KPMG Research Reveals Melbourne's Growth Explosion
Recent study conducted by KPMG has revealed that the Western Edge of Melbourne is the new hot spot for dramatic growth. This region has been found to display the highest level increase in population within all of Australia. Melbourne has officially overtaken Gold Coast to be ranked as the top of the nation.
KPMG are highly regarded and respected within the property market at collecting, analysing and interpreting population and other data with the assistance of sophisticated geographic information systems.
Research by KPMG also found that Wyndham and Melton saw an increase of 18,000 residents over 12 months, compared to the Gold Coast, which experienced an addition of 17,000 residents.
Bernard Salt, demographer of KPMG, stated that, "this extraordinary growth in Melbourne's West has come out of the blue."
He continued to say that, "just ten years earlier this region was attracting approximately 4,000 new residents per year, but is now attracting more people than the Gold Coast."
Analysis by the company also discovered that if this trend continued, a further 175,000 residents could be expected within 10 years, as well as 82,000 homes. It was predicted that the majority of the growth would occur in the regions north of Werribee and west of Deer Park.
A key factor in the rise could be due to the housing affordability of the area.
Mr Salt supported this by saying that, "there are new house and land packages on the market in Werribee for less than $280,000, compared to Melton South where packages start at around $260,000," says Mr Salt.
"Population growth at this pace and scale means more demand for social infrastructure such as houses, shops, schools, roads, medical centres and sporting grounds," Mr Salt adds.
The next 20 years are predicted to display a change in the age of the fastest growing population sector. Over the previous 20 years, the majority of population rise occurred in those aged between 30 and 35. This, however, is expected to be replaced by a surge in the number of residents who are under 20. Joining this is the forecasted boost in residents aged between 60 and 68.
This adjustment in population will be met with a demand for additional schools, sporting and leisure facilities, health care and wellness centres.
West Melbourne is set to continue to draw more and more residents due to its appeal of affordability, facilities and planned infrastructure projects. Large figures have already been allocated to upgrade and improve public transportation and roads.
The West area equipped to handle the increasing interest in development by providing an array of Property Developers such as Delfin (Caroline Springs), Dennis Family (Wyndham Vale), Metricon (Tarneit) and Peet Limited (Point Cook).
Melbourne West is also supported by the presence of numerous stable and influential corporations such as Toyota, Mobil (Altona), Caltex (Spotswood), OneSteel (Altona North) and Orica (Deer Park)
