Australia has undergone some expansive population growth over the last few years, accounting for some of the explosive real estate development seen throughout the nation.
Population is another key figure at the heart of future market changes, as the latest Australian Infrastructure Audit has highlighted the number of homes needed to accommodate people in the near future.
Property Council chief executive Ken Morrison said the increasing number of residents wanting to call Australia home was too big for state governments to ignore, with action expected to cost the country $53billion in "congestion costs" by 2031.
"As we head toward a projected population of 30.5 million people by 2031 with the size of our major cities almost doubling, this audit is a wake up call for smarter city building, increased investment and hugely improved planning," said Mr Morrison in a 22 May statement.
This could provide some incentive for the purchase of investment property in Carlton. Mr Morrison went on to call for the removal of barriers to the property industry – including stamp duty – and said the audit forecast the need for 5.4 million new homes over the next 26 years.
Get in touch with a local real estate agent today to begin discussing the options available in the Sydney market.