New homes boom in Victoria

According to data provided by the Bureau of Statistics for the second year in a row Victoria has outshone all other territories of the Australian real estate market with the amount of new properties being constructed.

Two years ago, back in the day before the property market crashed, Queensland and Victoria were on par with the amount of residential real estate building approvals and at that stage were building twice as many than were being constructed across New South Wales.

In the meantime approvals across Queensland have taken a dive and nothing much has changed in the low levels of new builds in New South Wales. Victoria however has gone from strength to strength with the help of government incentives.

Melbourne real estate prices have rocketed in the last year, house prices alone by almost 28 per cent and experts believe without the boom in new builds prices would have gone higher still.