April 28, 2016 Brisbane Population Update When it comes to property, population is important. From a high-level perspective, it is a key market driver. Macquarie Bank sees it as the key driver of housing demand and whilst we would agree with that statement, the relationship between population and property does have some nuances to it. Factors such as shifting demographics, job market trends and dwelling type preferences are also quite important and are undoubtedly drivers of population growth. Regardless, population growth and trends play a huge role in shaping the property market. Brisbane Overall Population Growth: Chart by region Brisbane s population has increased by more than 174,000 people over the past ten years. This means that the population is growing at about 1.6% per annum. Map: Brisbane s Inner, Middle & Outer Rings
Over the past ten years, Brisbane s Outer Ring (as defined by suburbs 10km-20km from the CBD) saw the largest population increase in terms of sheer numbers, recording an extra 73,000 people in 2015 when compared to 2006. However, the Inner Ring was the area that experienced the fastest population growth rate. Over the ten years from 2006-2015, the Inner Ring grew at 2% per annum, compared to 1.6% per annum in the Outer Ring and 1.5% per annum in the Middle Ring. Brisbane s Population Growth Rate By Region Past Ten Years Recently, the majority of population growth in Brisbane has occurred in the Inner Ring. Over the past 12 months, the population of this region increased by approximately 5,500 people. This rate of growth is almost double the middle and outer rings.
Fastest Growing Suburbs in the Inner City The table below shows the top ten suburbs in terms of population growth rate across Inner Brisbane. At the top of the list is South Brisbane. This suburb saw a total of 2,617 new residents from 2005 to 2015 equating to an annual growth rate of 5.1% per annum. This was followed by Herston and Woolloongabba, each recording annual growth rate 4.5% and 4.4% per annum. This list contains a lot of familiar names. It happens to largely reflect the list of suburbs that are seeing the highest level of development. These areas have high levels of development which is driving population. Brisbane s Fastest Growing Suburbs Past 10 Years Projected populations Let s look to the future now. The future is important because that s where we re all going. This section will be broken into three parts (don t worry, they ll be short). First Brisbane s projected population growth vs Sydney and Melbourne s. Second predicted growth rates of Brisbane s Inner, Middle and Outer Rings. Third which of Brisbane s suburbs will growth the most over the next 20 years. Brisbane vs Sydney vs Melbourne
Brisbane, Sydney and Melbourne, the major cities of the Australian East Coast, will all experience strong population growth into the future. The ABS has population growth predictions all the way to 2061. These show that Brisbane s population will increase at a higher rate than Sydney and Melbourne 1.8% per annum. Inner vs Middle vs Outer Rings Brisbane is a city that is transitioning. The OESR predicts that both the Inner and Outer Rings will account for a continually larger proportion of total population growth over time. Between the 2001 Census and the 2011 Census, the Inner and Middle Rings both experienced population growth of approximately 50,000 persons. Over the next 20 years however, the Inner Ring will receive an extra 90,000 residents whilst the Middle Ring will grow by half of that figure. The Outer Ring s population is expected to balloon by almost 150,000 people over that period. This change will be driven by the increasing popularity and practicality of high density living in the inner city and, for the Outer Ring, the affordability and availability of greenfield land on Brisbane s outskirts. Inner Brisbane Suburbs Projected Growth Top 10 Suburbs
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