{"id":12672,"date":"2017-07-10T12:37:18","date_gmt":"2017-07-10T02:37:18","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=12672"},"modified":"2017-07-10T12:37:18","modified_gmt":"2017-07-10T02:37:18","slug":"video-melbourne-on-track-to-be-australasias-biggest-city","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/video-melbourne-on-track-to-be-australasias-biggest-city\/","title":{"rendered":"VIDEO \u2013 Melbourne on track to be Australasia\u2019s biggest city"},"content":{"rendered":"

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\nTranscript:<\/strong>
\nMelbourne is set to become Australia’s largest city by the 2030’s and that\u2019s not that far off. \u00a0What is behind this prediction? Well the simple fact that Melbourne offers something that Sydney cannot – access to affordable housing on the urban fringe.
\nAccording to ABS forecasts, Melbourne’s population will pass the 5,000,000 mark by 2021, and due to strong population growth in the city’s West, which is less than 40 km from the CBD, Melbourne’s population should surpass Sydney’s in less than 20 years.\u00a0 In the year to the end of June 2016 Melbourne added 108,000 residents.\u00a0Historically, this is the highest population growth Melbourne has ever experienced.
\nOver the same period, Sydney added 83,000\u00a0 people.\u00a0\u00a0\u00a0 Melbourne planned for growth from the Kennett years resulting in the formation of a plan for five million residents at 2030.\u00a0 Sydney\u2019s population lead over Melbourne is close to 350,000 but that is narrowing at a rate of 20,000 a year.\u00a0\u00a0 If present rates were to continue, Melbourne, as I said earlier, would replace Sydney as Australia\u2019s largest city at some point in the 2030s.
\nJust because Melbourne’s population is going to grow significantly, that doesn’t mean all properties will increase in value equally \u2013 in fact they won’t.\u00a0 Strong population growth doesn’t necessarily lead to capital growth.\u00a0 Melbourne’s population growth at the city fringes will lead to infrastructure and transport problems, making properties in the inner and middle ring suburbs close to transport even more appealing.
\nMeanwhile \u2013 Melbourne is headed for problems in another area – litigation over leaky buildings is on the rise over the last 12 months, particularly in Melbourne and Canberra. Problems seem to be around leaky balconies, planter boxes or leaks emanating from common property.\u00a0 Leaky building claims are very costly as water damage and water penetration can be very destructive.
\nAustralia has not experienced leaky building syndrome to the extent that it has occurred in New Zealand over the last two decades where it has culminated in many billions of dollars worth of damage to buildings and impacting as many as 42,000 dwellings in New Zealand.\u00a0 It seems the large percentage of claims in Australia surround multi-unit apartment blocks.
\nThe most sinister aspect of water damage is not the immense cost surrounding diagnosis, litigation and ultimately correction; but the potential for the growth of toxic mould. This is something we need to watch carefully.<\/p>\n","protected":false},"excerpt":{"rendered":"

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Well the simple fact that Melbourne offers something that Sydney cannot – access to affordable housing on the…<\/p>\n","protected":false},"author":176692471,"featured_media":12673,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,29],"tags":[70,131],"class_list":["post-12672","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-video","tag-featured","tag-videos"],"yoast_head":"\nVIDEO \u2013 Melbourne on track to be Australasia\u2019s biggest city - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/video-melbourne-on-track-to-be-australasias-biggest-city\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VIDEO \u2013 Melbourne on track to be Australasia\u2019s biggest city - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"[flex_video widescreen=”true” vimeo=”true”] [\/flex_video] Transcript: Melbourne is set to become Australia’s largest city by the 2030’s and that\u2019s not that far off. \u00a0What is behind this prediction? 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