The AAA hosted its final Think Tank in November in Victoria with participation from over 75 delegates including government, developers, builders, lot owners, strata managers, architects and suppliers to the sector.
With Victoria is predicted to have a population of 9 million by 2051, the same as London, then due consideration needs to be given as to how we will house this growth.
Victoria’s economic growth of 9 per cent in the past two years is currently outpacing the nation. It is also leading on the number of homes built and infrastructure spend, which equates to an estimated $208 billion.
Melbourne was the only Australian city to make it into the top 10 Oxford Economics Global Cities Index for 2024, which included New York, at number one, and London, San Jose, Tokyo, Paris and Los Angeles. Melbourne, ranked nine globally (above Zurich at number 10) gained its place based on its combined rankings for education, business innovation and investment in infrastructure necessary to maintain a high quality of life, as well as environmental and governance.
Victoria has set itself the task of building 800,000 homes in the next decade. It faces challenges, however, given that only 13 per cent of Victorians on an average income can afford to buy a home, another 30,000 are homeless, 40,000 are experiencing mortgage stress and 30 per cent of the population is renting.
To read more about how AAA is projecting the Victorian apartment sector, click the file below.
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