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“Even though approvals have started to fall away, there’s still an awful lot that’s coming on to the market for completion in the next couple of years,” Mr Kusher said. But local industry proponents have tipped a population boom will drive the majority of new developments in the city to completion. Project marketing specialist Castran Gilbert’s Mark Forytarz said a certain number would be delayed or struggle with the new apartment guidelines. But with more than 140,000 new residents in Victoria in the latest population data, there would be plenty of demand for units in all areas. “Melbourne is the fastest growing city in the country,” Mr Forytarz said. “And it’s just fundamental that those people have to live somewhere.” A multitude of skyscrapers have emerged across Melbourne in the past decade.Source:Supplied He added that downsizers were increasingly opting for apartment lifestyles, and a growing number of Generation Y buyers were turning their back on the traditional affordable housing markets on the city’s fringe in favour of smaller homes and apartments closer to town. “And another big factor is that we have interstate buyers coming,” Mr Forytarz said. “Particularly Sydney buyers, who see Docklands as a growth area as they equate it with Darling Harbour.” Urban Development Institute of Australia Victorian chief executive Danni Addison echoed his thoughts. “Despite the broadbrush, misconstrued claims of oversupply, the numbers show we’re simply not building enough new housing to meet the demands of the population growth we’re seeing here in Melbourne,” Ms Addison said. “Given the market conditions in Melbourne, which includes strong population growth and weakening supply, there are a number of factors telling us that the cost of various forms of housing across the market will experience strong price growth.” She added that property purchases should always be considered a long-term investment. New Information On Simple Secrets For Mortgage Broker Melbourne