Melbourne’s population is increasing at an average rate of 1,760 people per week with a total increase of 91,600 people per year according to SQM Research.

This makes it Australia's fastest growing city - 10.3% higher than Sydney, 173.5% more than Brisbane and 160.2% greater than Perth.

SQM Research has forecast this strong population growth to continue for Melbourne well into the future.

"As a city we are undergoing a permanent change in housing preferences equivalent to other cities internationally, where apartment living is much more common."

The recent Urban Development Institute of Australia and Charter Keck Cramer report warns that without change to the planning rules and lender requirement, developers won't build the larger projects needed to meet the demands of a surging population.

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Source: Caydon Property Group