Real Estate Institute Victoria President, Leah Calnan said Victoria is a great place to invest with land prices having soared since 2014. 

A recent analysis by the REIV on land values over the past 5 years has confirmed that Victorian property continues to go from strength to strength. 

Over the same period, the median property size has dropped slightly, meaning that Victorians are now paying more for less. 

Ms Calnan said while sales volumes have declined, continued strong demand in Melbourne has resulted in consistent price growth. 

“Melbourne’s outer growth Southeastern and Western suburbs are some of the fastest-growing parts of Australia.” said Ms Calnan. 

“17 suburbs across Melbourne have had their land value more than double since 2014.” 

“Victorian property is a growth asset; anybody who bought into the market five years ago would see an amazing return.” 

“While real estate commentary often focuses on clearance rates, it's important to look at the how the long term market is trending – as shown by the significant 5 year change in land value per meter squared.” 

Ms Calnan said the Victorian real estate sector has demonstrated long term growth and stability. 

“In signs of an improving market, we are again seeing increasing demand from interstate and international purchasers," said Ms Calnan. 

“Regional Victoria and outer Melbourne experienced a larger drop in median land sizes than those in the city but values continue to increase. 

“People are drawn to water (with) 4 of the 17 highest growth suburbs in Mornington Peninsula.” 

Ms Calnan said middle Melbourne suburbs near the city, like Essendon West and Glenroy, recorded 125 per cent growth. 

“In the West, Brooklyn provides great value with a median price of $1,892 per metre squared; competing with neighbouring Footscray or Maidstone." said Ms Calnan.

Similar to this:

Shortage of land drives prices up, as land sales fall

“The cost of land is one of the main components in determining the price of a new home,” :HIA

Price growth in south-east Queensland land market