Melbourne land values skyrocket over 5 years
Real Estate Institute Victoria President, Leah Calnan says said, Victoria is a great place to invest with land prices having soared since 2014.
A recent analysis by the REIV on land values over the past 5 years has confirmed that Victorian property continues to go from strength to strength.
Over the same period, the median property size has dropped slightly, meaning that Victorians are now paying more for less.
REIV President Leah Calnan said while sales volumes have declined, continued strong demand in Melbourne has resulted in consistent price growth.
“Melbourne’s outer growth Southeastern and Western suburbs are some of the fastest-growing parts of Australia.” Ms. Calnan said.
“17 suburbs across Melbourne have had their land value more than double since 2014.”
“Victorian property is a growth asset; anybody who bought into the market five years ago would see an amazing return.”
“While real estate commentary often focuses on clearance rates, It's important to look at how the long term market is trending – as shown by the significant 5 year change in land value per meter squared.”
“These figures make for great reading; the Victorian real estate sector has demonstrated long term growth and stability.”
“In signs of an improving market, we are again seeing increasing demand from interstate and international purchasers."
“Regional Victoria and outer Melbourne experienced a larger drop in median land sizes than those in the city but values continue to increase.”
“People are drawn to water, 4 of the 17 highest growth suburbs are in Mornington Penisula.”
“Location is always important, Middle Melbourne suburbs near the city like Essendon West and Glenroy recorded 125% Growth.”
“In the West, Brooklyn provides great value with a median price of $1,892 per metre squared; competing with neighbouring Footscray or Maidstone.”