Property market update: Melbourne, December 2021
Melbourne capped off a bumpy 2021 with double-digit annual growth, triumphing over gloomy start-of-the-year forecasts. H...
The rising population in inner city property in Perth will prompt market interest over the next two decades with the latest population projections showing the number of people in the inner city will surge by nearly 60 per cent over the period.
Blogger: Irene Limnios, managing director, Limnios Property Group
It is estimated that the population of inner citywill jump to more than 35,000 people by 2036, making the area a vibrant place to live.
Major factors that will encourage the boom in inner city population over the next two decades include urban sprawl which makes living closer to the CBD more attractive due cost and time savings in commuting.
Already Perth is geographically one of the largest cities in the world. For example, out of 1,008 cities in the world, Perth has been ranked 59th largest in geographic size according to the 2015 edition of Demographia World Urban Areas.
Demographia World Urban Areas is the only annually published inventory of urban areas with a population of more than 500,000.
These world rankings show that Perth is just behind London in geographic size (10 million population) and Manila (24 million population) even though our city has only a fraction of these population sizes.
Apart of commuting issues, the inner city is attracting more people as a place to live because of improving social infrastructure that will increase due to the major new investment such as the City Link and Perth Foreshore developments.
In particular, there are very exceptional investment opportunities in the inner city apartment market at the moment.
Property prices are now very competitive and it is only a question of time before they rebound on the back of rising population figures.
Tips for anyone considering buying an apartment for investment purposes: