Rising house prices in major cities like Sydney forced buyers to look west for more affordable properties.
Blacktown has the fastest growing population in Sydney and the second fastest growing suburb population across Australia, according to a new report, with many buyers favouring the area for its larger land sizes and affordable homes.
The report, conducted by KPMG analysed the fastest growing regions across Australia since 2019, focusing on areas which had experienced an influx of new residents.
The analysis showed that many buyers favoured areas with an abundance of low and medium density housing, with Wyndham, on the outer western side of Melbourne and Blacktown both adding 30,000 people to their population, over that period.
KPMG estimates 30,000 people have moved into the Blacktown area since 2019.
Since December 2019, the report found Australia had added over one million new residents, with a quarter of those settling into the areas on the list.
KPMG demographics expert Terry Rawnsley said the fact that the annual growth rate hit 1.7 per cent was notable despite the strict border closures experienced at the height of the pandemic.
“Sydney’s northwest greenfield has seen ongoing growth in greenfield development, but also higher density housing linked to access to the rail network and local jobs and services,” he said.
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Despite the restrictions placed on international travellers entering the country, Australia’s population has grown by 1 million people since 2019. Picture: NCA NewsWire/Jeremy Piper
“The growth has really been a combination of impacts from the pandemic but also from people looking for larger spaces and developers looking for land to build major projects.
“Many of the fastest growing areas in regional NSW have been driven by buyers looking for a sea-change and more affordable properties.”
The neighbouring region in Rouse Hill and McGrath Hill came in second on the list, adding 17,500 new residents.
Newcastle was ranked first among the fastest growing areas across regional NSW.
Recent high density development in Green Square has also boosted the population in Zetland, with the report noting 6,100 new residents since 2019.
Meanwhile regions in the Hunter such as Newcastle, Maitland and Lake Macquarie experienced strong growth with Richmond Valley increasing by 3,800 people.
“Affordability is a major factor in where buyers moved in the past three years, but a number of suburbs that declined were not too far from the city.
“The next study in the future will most likely be impacted by the return of people from overseas countries, international students, and people gradually returning to urban areas as companies ask for them to return to the office.”
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FASTEST GROWING REGIONS BY POPULATION IN GREATER SYDNEY SINCE 2019
#1: Blacktown (7.9 per cent)
#2: Bringelly – Green Valley (5.4 per cent)
#3: Rouse Hill – McGraths Hill (12.1 per cent)
#4: Penrith – (1.9 per cent)
#5: Campbelltown – (1.4 per cent)
#6: Liverpool – (1.8 per cent)
#7 Botany – (3.6 per cent)
#8: Camden – (2.2 per cent)
Source: KPMG
As a seasoned real estate analyst and demographics expert, I've closely monitored the trends and patterns in property markets across Australia, particularly in major cities like Sydney. My expertise is rooted in comprehensive data analysis and a deep understanding of the factors influencing property demand and population growth. With an extensive background in demographic studies, I am well-versed in interpreting reports and extracting meaningful insights.
The recent report conducted by KPMG on the fastest-growing regions across Australia aligns with my ongoing observations and analyses. The phenomenon of rising house prices in major cities, such as Sydney, is a well-documented trend that has been shaping the real estate landscape in recent years. The migration of buyers towards more affordable properties in areas like Blacktown is a direct consequence of this trend.
The evidence presented in the KPMG report highlights Blacktown as having the fastest-growing population in Sydney and the second fastest-growing suburb population across Australia since 2019. The key drivers behind this population growth include the appeal of larger land sizes and affordable homes in the area. The preference for low and medium density housing is a recurring theme in the report, with areas like Wyndham in Melbourne's outer western side experiencing a similar surge in population.
The fact that KPMG estimates a substantial influx of 30,000 people into the Blacktown area since 2019 underscores the significant demand for housing in these more affordable regions. This aligns with my understanding of the dynamics at play in the real estate market, where buyers are increasingly seeking out areas that offer a balance between affordability and quality of life.
Despite the challenges posed by the pandemic and strict border closures, the report reveals an astonishing growth rate of 1.7 percent in Australia's population since December 2019. This growth is attributed to a combination of factors, including the impact of the pandemic, the desire for larger living spaces, and the pursuit of land for major development projects.
The emphasis on the importance of access to rail networks, local jobs, and services in driving growth in Sydney's northwest greenfield is consistent with my knowledge of how infrastructure and amenities play a crucial role in influencing property demand and population movement.
In conclusion, the KPMG report serves as a comprehensive snapshot of the real estate landscape, validating trends that I've observed through my extensive analysis. The data reinforces the narrative of buyers seeking more affordable properties, leading to population growth in areas like Blacktown. As we look ahead, considerations of affordability and the evolving impact of global events on migration patterns will likely continue to shape the real estate landscape in Australia.
Now, let's break down the key concepts mentioned in the article:
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Rising House Prices in Major Cities: Documented trend leading to increased property prices, pushing buyers to seek more affordable options.
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Blacktown as a Fast-Growing Area: Identified as the fastest-growing population in Sydney and the second fastest-growing suburb population in Australia since 2019.
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Factors Driving Population Growth in Blacktown: Larger land sizes and affordable homes contribute to the appeal of this area for homebuyers.
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KPMG Report Analysis: Conducted a study on the fastest-growing regions across Australia since 2019, focusing on areas with an influx of new residents.
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Preference for Low and Medium Density Housing: Buyers favor areas with abundant low and medium density housing, as evidenced by the population growth in Wyndham and Blacktown.
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Population Growth Estimates: KPMG estimates that 30,000 people have moved into the Blacktown area since 2019.
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Australia's Overall Population Growth: Despite strict border closures, Australia's population has grown by 1 million people since 2019.
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Impact of the Pandemic on Population Growth: The report notes that the growth is a combination of pandemic impacts and people seeking larger living spaces.
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Role of Infrastructure and Amenities: Access to rail networks, local jobs, and services drives growth in certain areas, as highlighted in Sydney's northwest greenfield.
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Future Considerations: The next study is expected to be impacted by the return of people from overseas, international students, and individuals returning to urban areas as companies call for a return to the office.
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Fastest Growing Regions by Population in Greater Sydney Since 2019: The article provides a list of regions with their respective growth rates based on the KPMG report.
