The population living on the fringe of Melbourne and Sydney continues to explode at a rapid rate, as new data shows outer suburbs in these two cities growing faster and larger than the rest of Australia.
Melbourne suburb, Cranbourne East is the country’s largest growing and second fastest expanding suburb increasing by a rate of 88 people per week according to the Australian Bureau of Statistics.
Waterloo, Sydney’s high-rise hotspot, was the fifth largest growing suburb. Waterloo increased its high density area by 60 people per week between June 2014 and June 2015.
With approximately 1760 people moving to Melbourne each week, it is now officially the fastest growing capital city. Melbourne has added 830,000 residents over the past ten years, according to SGS Economics and Planning.
Domain Group data showed house prices in growing suburbs lift slightly over this period. Cranbourne East’s house price median was $418,750, a 4.7 per cent increase.
Current infrastructure has been adequate to cope with demand, but may need to be upgraded if this rate of growth continues in the future.
Source: Domain
