The top 20 suburbs primed for apartment demand revealed

Data from CoreLogic shows Australia is in the middle of an apartment construction boom, with nearly 97,000 medium to high density projects completing construction in the last 12 months ending March 2018; that’s 84 per cent higher than the decade average.

Most of these projects are based in inner city areas of Australia’s largest capital cities to meet the demand of increases in population growth.

According to CoreLogic, the suburb with the highest population density is Melbourne; with a population of 45,231 and an area of 2.4 square kilometres, a population density of 19,107 per square metre is a tightly packed area. With a median unit value of $443,681, property is reasonably affordable for investors to meet rental demand.

Taking out second place were the Sydney suburbs of Potts Point and Woolloomooloo, featuring a smaller area of 1.5 kilometres and a population of 23,681, resulting in a population density of 16,220 per square metre, but a significantly higher median unit value of $858,387.

In third place were Pyrmont and Ultimo. Also rocking an area of 1.5 square kilometres and a similar population to Potts Point and Woolloomooloo of 24,118, this third place area has population density of 16,170 per square metre and an even higher median unit value of $929,308.

The first suburb not to be based in Sydney or Melbourne was Kangaroo Point in inner Brisbane, which ranked in at 34 with an area of 1.3 square kilometres, a population of 9,152, a population density of 6,822 per square kilometre and a median unit value of $493,358.

These higher density areas are geared more towards students and typically single people who need to get in and around city centres, the Property Pulse noted.

Important to note is that the most recent population figures come from 2017 ABS data, so these areas could be even more dense than the Corelogic analysis indicates.

The top 20 high population density areas in Australia, according to CoreLogic, are:

Rank	Surburb(s)	State	Area in square kilometres	Population	Population density (per square kilometre)	Median unit value
1	Melbourne	VIC	2.4	45,231	19,107	$443,861
2	Potts Point - Woolloomooloo	NSW	1.5	23,681	16,220	$858,387
3	Pyrmont - Ultimo	NSW	1.5	24,118	16,170	$929,308
4	Darlinghurst	NSW	0.9	12,504	14,585	$909,109
5	Surry Hills	NSW	1.3	18,048	13,707	$848,565
6	Carlton	VIC	1.8	21,794	11,993	$361,173
7	Redfern - Chippendale	NSW	2.2	25,204	11,650	$911,129
8	Waterloo - Beaconsfield	NSW	3.6	37,918	10,585	$896,624
9	Bondi Beach - North Bondi	NSW	2.5	23,261	9,451	$1,187,723
10	Glebe - Forest Lodge	NSW	2.3	21,692	9,422	$913,340
11	South Yarra - East	VIC	2.5	23,642	9,396	$596,614
12	Randwick - North	NSW	1.9	18,018	9,302	$917,035
13	Neutral Bay - Kirribilli	NSW	2.2	19,311	8,735	$1,048,187
14	Newtown - Camperdown - Darlington	NSW	3.3	27,627	8,418	$791,470
15	Kingsford	NSW	2	16,921	8,400	$843,197
16	Fitzroy	VIC	1.4	11,478	8,337	$729,539
17	Lakemba	NSW	2.2	18,144	8,294	$420,236
18	Bondi - Tamarama - Bronte	NSW	2.5	19,949	7,988	$1,121,283
19	Wiley Park	NSW	1.4	10,877	7,806	$433,952
20	Collingwood	VIC	1.3	9,824	7,758	$611,261 You need to be a member to post comments. Become a member for free today! Comments powered by CComment Related articles Author Sasha Karen Know more More from this writer: Where to find winners in the WA market How rents have performed for investors so far this year How to save money with a new repayment strategy Popular capital cities on the rise as market softens over June Cash rate call for July 2019 revealed New property sales rebound over May How far can a $500,000 budget get you in Sydney?