Melbourne’s population has reached 4 million and Australia’s total population has hit 22 million according to The Bureau of Statistics. Victoria’s population alone jumped 112,000 in the year to March.
Assuming Melbourne has kept its share, the city is expanding by an unprecedented 90,000 people a year, or more than 1700 a week. This level of population growth has helped keep the Victorian economy growing and the increased demand and low supply has contributed to house/apartment prices rising this year. This spells great news for property owners looking to sell or rent as it should ensure a higher than expected price.