An increasing number of people are setting up home in Sydney, so as you might expect, there's a growing need to build property in Carlton. Thankfully, the construction sector seems to have responded accordingly, but the Housing Industry Association (HIA) believes steps must be taken to ensure this continues.
Population growth in New South Wales reached 1.4 per cent in 2015, the Australian Bureau of Statistics (ABS) revealed, making it the second-fastest rate in the country. Victoria ranked in first place with a 1.9 per cent rise.
"The residential building sector in these two states is responding accordingly – Victoria and NSW are currently the two strongest markets for residential building," said HIA economist Geordan Murray.
"There is no coincidence that NSW and Victoria are also the strongest two state economies."
Figures from the ABS show the majority of population growth (54.3 per cent) is a result of net overseas migration, while the rest is an outcome of natural increase. This will pose a whole new set of challenges for the building industry over the next few years, especially as the nation's baby boomers start to leave the workforce.
Mr Murray indicated that strong migration will be essential to making sure these workers are replenished and that Australia offers what they need to be able to settle. Making more homes in Carlton available will be critical, which is why the building sector can't afford to fall behind.
If you're new to an area, it can be worthwhile to find a real estate agent who knows the locality well. They'll be able to scout out home that will meet your needs, before putting them forward for you to consider.
Make sure you speak to the Ray White Carlton team to find out more about this thriving part of Sydney and buying property in Carlton.