Victoria is a state in southeastern Australia, and is the most densely populated state in Australia. Victoria is bordered by New South Wales to the North and South Australia to the West. Victoria has a population of over 6.6 million and the population is culturally diverse, with 35.1% of inhabitants being immigrants.
January saw Melbourne’s property market improving, as strong demand for property is growing. While January is generally one the slowest months of the year for home sales, the Victorian capital received a boost from large volumes of buyers who made their moves early and had to compete over the small number of listings available.
As of February 2022, Melbourne’s median house price has remained unchanged at $998K. Country Victorian house prices have also increased a sizeable 1.3% to a median $608K. Currently, Melbourne properties (including houses and units) have a median value of $799K and are up by 17.7% in comparison to the same period last year. Similarly, Melbourne units now have a median value of $624K, clocking in an 8.1% rise compared to Jan ’21. However, the good news is that Melbourne houses have joined the million-dollar club in January, surpassing the $1 Mn median price for the first time! When it comes to the rental date, it has been proven that on an annual basis, both house and unit rents in Melbourne rose by a sizable 5% and 4%, respectively.
If the above data isn’t enough to convince you that Victoria is coming up as a potential investment hotspot, then down below are supplementary reasons as to why Victoria is the perfect place for you to invest in!
- Great Houses – The houses in Melbourne and Victoria are charming, and the suburbs filled with unique and spacious detached houses. Compact and creative, Melbourne’s city centre is a stylish mix of brand new apartment complexes and striking, older buildings hiding smart residences within. Apartment living is second to none in Melbourne’s CBD (Central Business District), it’s just a matter of choosing in accordance to your style and needs!
- Employment Opportunities – Being one of the first countries to implement the 40-hour work week, Australia also pays the highest minimum wage in the world. Based on Government projections, Australia will have between 5.6 Mn and 6.4 Mn job openings in the years leading up to 2025.
- Sustainable Development – Environmental sustainability is at the heart of Victoria’s future. There are already 4.8 Mn sq. metres of green public park land in Melbourne’s City Centre alone. Planning for sustainable growth is the Victorian Government’s long-term plan for managing Melbourne’s rapid growth and development.
- Education – Victoria and Melbourne have some of the best primary schools in Australia with highly qualified teachers and programs. The state of Victoria also has 50+ university campuses, extending across Melbourne and regional centres.
- Transport – Victoria’s well connected public transport is the easiest and best way to get around the state. Melbourne’s Night Network has provided 24-hour public transport on weekends with all night trains and trams, late night buses, and a 2am coach service to key regional centres. As Victoria is Australia’s second smallest state, it has good transport links connecting cities and towns so you will find it a lot easier to get around.
- With infrastructural development that will generate employment and encourage migration, investors see furthermore potential in returns as well as price growth in the upcoming years. Let us walk you through, and give you a brief overview of the top major infrastructural projects of Victoria!
1. With the $500 Mn – $1 Bn Cranbourne Community Hospital project, the government aims to construct and expand 10 new community hospitals to give patients the best care.
2. The Government will build 13 new schools, contributing to its commitment to open 100 new schools across the state by 2026 and has allocated a budget of $250 Mn – $500 Mn.
3. To improve the Calder Freeway, the government had provided $100 Mn – $250Mn funding, to progress planning of targeted upgrades, including improvements to safety and capacity at Calder Park Interchange.
4. $250 Mn – $500 Mn were allocated for initiatives under the new Road Safety Strategy 2021-2030. These initiatives will support research and development into new safety technologies, identify strategies to increase public awareness and compliance, and promote road safety for vulnerable road users, including food-delivery riders and older drivers.
Now that you know all the major reasons why you should invest in Victoria, connect with our property consultants and get all the help and advice you need while planning your next investment, hopefully in Victoria!
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