Residential developments in Victoria are booming and the market is expanding.
But the latest census data shows there are still more than 700,000 residential properties in Victoria with a median value of $1.4 million.
There’s a lot of pent-up demand in the suburbs of Melbourne’s north-east and south-west, which is why the growth of residential in those areas is still the best option for property investors.
“The market is growing so quickly, we’re not even able to maintain that pace of growth,” Victoria’s deputy housing minister, John Day, said.
“It’s not just in Melbourne, it’s all of Victoria, it can be in South Australia, it could be in Western Australia.”
What’s the biggest residential market in Victoria?
Victoria’s main metropolitan regions have been the centre of the market for the last four years, but this is the first time that the suburbs have been in the top five.
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