Demand continues to outstrip supply in all markets, in both metropolitan and regional Victoria. The number of land stock availability has fallen for the fifth month in a row to June 2021, highlighting the overall shortage of land for sale, with insufficient new land lots being added to meet market demand.

The established market also continues to do well with house prices increasing by between 5.7% and 16.6% over 12 months, whilst units increased by between 4.6% and 11.6% during the same timeframe.

In the shorterm, demand will continue to outstrip supply in all markets despite prolonged restrictions. The property market will remain strong particularly within the greenfield areas as buying land or off the plan is an easier process than purchasing an established house during lockdown.