Melbourne’s city was established in 1835 and has undergone 183 years of development. According to the 2016 census, the population of Melbourne city has grown to 47,285, and the area of Melbourne CBD has also expanded to 6.2 square kilometres.
The Melbourne CBD is the district with the largest number of residents in the Melbourne City (‘urban’) district. The 20,038 residents of Melbourne’s CBD account for 21% of the city’s total population.
By 2036, the population of the Melbourne CBD is expected to reach around 52,000; more than twice the current population and it will be around 27,500 households.
Due to the lack of empty land of the surrounding areas, it will be difficult for the Melbourne CBD to continue to expand. Therefore, the influx of the population will be only solved by the high rising buildings.
According to the official website of CITY OF MELBOURNE, there are 1,330 currently under construction and approved projects. Since the new developments are mostly high-rise buildings, in the limited land area, a large number of residential apartments can be accommodated to adapt to the exponential increase of the Melbourne CBD population.
This creates an illusion of the real estate industry: In the absence of a complete influx of people, these newly-developed projects now seem to give an oversupply to Melbourne CBD real estate. This illusion also inhibited the rapid growth of Melbourne’s CBD housing industry in previous years.
For the smart investor, investing in property in a city with limited land and increasing an ever population is a once only opportunity so it’s good advice to strike white The iron is hot because it’s here to be fallen advantage of!?