Melbourne’s population is increasing at an average rate of 1,760 people per week with a total increase of 91,600 people per year according to SQM Research.
This makes it Australia’s fastest growing city – 10.3% higher than Sydney, 173.5% more than Brisbane and 160.2% greater than Perth.
SQM Research has forecast this strong population growth to continue for Melbourne well into the future.
Demand not matched by supply
It is a concern that apartment projects in Melbourne’s suburbs haven’t grown to match the rising demand.
The current demand for apartment living shows that people are gradually turning away from the traditional house and land purchase as land becomes more expensive and further away from the CBD.
To quote from the Better Apartments Discussion Paper for the Department of Environment, Land, Water & Planning:
“As a city we are undergoing a permanent change in housing preferences equivalent to other cities internationally, where apartment living is much more common.”
The recent Urban Development Institute of Australia and Charter Keck Cramer report warns that without change to the planning rules and lender requirement, developers won’t build the larger projects needed to meet the demands of a surging population.
Danni Addison, the executive director of the UDIA’s Victorian chapter agreed with this statement. She advised we will see increasing demand within inner and middle suburbs as Melbourne’s apartment market matures and this will put pressure on the availability of developable land. Easing planning constraints would allow the city’s middle suburbs to meet more of the demand for accommodation.
Find out more about our projects
This beautiful building will be constructed on one of the highest points in Melbourne offering unobstructed 360 views across the city.
Hall St, Moonee Ponds
Only 6kms from the CBD, Moonee Ponds offers a wonderful inner suburbs way of life and Hall St is positioned to make the most of it.
The are just 25 apartments left in this amazing development. They all feature beautiful views across the Flemington Racecourse or out towards the CBD.