Media Release                                                                                 2 August 2012

Housing Values Maintained in Victorian Market  

Tony De Domenico Executive Director UDIA (VIC)

The value of housing in Victoria, which has risen 125% in some areas in the past ten years, reflects the solid economic conditions which underpin the Victorian housing market, the Urban Development Institute of Australia (Victoria) said today.

Executive Director of the UDIA (VIC) Tony De Domenico said, "The release of the State Valuer General's figures has confirmed the positive economic performance of residential property over the decade which has enabled Victorian home owners to build wealth and equity.  

 "Whilst the current property market is working through a buyer's market with many properties available for sale, the Australian Bureau of Statistics have shown house prices growing by 0.5%"

Mr De Domenico said, "Positive news about the property market in Victoria to boost consumer confidence is an important element to increase the economic activity in the development industry, which is responsible for 12% of the Victorian economy and employs some 300,000 Victorians."

"With interest rates at an historical low, rents rising, and a range of special pricing and initiatives being undertaken by the development industry to stimulate economic activity for existing and new residential development, we expect to see a gradual return of investors and new home buyers," Mr De Domenico said.