This month, NextHotSpot.com.au has contributed the market report for VICTORIA
Inner Melbourne’s oversupply is becoming chronic, with the Reserve Bank of Australia taking the unusual step of warning investors of ongoing weakness. Critical projects such as the Regional Rail Link and the development of Western Port are in influencing areas at a distance from the capital, and this is where the best investment opportunities will be found. It will be worth keeping an eye on any infrastructure development related to the Kipper Tuna Turrum project.
Despite Victoria’s many wonderful lifestyle options, with ‘hand on heart’ and comparing it with the resources powerhouses of WA and Queensland, it’s hard to find much that is positive to say about this state from a macro perspective early in 2013.
Melbourne’s oversupply of housing has attracted plenty of comment in the press, and amazingly enough they
keep building. One of the areas of greatest concern is inner Melbourne around the CBD, Southbank and
Docklands. A quick search of property for sale in these areas throws up large numbers of units on the market at a significantcant discount to their (relatively recent) sale prices.
Ballarat, Bendigo and Warrnambool are among the centres promoted as regional alternatives for investment,
but even these seem to be moving more slowly than hoped due to a general lack of resources to create new infrastructure. The Kipper Tuna Turrum project in Bass Strait is an exception, and centres between Sale and Western Port are likely to see some benefits.
One area that looks set to grow steadily, if not spectacularly, is Wodonga. Along with twin-city Albury, Wodonga is at a key transport juncture and set to benefit from the billions of dollars being spent on improvements to our national road and rail systems.
