STANDOUT LOCATION:

2 City of Hume

A lot of Greater Melbourne’s population growth is spilling into the northern fringe, as are businesses. Thousands of homes are being built in the north and there are significant jobs nodes there also. The City of Hume is one area where buyer demand has remained strong and we expect solid price growth, boosted by its relative affordability.

The Melbourne slump started early in 2022, with sales activity waning as the year progressed and prices overall declining in response.

The decline in demand was most evident at the top end, while outer-ring suburbs held up much better. More evidence of the market searching for affordability was seen in good demand for apartments in near-city suburbs.

The coming year promises to be better. With overseas migrants and students returning, and the federal government lifting the migrant intake, there will be a positive impact for real estate, more so than elsewhere in Australia.

There is also a substantial infrastructure spend under way and that promises to generate economic activity and jobs, which is always positive for real estate demand.

Outer-ring areas, including the LGAs of Hume, Whittlesea, Melton and Wyndham,

are likely to attract the greatest demand, while affordable apartments in near-city areas will attract interest from both tenants and buyers.

In regional cities like Geelong, Bendigo and Ballarat, demand remains strong. The “exodus to affordable lifestyle” trend has been particularly evident here.

As well, regional Victoria will host the 2026 Commonwealth Games. That means big investment in infrastructure, which bodes well for real estate. The beneficiaries include Bendigo, Ballarat, Shepparton, Geelong and Gippsland.