Apr 14, 2021
The growth being
displayed by markets in Melbourne and Victoria is extraordinary,
given the circumstances that have impacted these places over the
past 12 months.
Melbourne, which has been affected
by lockdowns more than any other part of Australia, was the major
market which suffered the most in 2020.
But it has come roaring back to
life, with a recovery which has stunned many
observers.
According to CoreLogic figures,
Melbourne house prices rose 2.6% in March and 5.6% in the March
Quarter, while apartment prices increased 1.7% in March and 3% in
the March Quarter.
This is happening on the back of
significant uplift in sales activity, at a time when the number of
listings of properties for sale remains low.
Inevitably, prices are
rising.
Meanwhile, Regional
Victoria continues to be one of the nation’s strongest
markets.
Regional Victoria has been a national leader of the most dominating
trend in Australian real estate, the one I call the Exodus to
Affordable Lifestyle.
This has been driving regional markets in the state for the past
three years or so – and it continues to do so.
Overall, house prices in Regional Victoria have grown 10% in the
past 12 months, while apartment prices are up 13.5%, and there are
many locations in Regional Victoria where prices have increased 15%
or 20% or more in the past year.
This week we have published our Victorian Bundle – which comprises
our Top 5 Melbourne Hotspots report and our Top 5 Regional Victoria
Hotspots report.
We provide the two reports together at a discounted price so that
you can access our ideas on the places to invest in one of the
nation’s strongest capital city economies and in one of the
most vibrant regional jurisdictions – indeed the one that has been
the front runner of the most dominant trend in the country, the
Exodus to Affordable Lifestyle.