Construction continues to drive Victoria

By Matt Hurlston

When builders are having to go all out to keep up with housing demand, it’s clear that there’s something attractive about real estate in Victoria! Maybe it’s the communities, maybe it’s the architecture, maybe it’s the fact that CoreLogic RP Data now reports that Melbourne has overtaken Sydney as the best performing city in terms of median property value growth.

Whatever the reason, there’s no end of the demand for real estate in places like Carnegie!

Outdoing the average

It’s pretty great to be doing well, but even better to know that we’re doing so even in the face of difficulty elsewhere. According to Australian Bureau of Statistics (ABS) data reported by Premier Daniel Andrews, Victoria has seen an 11 per cent increase in construction activity over 2015, while nationwide we’ve seen those figures drop by 3.8 per cent.

This is not only providing new housing for those looking to get invested into Melbourne property, but also helps improve the local community with a huge number of new jobs.

They think it’s all over

While we’re celebrating this bumper crop of construction, there’s even more good news. One of the primary indicators of increased construction work is residential dwelling approvals. While approvals don’t directly entail that the construction will take place, they are useful for predicting future housing supply.

And Victoria is apparently going to see plenty of it!

More housing means an easier time for people looking to buy a home in Bentleigh, so prospective househunters will be pleased to hear that ABS has reported an increase in approvals of 1.6 per cent over December. This has been rising for the last two months and is a bounce back from the drops that started midway through 2014.

With all these new dwellings springing up, you’re going to need a hand narrowing down your choice! Get into contact with Matt Hurlston and the team at Ray White Carnegie to find out how we can help you find the perfect property!

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