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Growing Melbourne population highlights rising demand for housing

By Jamil Allouche

A rising population is something for potential investors to be keeping an eye out for. After all, you'll want to make sure your portfolio will have plenty of prospective tenants to make use of your real estate in Carlton, especially over the coming few months. 

The latest Population and Residential Building Hotspots report released by the Housing Industry Association (HIA) has highlighted the rapid expansion of Melbourne's population, with HIA executive director Gilbert King stating the region has seen some of the strongest growth across the nation. 

"The inner city statistical area of Melbourne was the hottest of Victoria's hotspots with over $385 million of new residential building work approved and the population growing at a rate of 22.7 per cent. Given that the population within this area was already quite large, a growth rate of 22.7 percent is an impressive result," said Mr King in a 7 July statement. 

This population growth is expected to be supported by rising construction rates, with a rising number of housing options being needed to help house the increasing populace. With the growing demand for property across the Victorian capital, now could be a great time to evaluate your investments and consider the real estate options in your future. 

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