What regions are Millennials moving to?
The March quarter saw migration into regional centres from capital cities increase by 16.6 per cent, with this trend lar...
Sydney’s Pyrmont-Ultimo has been revealed as the country’s most packed-in suburb, according to new findings from the Australian Bureau of Statistics (ABS).
ABS director of demography, Bjorn Jarvis, said Pyrmont-Ultimo, along with suburbs located around Sydney’s CBD, including Potts Point-Wooloomooloo, Darlinghurst and Surry Hills, have the highest population density in Australia.
“Each of these areas has a population density of over 13,000 residents per square kilometre,” Mr Jarvis said. “Inner-city Melbourne had the next highest density, at 10,100 people per square kilometre.”
In terms of density increase, inner-city Melbourne experienced the largest jump, with an additional 860 people per square kilometre over the year.
Accoridng to the bureau, the combined population of Australia's capital cities rose by 271,700 in the year to 2012.
Newly established suburbs outside the inner cities also saw large increases in population density.
Population density in Canberra’s Bonner doubled from 620 to 1,200 people per square kilometre, while Forde and Crace were up by 480 and 450 people per square kilometre respectively.
While population growth does not necessarily guarantee capital growth, it is a key indicator for many property investors. Increases in population can fuel stress on supply and increase demand for housing.