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These Are the Fastest Growing Suburbs in Australia

One of the ultimate goals for any property investor is for their investments to achieve solid capital gains. Simple laws of economics dictate that to make sure this happens it’s important to select a property that is (or will be) in high demand and short supply.

But what exactly drives demand?

A number of factors push up demand for property, but one of the most clear and obvious is population growth. Generally speaking, more people equates to greater demand for housing. With that in mind, we’ve tracked down the five fastest growing regions in Australia with the help of data from .id, the population experts.

1. Camden, NSW

Camden NSW experienced a massive 8% population jump between 2017 and 2018, increasing by 7,013 people to achieve a total population of 94,159. The historic town has grown in part thanks to the high prices and urban sprawl of Sydney, 65 km to its northeast. The extended commute is seen as a small price to pay for greater return in the long run.

2. Melbourne, Vic

The City of Melbourne is at the centre of Australia’s fastest growing region so its second-place position on this list is no surprise. The city’s population increased by 6.8% to $169,691 during 2017-18. With this, Melbourne is now home to roughly 1 in every 5 Australians.

3. Wyndham, Vic

Wyndham is a semi-rural region on the southwestern fringe of the greater Melbourne metropolitan area. Its population has been exploding for several years thanks to the construction of several large-scale housing developments throughout the area. Wydnham’s population more than doubled from 2006 to 2016 and increased by 5.9% to 255,322 over 2017-18.

4. Melton, Vic

Another Melbourne region, Melton is a west of the city centre and has become one of its main growth centres. The area’s population increased by 5.4% to 156,713 over the 2017-18 period. This represents a population trend that has seen many Australian’s choosing to live on the fringes of capital cities, as opposed to dwelling directly in the heart of the hustle and bustle.

5. Serpentine-Jarrahdale, WA

Serpentine-Jarrahdale is the fastest growing local government area in WA, and the fifth fastest growing in the country. The area is located less than an hour’s drive southeast of Perth and has been home to a number of large-scale housing developments. During 2017-18 its population increased by 5.4% to 30,993. While this may not seem enormous in the grand scheme of things, this rate of growth in WA is significant and has attracted a lot of attention within real estate investment circles.

Where Is the Population Boom happening?

As would be expected, the majority of population growth takes place in Australia’s capital cities, with 65% in Sydney, Melbourne and Brisbane. Melbourne is the fastest growing major city in the country and added close to 120,000 people over 2018 to grow at a rate of 2.5%. If its current rate of growth continues it should overtake Sydney and take over the mantle of Australia’s largest city before 2030.

Sydney is also showing strong growth, with a population increase of 1.8% or 93,400, while Brisbane grew by 50,000 people. The other capital cities saw more measured growth, and Darwin was the only city that experienced a population decline. This data suggests that the most reliable and bankable capital growth happens in or near Australia’s capital cities – particularly focused this year in Melbourne.

Despite this list and any impressive stats or figures, it’s always important to note that Australia is a huge country, with an average of just 3.3 people per square kilometre. To make matters even more complicated, this is not a proper reflection of how populations are distributed throughout the country.

However, by understanding supply and demand theory and practices, you could capitalise on Australia’s biggest and most successful asset class – property.

If you looking to buy real estate in a growth area to try and stimulate your wealth creation strategies, it’s always best to start your search on Homes.com.au.

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