In a world where every brick in the real estate market has a story to tell, Victoria stands out as an exciting chapter in the story. Whether you’re a seasoned real estate investor or a first-time homebuyer, staying on top of the latest trends is essential to make informed decisions.
Let’s dive into the nitty-gritty of what’s going on in the Victoria real estate market, from the landscape to the properties to the trends that are shaping the market.
1. Victorian’s Real Estate Data Analysis
1.1 Median Values Analysis by States
As my professional background& expertise of 14 years in data analytics, I see as an opportunity in Victorian real estate market compared to Adelaide & Brisbane where it shows high growth 8.8% & 13.1% respectively. If you look at Core Logic’s HVI Home Value Index report released in Jan 2024, Median House Value is just $780,457 Vs Syndey ($1,128,322).
So Melbourne’s median value is quite low vs Sydney but still there is room for growth in Melbourne because of better & low cost living conditions.
As Brisbane & Adeliade has achieved substantial growth in last 2-3 years so both states sitting at saturation points and both are close to Melbourne ‘Median value but we all know Brisbane & Adeliade can’t promise better employment rate than Melbourne. Many families moving to Melbourne from Sydney due to similar job opportunities but 30% less housing cost.
Source: Core Logic
1.2 Rental yield Analysis
When we are looking for investment properties, we always need to take into count capital growth as well with rental yields comparison. As a Real Estate Professional & Analyst, I always asked my clients this question “What is your preference Capital growth or Rental yield?
If we look at below table, Melbourne sitting at 2nd position across Australia as annual rental value improved or increased by 11.3%. Topped by Perth (12.9%) whereasSydney (9.2%), Adelaide (7.3%) & Brisbane (6.7%) were behind Melbourne in rental growth.
As per below graph, Melbourne is only slightly behind Adeliade & Brisbane in rental yield but ahead of Sydney. Keeping in mind & expecting similar median housing value can be achieved in Melbourne as we got in Sydney then I will ignore rental yield factor and more will look into Capital gain factor.
1.3 Median Value Analysis of top 10 Councils in Melbourne
As an analytical person and specialise in real estate, I always believe in micro economics than just macros factors and always keen to know which councils are contributing more into Melbourne’s annual growth of 3.5%.
In below table of top 10 councils’ growth, range was 5.1% – 7.9% which means even lowest rate was better than average Melbourne’s annual rate of 3.5%.
Darebin – North council is leading the table, suburbs like Reservoir which is close to Melbourne CBD only 10 KM & Western ring road & Airport.
Banyule council is 2nd in the table, suburbs like Greensborough, Watsonia, Rosanna, Heidelberg etc which is parallel to Darebin council on right side and also very close to Melbourne CBD and getting new infrastructure of missing East Link which will further help in growth.
Monash council is 3rd in table, suburbs like Oakleigh East, Clayton, Chadstone, Mount Waverley, Glen Waverley etc.
2. The Victoria Advantage
With its stunning scenery and thriving communities, Victoria continues to attract real estate aficionados. The city’s appeal goes beyond its stunning scenery, however, and includes economic stability and a strong labour market.
Investing in Victoria isn’t just about making a sale, it’s about investing in a vibrant community.
3. Diverse Property Portfolio
Victoria’s real estate market is as diverse as the people who live in it. From cosy suburban homes to trend-led city apartments, the choices are endless.
Whether you’re looking for a tranquil getaway or a vibrant city experience, Victoria has something for everyone.
4. Sculpting the Skyline: High-Rise Living
As the demand for vertical living continues to grow, high-rise condos are becoming an integral part of Victoria’s skyline. Taking advantage of the trend to reach new heights, high-rise residences not only provide a home but also an elevated lifestyle.
Get to know the city in a whole new way; Victoria’s high-rises are redefining the definition of contemporary living.
5. Charming Neighbourhoods
In addition to the beautiful brochures, Victoria’s real appeal lies in its neighbourhoods. Each neighbourhood has its unique narrative, creating a unique experience for its inhabitants.
Selecting a neighbourhood isn’t just about where you live, it’s about finding yourself in the story of your city.
6. Digital Revolution: Real Estate Goes Virtual
In a world where convenience is everything, Victoria’s real estate industry is embracing virtual technology. Virtual tours, virtual property tours, virtual property transactions, virtual property tours and virtual property sales are revolutionising the way we purchase and sell homes.
Discover properties from the comforts of home; the digital age is ushering in a new era in real estate.
7. Sustainable Living Takes Centre Stage
As people become more conscious of the environment, Victoria is leading the way in sustainable living.
Green buildings, green initiatives, and energy efficient homes are becoming more and more a part of the local real estate landscape.
Buying a home isn’t just about you, it’s about making a difference for a greener future.
8. Investment Hotspots
For an experienced investor, it’s important to know the hot spots. Victoria has a number of emerging areas where real estate prices are going up, which means there’s plenty of money to be made.
Discover the growth pockets; Victoria’s investment ‘hotspots’ promise long-term growth.
9. Navigating Market Fluctuations
Real estate is an ever-changing market. Victoria is no different. Knowing how to manage market ups and downs means you can make decisions that will last.
Knowledge is your rudder in a sea of market fluctuations.
10. Riding the Wave of Technology
Technology isn’t just a tool, it’s a game changer in Victoria’s real estate market. From predictive AI to smart home integration, savvy buyers are in luck.
Welcome to the future, technology is your best friend when it comes to real estate.
11. Is Now the Right Time to Buy?
The answer depends on the market dynamics and your personal goals. It all comes down to timing; make the right choice based on your situation.
The real estate market in Victoria is robust, with steady growth in property values. Demand remains high, making it an opportune time for both buyers and sellers.
Whether you’re entranced by the panoramic view of the city skyline or find peace in the suburbs, there’s a story to be told in every corner of Victoria’s vibrant real estate market. Keep up to date with the latest trends and watch the world unfold as you find your place in this thrilling real estate market.
