New South Wales has been a hub for population growth over recent years – a trend that continued during the three months to March this year. Data from the Australian Bureau of Statistics (ABS) pointed to a 1.4 per cent quarter-on-quarter rise in the state, placing it second only to Victoria with a 1.7 per cent increase.
During the year to 31 March, the ABS revealed that net overseas migration was up 16 per cent, while natural increase represented 9.7 per cent of the rise. As the Housing Industry Association (HIA) notes, this creates a further need for more properties to be constructed across the state.
"This continued high-volume population increase underlines the importance of delivering a commensurate supply of new dwellings in an affordable way," said HIA economist Diwa Hopkins.
The need for more real estate in Carlton is therefore likely to be especially pertinent, not least because Sydney is one of the most sought-after and densely populated regions of the country. There is also growing demand for affordable homes, as prices continue to be forced up throughout the Harbour City.
Ms Hopkins acknowledged that national population growth has soared over recent years, increasing from around 225,000 people per year over the past few decades to 300,000 in the present day.
With pressure on the property market growing, now could be the time to enlist the services of a real estate agent in Carlton. Our team will be able to identify the right places to look for your next home, while also taking into account any criteria you have in mind.
Sydney's population is likely to rise further, so making an investment in Carlton property now could well stand you in good stead in the future. Get in touch with Ray White Carlton to find out more.