Property Market Information: Increasing strength for Melbourne real estate

By the resi financial blog team, 24 January 2014

Melbourne real estate sector strong

Victoria's capital city is leading the way for future population and employment growth, with the latest reports released by Minister for Planning Matthew Guy highlighting the region's rising potential for housing and economic progress.

The Urban Development Program (UDP) is used to analyse how much land is available across the area in order to figure out what can be realistically used for residential, commercial and industrial purposes.

Mr Guy said the reports have illustrated the state's abundance of land, indicating that there is enough land across the region to support the projected population growth headed towards Melbourne in the near future.

"Melbourne is certainly in an enviable position because we have large tracts of land marked for urban renewal and new suburbs. We also have the largest amount of industrial land of all capital cities in the country," said Mr Guy in a January 21 statement.

"We are already showing that we are directing housing growth sensibly and sustainably. In the past year, five new precinct structure plans were approved, adding around 19,000 potential house blocks in Melbourne’s newest suburbs, while we had a record 179,400 potential dwellings coming from major apartment developments."

The report found that five out of six growth areas within Melbourne have 25 years' worth of potential property growth left, while the sixth has 22 years' worth of supply left for the city.

Furthermore, there are 412,600 potential housing lots in these areas, with a third of these already zoned for residential development.

Apartments could also continue to be heavily represented in the city, with the number of units within activity centres more than doubling since 2008/09.

Now could be the perfect time to consider investment loans and secure a slice of the Melbourne property pie in order to supplement your wealth and expand your property portfolio into Victoria's capital.

Categories: Home Loans, Property Investment