Markets in a ‘sound’ state despite shift: PIPA
The winds of change are sweeping through the country’s real estate market, but for Property Investment Professionals o...
The state government will need to invest in better infrastructure and development to accommodate Melbourne's expanding population, a real estate executive has claimed.
According to Harcourts Victoria's chief operations officer Gary Dans, Melbourne is due to swell to 8 million by 2060, making it Australia's largest city.
"The housing market in Melbourne is already showing signs of volatility with affordability at an all-time low, so this area needs to be planned extremely carefully and strategically," Mr Dans said.
"I sincerely hope that the government has the foresight to increase office space and job prospects in the middle and outer suburbs of Melbourne in order to cope with the population increase," he said.
"I believe there are ways that we can capitalise on this growth, however the bottom line is that it needs to be properly planned and fostered."