Despite record levels of development activity, UDIA Victoria has warned the volume of dwelling commencements in the years to come will not be enough to sustain the high levels of demand for new housing.
"The majority of the growth in population attributable to overseas migration is occurring in the eastern seaboard states, which underpins the strong growth in these jurisdictions."
While we were all tucking in to our Christmas ham, the latest series of population data was released by the ABS revealing a few new records broken by Victoria, Western Australia, South Australia, Northern Territory, and New South Wales.
Two-tier property market highlights differences around the country
Property prices in Sydney, Melbourne, Adelaide and Canberra achieved double-digit growth in the year to September 30, but Perth and Darwin saw prices fall 7% and 6% respectively, according to CoreLogic's Hedonic Home Value Index.
