Demand for residential properties grows in outer Melbourne
Fringe areas around Melbourne are experiencing high demand for residential properties and new housing projects.
The Urban Development Institute of Australia (Victoria) (UDIA) released a statement on the issue this week (April 22), saying that the population growth in the areas and housing affordability concerns are pushing up demand.
First time buyers may have difficulties getting a foot onto the property ladder with the squeeze on available properties at affordable prices.
Tony De Domenico, executive director of the UDIA (VIC) said: "Given the high cost of land and housing and apartments in many suburban areas, new developments play the major role in providing affordable housing for families wanting a detached home and space to raise a family."
With Australia's population reaching 23 million this week, residential real estate will need to grow in order to meet housing demands not just in Victoria, but throughout the country.
According to the director of ABS demography Bjorn Jarvis, "the 23rd millionth person could be a new born baby, but could equally be a person coming to work in Australia or a returning backpacker who has been away for more than a year".