Population growth in Sydney benefits investors
April 10, 2014 / Written by Rich Harvey
More people translates to a greater need for homes, and the latest population data from the Australian Bureau of Statistics (ABS) illustrates why Sydney remains a premier location for Australian property investment.
The ABS recently reported that capital cities boasted more than three times as many new residents during the year ending June 2013 than the rest of Australia.
"In 2013, two in three (66 per cent) Australians lived in a capital city, a slight increase since 1973 when 65 per cent lived in a capital. By 2053, this share is projected to increase to 72 per cent," said ABS Director of Demography Denise Carlton.
"That equates to 28 million people living in the capitals in 2053."
Meanwhile, 89 per cent of growth in capital cities during the last 40 years occurred in Sydney, Melbourne, Brisbane and Perth. Sydney alone grew by nearly 1.7 million people between 1973 and 2013. And between 2012 and 2013, NSW as a whole saw population growth of 1.4 per cent, second only to Victoria during this time period.
Sydney's inner-west region was highlighted by the ABS as seeing some of the largest and fastest growth from 2012 to 2013, with the Concord West - North Strathfield statistical area boasting a 6.4 per cent increase in population.
This could be particularly good news for potential property investors in the rest of the inner-west region, including Rozelle, Leichhardt, Chippendale, Petersham and surrounding suburbs.
However, with increased population comes more competition for finding and purchasing homes. This makes a qualified buyers agent in Sydney a valuable ally.
These professionals can assist investors with hunting down potentially profitable properties and help them negotiate as low a purchase price as possible.