Census shine a light on Canberra's rapid growth

The release of the census data this week provides an opportunity for us all to reflect on how we are transforming as a city and as a community.

As reported by The Canberra Times, our city has seen the fastest population growth of anywhere in Australia over the past five years. 

New population estimates have put the territory population at 406,403 people in the December quarter, up 11.2 per cent.

According to the current data, Canberra will have more than 200,000 new residents within 20 years, with Gungahlin named as Australia’s second-fastest growing region, with 71,000 residents, up from 47,000 in 2011.

We lay claim to the highest median weekly wages in the country at $2070, and a close second on paying the highest monthly mortgage payments at $2058 per month. 

We also pay the highest rents (equal with NSW at $380 per week), and have the lowest rental vacancy rates at 8.1 per cent.

These statistics indicate that the housing market will continue to grow – based on demand alone – as shown in the ACT Budget.

It remains a key factor in driving economic growth with some 6000 new building approvals in the last 12 months. 

• Related: Canberra suburbs with the highest mortgages
• Related: Canberrans shifting from houses to units
• Related: Cities where home ownership declined most

Notably, half of these approvals are made up of semi-detached housing and townhouses.

What this all means is that while the ACT is outperforming on many fronts, we face some looming policy challenges. 

We must be ever responsive to the changes in our community and foster opportunities for creating the spaces for our business to flourish, to diversify our housing types and their affordability, and to better meet community’s needs, from first home buyers through to the retirees.

We must realise with growth, comes challenges, and it is the property sector who can deliver as the second largest industry and employer behind the public service. 

In many ways it is the property sector that holds the key to our city’s continued prosperity and it is with great optimism that we stand ready to walk through the opening door.

Adina Cirson is the ACT executive director of the Property Council of Australia.