The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Interested in a Corporate TUD+ Membership? Access premium content, site tours, event discounts and networking opportunities
Interested in a Corporate Membership? Access exclusive member benefits today
Enquire NowEnquire
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
2
print
Print
ResidentialMarisa WikramanayakeThu 23 Mar 23

Migration ‘Key To Melbourne Housing Market Future’

Charter Keck Cramer director Richard Temlett will be speaking on the future of Melbourne's residential sector at the upcoming The Urban Developer Melbourne Residential Development Summit.

Migration will be key to how the Melbourne housing market develops over the next few years, according to research from Charter Keck Cramer. 

The property advisor’s executive director Richard Temlett said overseas migrants and their living preferences would drive what the market wanted and how developers would need to design and build projects.

“Melbourne relies a lot on net overseas migration,” Temlett said.

“Lots of migrants are going into apartments and townhouses, and they’re renting them, but there’s opportunities for sales as they want to buy their own homes after a few years.”

Melbourne’s housing market is rarely not challenging and Temlett will be sharing findings of the research and thoughts about the market in the city in his keynote address at The Urban Developer Melbourne Residential Development Summit on April 13.

“The market is very distorted in Melbourne,” Temlett said, “there is a supply and demand mismatch.”

He said this was due to a number of factors.

For years, most states in Australia had fallen behind in delivering the number of houses and apartments needed to for the growing population and the pandemic exacerbated this shortage. 

As well, supply chain issues, labour shortages and rising material, construction and living costs have deepened the crisis.

Migration will put Melbourne in the driver’s seat, according to Richard Temlett.
▲ Migration will put Melbourne in the driver’s seat, according to Richard Temlett.

Despite projects such as Victoria’s Big Build program for social housing, there is still a shortage of housing across all market segments including student accommodation, owner-occupiers, downsizers, affordable housing, investors and key workers. 

Those who can’t afford to buy a house are now competing to buy apartments, putting pressure on that market and reducing the number of units that can be turned into rentals.

Renters are facing competition not just from those who have given up buying but also returning international students who can’t find student accommodation.

But, Temlett said, increasing levels of migration and forecasts that Melbourne and Victoria’s population will grow make it a good place for developers.

“Melbourne and Victoria are set to be Australia’s fastest growing city and state,” he said. “In fact, Melbourne will have a greater population than Sydney by 2031-32.”

And migration will drive build-to-sell and build-to-rent development in the state, he said.

It means developers had best factor in migration to Victoria and its capital as they eye the near future, Temlett said.



The Urban Developer 
Melbourne Residential Developer Summit
will be held in Melbourne on Thursday, April 13. The summit will also offer premium networking opportunities that will allow attendees to connect with like-minded professionals, industry leaders, and potential partners.

Click here to learn more and to register.

ResidentialBuild-to-RentMelbourneAustraliaSector
AUTHOR
Marisa Wikramanayake
The Urban Developer
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Brains, Guts and Determination: How Salvo Property Shapes Melbourne’s Skyline

Marisa Wikramanayake
5 Min
Fraser and Partners founder Callum Fraser
Exclusive

Saving Our CBDs: Architect’s Blueprint Paves Way for Office-to-Resi that Works

Leon Della Bosca
8 Min
Exclusive

Watchdog’s Court Loss Throws Spotlight on Union Balancing Act

Clare Burnett
6 Min
Time and Place's The Queensbridge Building at 90 Queens Bridge Street in Melbourne's Southbank.
Exclusive

Innovation Keeps Time & Place’s Southbank Skyscraper Rising

Marisa Wikramanayake
6 Min
Breathe Architecture founder Jeremy McLeod in front of his Featherweight Home design
Exclusive

Nightingale Founder’s Bid for Affordable Architectural Kit Homes

Leon Della Bosca
7 Min
View All >
Novus on Victoria Chatswood
Build-to-Rent

Novus Plots Second BtR Tower for Chatswood

Renee McKeown
Westmead Gene Technologies Building EDM
Life Sciences

Plans for $272m Parramatta Biomedical Facility Go Public

Clare Burnett
West End Stockwell Vulture Street DA hero
Development

Stockwell Files Tower Plans in West End Stomping Ground

Phil Bartsch
The 16-storey mixed-use proposal comprises 132 apartments and 602sq m of retail/commercial tenancies...
LATEST
Novus on Victoria Chatswood
Build-to-Rent

Novus Plots Second BtR Tower for Chatswood

Renee McKeown
2 Min
Westmead Gene Technologies Building EDM
Life Sciences

Plans for $272m Parramatta Biomedical Facility Go Public

Clare Burnett
3 Min
West End Stockwell Vulture Street DA hero
Development

Stockwell Files Tower Plans in West End Stomping Ground

Phil Bartsch
3 Min
Exclusive

Brains, Guts and Determination: How Salvo Property Shapes Melbourne’s Skyline

Marisa Wikramanayake
5 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/migration-key-melbourne-housing-market-residential-summit