In a good move for the expansion of Melbourne, new home building activity for detached homes across Victoria has expanded over the last financial year. Now could be a great time for investors interested in buying real estate in Carlton or the surrounding suburbs to make their moves into the market.
Over the 2013/14 financial year, dwelling commencements rose to 50,980 – an increase of 0.7 per cent over the last year. However, the detached home market saw a 5.5 per cent growth over this period, which offers some insight into the future of the state's property market.
Housing Industry Association executive director for Victoria Gil King said the June quarter saw 20.2 per cent more dwelling starts than the final quarter of 2013, as the market continued to grow over the last few months.
"The situation is particularly pertinent to the detached housing segment of the market. After reaching a record high in 2010, detached house starts had been trending lower for more than three years before turning around this year," said Mr King in a 15 October statement.
Now could be a great time to consider investment real estate across the state, especially with prices expected to continue rising over the coming year.