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Victoria continues to prove its popularity

By Jamil Allouche

People with real estate in Brunswick probably already know how good they have it in their suburb, but it looks like they aren't the only ones who know the value of Victorian property. New homes are springing up and just as quickly being sold across Victoria, proving that the state is the place to be as a first home buyer or an investor.

Mr Popularity

Despite a national trend towards a reduction in new home sales in April, the Housing Industry Association (HIA) found that Victoria is shaking off this consumer malaise and scored a 14.3 per cent increase in volume of detached houses over the month.

"Victoria is the star performer when comparing the three months to April 2016 with the same period last year, with growth of 8.8 per cent in detached house sales," said HIA Victoria executive director Gil King.

"The strong demand for new detached housing in Victoria comes from very healthy population growth, with our share of Australia's net overseas migration intake at a record high."

Not the only kind of growth

However, that is not the only way that Victoria is growing this year. The healthy growth in population from both overseas and interstate is driving demand and values up for both houses and units in Melbourne. CoreLogic RP Data reveals that Melbourne is seeing over 10 per cent year-on-year value gains, bucking the trend of a moderating Australian market.

The detached houses that have proven so popular among home buyers are leading the charge, growing by 10.79 per cent over the last 12 months, to a median value of $831,000. Apartments are showing solid gains as well, however, increasing by 4.68 per cent to a strong $523,000 – still remaining affordable for many first home buyers.

Looking for real estate in Brunswick, Carlton, Coburg or elsewhere nearby? Make sure you get in touch with the team at Ray White Brunswick!

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