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.
There is still strong demand for property in the eastern states, says Louis Christopher, managing director of SQM Research. Sellers were simply staying out of the market in April, waiting for the holidays to end, he says.
"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."
With Melbourne's population expected to grow by 100,000 new residents every year, the changes allow for greater density in the city's middle-ring suburbs, says Joseph Walton of the REIV.
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.
