Property News

With Melbourne's population increasing by about 100,000 a year in recent times – annually adding more than the entire citizenry of Ballarat – traffic congestion has become the greatest threat to the state's economy and the capital's feted liveability.

Melbourne will be Australia's largest city by the mid-2030s, data released on Thursday revealed. The release from the Australian Bureau of Statistics (ABS) said the value of building work done in Victoria rose more than nine per cent in 12 months till March to $8.39 billion, while the value of work done in the rest of Australia dropped 7.2 per cent, Xinhua news agency reported. In total, there were 12.1 per cent more building projects being undertaken in Victoria in March 2017 compared to March 2016.

REIV president Joseph Walton said buyers priced out of inner suburbs were casting their eye out, buying up properties in the middle ring. "The premium end of the market had traditionally been confined to the inner suburbs, however there's been a bridesmaid effect that's driving growth into the middle suburbs," Mr Walton said.

As employment within the building sector soars to record heights, construction industry professionals such as site mangers, contracts administrators and forepersons/supervisors are in massive demand, a recent report says.

The Melbourne property market also performed well over the last year growing a very respectable 15.3%.

Melbourne's next container port should be built near Geelong but Infrastructure Victoria says the $6 billion facility won't be needed until 2055.