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Victoria has been of Australia’s best performing property markets over recent years, emerging not only unscathed by the GFC, but posting solid gains. The strong performance of the Victorian property market is underpinned by one major factor – population growth.
Since 2005 Victoria’s population has grown rapidly, which has seen property rentals and values also grow strongly, whilst vacancy rates plummeted to one of the lowest levels in the country at just 1.5%.
According to Victoria in Future 2008, the Victorian population is projected to grow by 2.3 million people by 2036, an increase of more than 44%. Additionally, it is forecast that 1.8 million will populate the metropolitan area of Melbourne.
With property supply not even close to keeping pace with this rapid growth in population, pent up demand and continued growth in population appear sure to see Melbourne continue as one of, if not the, strongest property investment market in the country.
Fast Facts
- Predominately populated by age groups 25-34 and 35-49
- A high proportion of the Melbourne population rent
- The greatest proportion of people living in the area earns in excess of $2,000 per week
- 40% of households are generally made up of 1 or 2 persons
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