Accolade will be a key part of the fastest growing metropolitan region in Melbourne over the next 17 years according to Victoria in Future 2019 (VIF2019).
By 2036, the City of Melton’s population is estimated to grow by 4.3% p.a adding over 175,000 people in new estates, such as Accolade, that will be providing the engine room for Victoria’s future growth.
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Overall, Greater Melbourne is projected to grow by approximately 4.0 million people, increasing from 5.0 million in 2018 to 9 million in 2056. Much of this growth will occur in the new suburbs being developed in the west.
For people building at Accolade there will still be plenty of new families in the looming population boom (41.1%) and a slight increase in couples (27.5%) and lone person households (26.2%) when it comes time for resales.
With the development of standalone housing and townhouses at Accolade the estate is catering for the majority of housing demands into the future which is very important for capital growth.
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In addition, by 2036 Accolade will be a mature garden estate and a standout location in what by then will be an established market with strong resales with the affordable suburbs further out.
“This population boost is expected to result in strong rises in land and housing prices as more than 10,000 people move into the region every year”, said Accolade developer Resi Ventures’ Khurram Saeed and Anthony Braunthal.
By then Accolade will have access to a major shopping centre and the urban infrastructure for the additional 175,000 people resulting in a bustling multicultural lifestyle.
The biggest source of population growth in Victoria will be births (3.8m) and overseas migration (2.9m) as the state grows from 6.5 million at 30 June 2018 to 11.2 million residents in 2056.
Victoria is the second largest state in Australia by population, but has been growing more than any other state or territory at up to 150,000 per annum (and at the highest rate of up to 2.5 per cent per annum).
Victoria has grown by a million people since 2011 and is expected to add another million by 2026.
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Under the VIF2019 assumptions Victoria is projected to add 4.7 million people from 2018 to 2056, reaching a population of 11.2 million. This represents annual average growth of 125,000 people, at a rate of 1.5 per cent per annum.
