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DOWNTOWN DRIFT RE-INVENTS THE GREAT AUSSIE DREAM

By Bob Wilson

The number of people moving into or near the central business districts of capital cities is rivalling the move to suburban growth corridors, according to demographer Bernard Salt.

The Population Growth Report 2007 published by KPMG Consulting records the highest number of people moving "downtown" since the annual report was started 18 years ago.

"In the funkiest, hippest and most central parts of Melbourne, Sydney and Brisbane, the number of new residents moving in each year now tops 7,000, 6,800 and 6,300 respectively," says Salt.

"We are still enamoured with the beach and the Sea Change shift continues to grow strongly, as evidenced by the Gold Coast's relentless population boom. But the central core of Australia's largest cities is emerging as a growth area, competing with the outer suburbs and beach locations as their preferred destination."

Perth and Adelaide are not as strongly plugged into the "downtown" shift, with Sydney's inner-city population (332,000) almost three times that of Perth's (134,000). Inner-city (defined as an area within 5km of the GPO) population growth was strongest in Melbourne (3.1%), Brisbane (3.1%) and Canberra (3%), then Perth (2.5%), Sydney (2.1%), Adelaide (1.6%) and Hobart (0.6%). Darwin had a 3.8% increase in inne-city population, but this was from a low base (20,000).

Melbourne is quickly closing the gap on Australia's largest city; with its population growth nearly double that of Sydney in the 12 months to June 2006. Melbourne added 62,300 new residents in the year, compared with 36,800 in Sydney. If current growth rates continue, Melbourne will overtake Sydney as the country's largest city by 2028.

The resources boom which is attracting jobs to Western Australia and South Australia made an impact. Adelaide drew 11,500 new residents in the 12 months to June 2006. However, this rate of growth was outstripped by Perth's 2.2% overall increase in population. Some of Perth's suburbs recorded population increases above the average, including the municipalities of Perth (10.5%), Wanneroo (7.6%), Rockingham (5.1%), Kwinana (4.6%), Swan (3.4%), Mandurah (3.1%), Gosnells (2.9%) and Bayswater (2.5%).

Meanwhile, Queensland's Gold Coast has passed the New South Wales city of Newcastle, to become the sixth largest city in Australia. The Gold Coast's net population increase of 3.4% meant an additional 17,400 people, for a total of 507,400. "The Gold Coast attracted more than double the number moving to the next fastest-growing municipality (Wanneroo in Perth)," says Salt.

The report observes that seven of the 10 fastest-growing towns in the country are located on the Queensland coast. Hervey Bay leads the pack with a 5.4% increase in population. Others in the Top 10 include the WA towns of Bunbury and Mandurah and the South Australia hamlet of Mt Barker. "Australians everywhere just can't get enough of cute lifestyle towns either on the coast or up in the hills," says Salt.

The study also reveals locations which are actually losing population. In New South Wales, this includes Campbelltown, Blue Mountains, Sutherland Shire, Ku-Ring-Gai, Fairfield, Goulburn and Broken Hill. Queensland's Burdekin (Ayr) and Johnstone (Innisfail) also recorded decreases in population, as did the Northern Territory's Alice Springs.

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This article is taken from the Investor Alert page of the Hotspotting website http://www.hotspotting.com.au. We highly recommend this website for people interested in real estate.




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