Victoria Is In Need Of More Housing!

Based on the population and demographic projections prepared by the Australian Bureau of Statistics (ABS), the Housing Industry Australia (HIA) has found that by the year 2020 Victoria will need to build an extra 400,000 properties meaning an extra 57,000 properties per year.

As it is becoming increasingly difficult for First Home Buyers to come into the market with the increase of price and the reduction of the first home buyers grant this means that there will be more people looking to rent and more opportunities for investors.

Many leading economic forecasters believe there is an undersupply of new housing in Victoria.

Melbourne’s population growth is around 2% – well above the national average of 1.8%.