Projected population growth crucial for future Sydney development

10.9.13bInvestment opportunities could be opening up in Sydney as the latest population figures released by the New South Wales Department of Planning and Infrastructure have highlighted an increase in the number of homes needed to cope with the predicted population growth over the next 20 years.

According to the latest figures, 100,000 more houses need to be constructed in the city in order to cope with the projected increase in population.

While the Draft Metropolitan Strategy for Sydney stated a growth of only 1.3 million back in March, the latest figures have pointed towards an increase of 1.5 million people coming into to the NSW capital.

“It seems that birth rates and overseas migration are running higher than previously expected which is good news for Sydney,” said Chris Johnson, the chief executive officer for Urban Taskforce in a September 9 statement.

“Sydney only grew at 1.1per cent a year over the last decade compared to Melbourne’s 1.7 per cent but it seems that we are now catching up to Melbourne’s growth rate.”

Taking into account this growth, the new city planning system will be even more important for the future of the city than before, with the responsibility of competently housing the new faces heading to the capital.

The market for over 65’s is expected to be the largest in the coming years, with an increase in the number of one and two bedroom houses as the population begins to age.

“The major undersupply of housing for Sydney in recent years has begun to turn around but on these numbers an extra 5,000 new houses a year will be required. This means that we need to be producing at least 32,500 new dwellings every year,” said Mr Murray.

“It is more important than ever that the new planning system for NSW enables the supply of new affordable housing for future generations of Sydney residents.”

Leave a Reply

Your email address will not be published. Required fields are marked *