OMag West Edition – December 2023
We have seen a net average increase of 3% in metro Melbourne and a 2.2% decrease in home prices in regional Victoria in 2023 after a bumper two years post Covid.
This is relatively low compared to that of the other four other major capital cities of Sydney (10.2%), Perth (13.5%), Brisbane (10.7%) and Adelaide (7.6%).
Supply has been the primary driver of Victorian house prices over the last 12 months. Most experts are suggesting it will have more influence on the performance of the market than interest rates in 2024.
Demand looks like continuing to be strong despite the high barriers to entry.
Australia is forecast to be in the top three OECD developed nations for population growth until 2030, with over 3.2 million people to move here from 2022 to 2030 and Victoria is set to capture 688,000 which is greater than any other state.