Victoria's Construction Boom: Melton's Growth and Diggers Rest Affordability

In this thrilling episode of Pizza and Property, the team delves into the heart of Victoria's booming construction scene. With a staggering 66,791 building approvals in just 15 months, Victoria emerges as a powerhouse of development, leaving New South Wales in its dust. The discussion shifts to Melton, where a robust 4% population growth and an impressive 88% house price increase over a decade paint a picture of prosperity. Despite modest short-term growth, Melton shines with an 8.3% rental growth and a healthy 4.3% yield, making it a hotspot for investors seeking steady returns.

Zooming into Diggers Rest within Melton, the team uncovers a median house price of $652,000, slightly beyond Marcus' budget but still offering affordable options. While the area boasts high inventory levels at 7 months, signaling a buyer's market, the allure of affordability and decreasing inventory levels hints at potential growth. Signs of market recovery, including decreasing inventory and lower days on the market, inject a sense of optimism. However, a rising vacancy rate of 3.4% poses a challenge due to increased new builds impacting both sales and rentals.

As the team navigates through the data, the real estate landscape in Victoria unfolds like a gripping saga. From the construction frenzy to Melton's growth story and Diggers Rest's affordability allure, each piece of information adds a layer of intrigue. Despite the hurdles posed by high inventory and a rising vacancy rate, the team remains cautiously optimistic about the region's future. With signs of recovery on the horizon, the stage is set for an exciting chapter in Victoria's property market, where challenges and opportunities collide in a high-octane battle for growth and stability.

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Watch Diggers Rest $450K to $600K: Is it a NO or is it a GO? Listener's Choice Melbourne—with Junge Ma on Youtube

Viewer Reactions for Diggers Rest $450K to $600K: Is it a NO or is it a GO? Listener's Choice Melbourne—with Junge Ma

Viewer bought a house in Diggers Rest and is hoping for positive review of the suburb

New Parkville station connects to Diggers Rest

Coles approved for Diggers Rest, but no build start date yet

New town centre plans for Diggers Rest

Positive feedback on the analysis in the video

Viewer looking for 2nd investment property around $400k mark

Melton is affordable for units and 3 bed 1 bath, but not much price growth expected

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