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Strong Population Growth and Retail Spending in Victoria

By Matt Hurlston

Victoria has been dubbed the second-strongest state for housing finance and has come in at third place for population growth according to April's State of the States report from CommBank. 

With population growth tipped for Victoria, particularly in the capital, homeowners of property in real estate in Bentleigh East and similarly popular Melbourne suburbs may see their properties face consistent capital growth. 

With regards to Victoria's economic performance, there were points of strength for the state, which may flow on to have positive ramifications in the housing industry. 

Retail spending increased saw an 11.3 per cent quarterly increase. Construction work in the area increased 9.9 per cent quarter-on-quarter. 

While the state did not come in as number one overall, it's clear that particular sectors are showing strong growth, which may help boost house values as more individuals look for housing options. This may put owners of real estate in Carnegie and surrounding areas in good steed if they're looking to sell at a favourable price in the future. 

"Victoria's population is 1.95 per cent higher than a year ago and this growth rate is 19.2 per cent higher than the 'normal' or decade-average level," the report noted. 

If you're thinking of selling prime Melbourne real estate, contact a professional such as Matt Hurlston at Ray White Carnegie.

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