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Population Set to Double by 2075

By Matt Hurlston

Recent figures from the Australian Bureau of Statistics (ABS) reveal Australia's population is expected to double by 2075, which may be encouraging news for Carnegie real estate investors.

Conservative estimates forecast the population will reach 46 million over the next 60 years, with much of that growth centralised in the country's capital cities.

"Melbourne and Sydney should be neck and neck by 2053, with 7.9 million people each," ABS Director of Demography Bjorn Jarvis said in a November 26 media release.

Carnegie has already experienced the effects of a growing population, as figures show the suburb's population grew by 7 per cent between 2006 and 2011.

Australia's increased population will lead to heightened demand for housing, particularly in the inner suburbs of capital cities, such as Melbourne.

The growth in demand has already begun to affect property prices in Melbourne, after median house values rose 1.9 per cent over the September quarter.

With prices expected to continue to rise, investors are encouraged not to hesitate too long as now could the most affordable moment to take the step into the property market.

If you are thinking about investing in real estate in Carnegie, contact Matthew Hurlston at Ray White Carnegie for further insight on how the growing population will affect the future market.

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