The population of Sydney is set to reach five million people in 2016

Many Australians would be aware that Sydney has been breaking Australian house price records, with the median house prices now reported to be over $1 million dollars. Did you know that Sydney is on track to become the first Australian city to have a population of five million people?

According to the Australian Bureau of Statistics, the population of Greater Sydney, which includes the Blue Mountains and Central Coast, reached a population of 4.84 million at the end of June 2014. Sydney is currently on track to grow to above 5 million people in early 2016.

The Bureau of Statistics’s latest population estimates state that Parklea-Kellyville Ridge in Sydney’s north-west growth corridor had the state’s largest growth in 2013-14, having increased by 2700 people. Waterloo-Beaconsfield in the inner-south had the second largest population increase, of 2000 people in 2013-14. The Cobbitty-Leppington area in south-western Sydney was the fastest growing area (19%) population wise followed by Parklea-Kellyville Ridge (up by 9.4%).

The continued population growth in what is already Australia’s largest city will mean that there will continue to be increased demand for housing as all of those people will need to live somewhere. This increased demand for housing will be met in part by new housing creation in an expanding city, it will also be met be infill or brown fill development where well located properties will be redeveloped to higher densities. This will mean that property in well located areas, near amenities (such as good schools, transport, employment and recreation), will only have increased demand and prices over the longer term.

Sydney may be the first Australian city to reach a population of 5 million but Sydney also has the greatest number of people leaving for other parts of Australia. Furthermore, Melbourne has the greatest population growth in total numbers than any other Australian city and will become Australia’s largest city in time.

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