You’ve probably heard about how much Victoria and Melbourne is growing in terms of population, and this in turn has helped fuel economic growth.

In simple terms, Victoria has been growing by about 130,000 a year for the past few years, and this is forecast to continue for the next few years.

Basically, the state government is investing significantly in infrastructure, jobs are being created and people are migrating in.

This population growth will continue to drive demand for property for the foreseeable future. People have to live somewhere.

The population of Victoria is expected to hit 10 million people by the 2050s and Melbourne’s population will double by 2031, according to the Australian Bureau of Statistics. Victoria is projected to hit 7.5 to 7.9 million people by 2026.

The big problem is that not enough homes are being built to meet demand, so when supply exceeds demand you generally get price increases, and with low interest rates people can borrow a bit more money to buy a house.

It seems inevitable that property prices will rise across Melbourne.

In 2017-18, Victoria’s economy grew by 3.5 per cent, outstripping Australia’s national economic growth of 2.8 per cent.

With the population growing by 383 people each day, Victoria leads the nation in population growth. (139,795 people a year).

Population forecast to increase by around 1.9% per year for next five years.

In 2019-20 alone, Victorian Government’s infrastructure investment will reach a record $14.2 billion, averaging $13.4 billion a year over the Budget and forward estimates. That’s close to triple the average of $4.9 billion a year between 2005-06 to 2014-15.

When the market is rising buying property off the plan can be beneficial because you lock in the price at today’s value, and then when you settle, if the market has continued rising, you are paying a lower price for something that has gone up in value.

To find out more about the townhouses we have available for sale, contact David Stewart from MarketShare Property David Stewart on 0438 590 157 or david@msprop.com.au