Have we hit bottom of the market – population and building approvals projections?
The Urban Design Institute of Australia (“UDIA”) residential development index yearly update research 2019 was launched 17 September 2019. One key take away is that the Victorian in Future forecast shows population growth tracking at over 2% per annum for the period 2018 to 2026 with the state population to hit 11.2m by 2056. However, with a growth rate of just over 0.2% higher than the forecast, an additional 900,000 persons will be in Victoria in 2056 (i.e. 12.1m).
There is optimism that we are at the bottom of the property cycle with improved investment anticipated. While buyers are under pressure, reduced cost of living (lower electricity/power prices and low unemployment) combined with infrastructure projects assisting in reducing travel times and access to jobs, the green shoots in the market include access to cheap finance, the return of the home buyer, clearance rates in established areas being up and wages starting to grow relative to inflation, suggest investment decisions in the property market are sound.
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