The growth being displayed by markets in Melbourne and Victoria is extraordinary, given the circumstances that have impacted these places over the past 12 months.
Melbourne, which has been affected by lockdowns more than any other part of Australia, was the major market which suffered the most in 2020.
But it has come roaring back to life, with a recovery which has stunned many observers.
According to CoreLogic figures, Melbourne house prices rose 2.6% in March and 5.6% in the March Quarter, while apartment prices increased 1.7% in March and 3% in the March Quarter.
This is happening on the back of significant uplift in sales activity, at a time when the number of listings of properties for sale remains low.
Inevitably, prices are rising.
Meanwhile, Regional Victoria continues to be one of the nation’s strongest markets.
Regional Victoria has been a national leader of the most dominating trend in Australian real estate, the one I call the Exodus to Affordable Lifestyle.
This has been driving regional markets in the state for the past three years or so – and it continues to do so.
Markets like Geelong and Ballarat appeared six months ago to have passed their peaks, but they have continued to surge more recently with a second wave of strong demand.
And the growth has spread right throughout the state.
Overall, house prices in Regional Victoria have grown 10% in the past 12 months, while apartment prices are up 13.5%.
There are many locations in Regional Victoria where prices have increased 15% or 20% or more in the past year.
This week we have published our Victorian Bundle – which comprises our Top 5 Melbourne Hotspots report and our Top 5 Regional Victoria Hotspots report.
We provide the two reports together at a discounted price so that you can access our ideas on the places to invest in one of the nation’s strongest capital city economies – and in one of the most vibrant regional jurisdictions – indeed the one that has been the front runner of the most dominant trend in the country, the Exodus to Affordable Lifestyle.