Victorian Property Market Remains Constrained Amid Diminishing Construction

Published on April 30, 2024

New housing in Victoria is slated to be the lowest in seven years, making it harder to achieve the Victorian government’s decade-long housing target of 800,000 new homes. Urban Property noted that the construction of new dwellings across Victoria had fallen 3 percent from 12 months ago, with 67,400 houses underway, citing Australian Bureau of Statistics data. The real estate developer said this is due to the decline in high-density apartment development, with current apartment construction being 21 percent lower than its peak in 2019. Housing Industry Association (HIA) senior economist Tom Devitt said the state is expected to build fewer than 60,000 new homes this year, which falls short of its 80,000 annual 10-year state government goal. Mr. Devitt asserted the construction of multi-units is necessary to reach new housing construction targets....

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