More Victorian Babies Bodes Well For Property

Victoria is the fastest growing state in Australia with its population expected to rise to over 10 million by 2051.

The report on Victoria’s population and household projections to 2051,

Victoria in Future 2016, indicates upward trends in migration, birth rates and life expectancy.

“The figures show strong population growth across the state will continue,” said Danni Addison, Victorian Chief Executive of the Urban Development Institute of Australia.

“Melbourne’s population is set to double within 15 years, meaning we need new housing to accommodate the growth. Policy-makers need to take these figures on board, plan ahead and ensure the decisions they make now lead us to a livable city by the time these projections are realised.

“These figures reinforce the strong economic foundations of Victoria. A growing population is a good thing, and our industry will build the new homes our communities need,” said Ms Addison.

The report indicates that an extra 2.2 million dwellings will be necessary to house the state’s population by 2051, with housing for families with children to be the most in-demand. This means we require almost 63,000 new dwellings per year over the next 35.

49 per cent of the population projected to 2031 is expected to flow into the designated growth areas, and the western region is expected to see the greatest volume to 2031, with Wyndham and Melton both among the top three growth areas.

“We clearly need more housing. If we are to create over 2 million homes – 40% of which are to accommodate families with kids – then government needs to relieve regulatory pressures on the residential development industry, especially in regards to housing new communities in our growth areas.

“The Institute looks forward to working with the government, using these projections to manage and plan for Victoria’s growing population,” said Ms Addison.

Victoria in Future 2016 is an official document produced by the Department of Environment, Land, Water and Planning. Results are based on population data from the Australian Bureau of Statistics and the 2011 Census.