Victoria is a densely – populated state in the south eastern part of Australia. It is the second-most populous state of the country, and is home to the city of Melbourne, one the country’s largest cities. It is also the smallest state area of the Australian mainland.
When looking for a real estate property in Victoria, it is important to take note of its economy. The state accounts for a quarter of the country’s gross domestic product, second only to Australia’s New South Wales. The local service industry plays a huge role on its economy, all the while having insurance and financing services its main and largest income producing sector. The state also participates in the national market of agriculture, mining, and manufacturing. Victoria’s tourism is currently blooming too, managing to maximize the potential in its beautiful, natural scenery and celebrate local culture and tradition through various programs highlighting state diversity, sports, and even music.
Victoria Real Estate Market Trend
Victoria was on fire in 2017 when it comes to the real estate market, having performed better than analysts have imagined. Melbourne continues to carry the torch for the state with its double-digit yearly growth rate, driven both by population growth and a high employment rate. And while it currently is in the middle of cooling down, first-time buyers are expected to flock the Victoria real estate market in hopes to ride in its performance once business picks up again later this year.
Buying a house in Victoria means buying into its balanced atmosphere. There are places to help you breathe and relax, while there are also endless choices when it comes to entertainment and sights. The sense of community is generally strong in the area, and its welcoming ambiance attracts movers from all over the country. For families, the facilities are excellent and the state is well-connected for transportation. There are also numerous notable primary, secondary, and tertiary educational institutions to choose from for your children’s needs. Indeed, everyone has a place in the vibrant state of Victoria.
Popular Suburbs in Victoria
Other Regions in Australia
Other locations in Australia are equally as desirable as Victoria. Choose a region below to find out the best locations in the area. If you need information on the real estate buying process for foreigners in Australia, check our Foreign Investor's Guide.
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