Victoria’s future population growth will improve property demand

An article at Smart property investment showed good news to property investors particularly for those who have properties in Melbourne as Victorian population grows far more than expected.

Planning Minister Matthew Guy spoke of the promise brought by the new projections on Victorian population to the demand in the property market as a report, VICTORIA IN FUTURE  POPULATION AND HOUSEHOLD PROJECTIONS  2011-2031  showed a possibility of the population rising to 7.3 million by the year 2031.

The report stated that, “At 30 June 2011, the population of Victoria was 5.6 million; Melbourne is home to nearly three-quarters of the state’s population (4.1 million), while almost 1.5 million people live in regional Victoria;over the 40 years to 2051, Victoria’s population is projected to increase by 3.2 million to 8.7 million. Over the same period, Melbourne’s population is expected to grow to 6.5 million, while regional Victoria is projected to grow to 2.3 million.”

Guy shared, “A major component of the government’s long-term plan to manage growth and change is the delivery of new affordable homes, infrastructure and conditions that encourage jobs, businesses and attract investment.”

The State Government will be formulating new metropolitan planning reforms so as to handle the growth predicted by the newly updated statistics

“The strategy will consider all aspects of planning – from where new housing and jobs should be located as well as transport connections, health services, schools, community facilities and parks. I look forward to reviewing the capital city zone and the potential to redefine the CBD by expanding its concept to Docklands, St Kilda Road and Fishermans Bend to optimise the advantages of a larger core for decades to come,” Guy added.

The Regional Growth Plans and the Growth Corridor Plans is still a reliable source for investors as the article stated that the strategy which will be formulated will be based on the approaches mentioned in the plans.

Investors are told to focus on areas which were suggested to have the most growth like those in Melbourne’s North and West. The strongest growth is anticipated to happen in Cardinia, Hume, Casey, Melton, Wyndham and Whittlesea.

Growth areas in the inner city is said to happen in Melbourne, Yarra, Port Phillip and Maribyrnong, while those in regional cities like Ballarat, Geelong, Bendigo, Shepparton, Latrobe Valley, Mildura, Warrnambool and Wodonga are also expected to have a strong growth in population.

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