National

Victoria

Victoria (VIC) is located in south-eastern Australia with NSW to its north, South Australia to its west and the Tasman Sea to its east. Across Bass Strait to the south lies Tasmania. VIC encompasses mountains, national parks, wineries and surfing beaches. Melbourne, the state capital, has a warren of 19th-century ‘laneways’, and a central arts precinct. The laneways are home to various cafes, pubs, and wine bars, often frequented by the business-attired city office workers. In this regard Victorians might be viewed as a touch more formal than those from NSW whilst still able to relax in the rich cultural scene. The Great Ocean Road follows the coast west to Port Campbell National Park, where the Twelve Apostles are limestone stacks on the edge of the ocean.

Area: 227,444 km

Population: 6.681 million(Sept 2020)

Property Outlook

Whilst Melbourne has seen home price rises since the start of 2021, the growth in average selling price has been less intense than Sydney and sits at 11% at the beginning of September. Growth for the rest of the year is expected to be 3% or less as VIC is still very constrained by COVID lockdowns and high infection rates. This has also had an effect on regional areas where growth is more to the order of 10% since the start of the year and is already starting to show a flattening trend. The move of people from VIC to the northern states of NSW and QLD has also tended to keep price rises moderate compared to other capital cities.

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