With the recent release of 2016 Estimated Resident Population (ERP) figures, construction professionals are putting the data under the microscope for clues of future growth.
The ERP data reveals that Australia’s general population grew by 1.4% to reach 24.1 million during 2015-2016. But where is this growth concentrated, and will it equate to positive growth for the construction industry?
The following areas make up the top 20 fastest growing areas in Australia. These are the places with considerable construction projects and high demand for building services this year.
With a population of just under 26,000 Serpentine Jarrahdale isn’t large. However, it grew at a rate of 7.7% last year. This predominantly rural area is experiencing rapid residential and rural residential growth - perfect for residential construction firms looking for new market opportunities.
The only other town in Australia with a growth rate over 7%, Camden is a historic area that has recently experienced rapid development. As such, the local government is investing in infrastructure including street renovations, a new council administration building, and the Camden Town Centre Study.
With a growth rate of 5.8%, Botany Bay is experiencing an influx of new residents. A recent report named Botany as Sydney’s best suburb in which to buy a house; a fact reflected in the outstanding population growth in the area.
Melbourne’s booming economy and appeal to migrants has strengthened its reputation as a popular destination to live and work. The growth rate last year was 5.7%, leading some to predict that Melbourne will be Australia’s most populous city by 2053.
The city of Wyndham tied Melbourne with a growth rate of 5.7%. Currently at a population of 222,656, forecasts estimate Wyndham’s population to reach over 400,000 by 2036. That equates to a substantial amount of residential and commercial building over the next decade.
Cardinia’s impressive growth rate of 5.5% means that building is proceeding at a rapid rate in this shire. Cardinia’s council is working to balance the needs of the growing population with the preservation of the area’s unique environmental characteristics.
With a population already over 200,000, Whittlesea is continuing to grow at a rate of 4.7%. A campaign called Fund Our Future has been launched to to assist with some of Australia’s fastest growing municipalities, including Whittlesea.
With a growth rate of 4.5%, it won’t take long before Kwinana’s population surpasses 40,000 residents. According to the City of Kwinana, over 7,000 new homes will be constructed in the next decade, and new construction projects include community centers, footpaths, and the Marketplace Shopping Centre.
At 4.4%, Melton’s population growth rate requires significant construction and building. Just outside of Melbourne, Melton has also been named a top area for property investors.
Rounding out the top 10, Western Australia’s Armadale has a 4.0% population growth rate and over 83,000 people. The city is responding by implementing building projects such as sports facilities and affordable housing developments. More than 22% of Armadale’s population is under 15 years of age.
The following cities round out the top 20 fastest growing areas of Australia:
11. Hume - VIC
12. Casey - VIC
13. Swan - WA
14. Mitchell - VIC
15. Wanneroo - WA
16. Lane Cove - NSW
17. Ipswich - QLD
18. Parramatta - NSW
19. The Hills Shire - NSW
20. Yarra - VIC
By focusing on the areas that are experiencing significant growth, builders can take advantage of Australia’s booming population.
The cornerstone of any successful construction business is accurate estimating. For information about creating quality estimates for your building projects, get a free 14-day trial of Cubit today.By Jason Hook
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