VIDEO: New data reveals Victorian suburb fastest growing in Australia. Wyndham, in Melbourne's outer south-west, saw an increase in nearly 35,000 residents when compared to population data three years ago. More on: Wyndham Vale.
This table shows the fastest growing areas in Australia by percentage of population growth from June 2021 to June 2022. The City of Melton is now the fastest growing area in Australia. It's always been up there, but for the first time it's #1, pipping Camden, NSW, by 0.01% (6.42% to 6.41%).
Also among top 10 fastest growing Australian regions for 2019-2022 were Ormeau (Qld) up 24,500, Bringelly (NSW) 21,700, Melton (Vic) 20,500, Tullamarine (Vic) 18,800, Rouse Hill (NSW) 17,500, Swan (WA) 15,600, and Springfield (Qld) 14,300, Herald Sun reported.
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Prices across the country are set to slide by up to 10 per cent by the end of 2023, with Sydney, Brisbane and Canberra to be worst affected by the downturn. The latest PropTrack report predicted property values in Sydney, Brisbane and Canberra could slump by as much as 11 per cent as successive rate hikes bite.
The downturn in the global housing market is set to continue in 2023, with most Australian cities expected to fall by double digits in what is shaping up to be the deepest property correction in more than 30 years. Few people are willing to buy or sell in a falling market, and stock is hard to find.
If you are looking at units, the place in Australia that has seen the biggest year-on-year price growth is Churchill, a suburb in Ipswich, Queensland. Prices there are now, on average, 169 percent higher than they were last year. Units in Churchill are still very affordable, with a median sale price of $322,500.
“Melbourne is projected to be the fastest-growing capital city from 2023‑2024 on, overtaking Sydney to become the nation's largest city in 2029‑2030 at just over 5.9 million people.”
Brisbane had the largest growth (up by 59,200 people), followed by Melbourne (55,000) and Sydney (37,300). Brisbane also had the highest growth rate (2.3%), followed by Perth (1.5%) and Adelaide (1.1%).
Sydney. Sydney rounds out the top 10, with 126,900 millionaires. This makes the city Australia's wealthiest.
Among all the states and territories in Australia, New South Wales is considered the richest state. It has the largest economy, a diverse range of industries, and a higher-than-average income, which contribute to its status as the wealthiest state.
Australia lies in Plant Hardiness Zones 7 through 12 with some variations across regions and seasons. 5 main regions can be identified in Australia: Arid Region: This zone includes all the desert areas, Kalgoorlie, and Alice Springs as well as the dry inland areas of Queensland.
The average annual growth rate for well-located capital city properties is about 7%, which means that Australia's median dwelling price should be around $1.1 million in 2030. But some properties will outperform others by 50-100% in terms of capital growth, so take these house price predictions with a big pinch of salt.
The data provided exclusively to The Sunday Telegraph showed the median house price would be $1.92m in 2027 and the median unit price would be $1.02m. Sydney prices would also be nearly triple those in Perth, Adelaide and Darwin if the current growth trajectory continued.
Property Prices Could Potentially Surge in 2024
Evans and senior economist Matthew Hassan in a market update. "Prices are now expected to increase by 5% in 2024, revised up from 2%." Westpac predicts that by 2024, house prices will rise by 5% in both Sydney and Melbourne, 6% in Brisbane, and 8% in Perth.
Westpac has revised its house price forecasts, with dwelling values expected to stabilise in 2023 (initially forecast a -7% decline). National dwelling values are predicted to rise 5% in 2024, up from 2%. Increased migration, surging construction costs, and low market supply are contributing to the stabilisation.
The combined capital cities could see house prices rise 2 per cent to 4 per cent by the end of the 2024 financial year and units could climb by 1 per cent to 3 per cent, the Domain Forecast Report predicts.
In 2025, the housing market is expected to start picking up again, with home prices rising by approximately 1% to 2% above the current inflation rate. This increase will be due to a combination of factors such as the rise in real incomes, lower mortgage rates, and increased affordability.
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