New York and London of today.
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