UDIA Victoria, in partnership with RPM Group, has released the latest quarterly URBAN IQ research publication.
The research provides data, research and analysis to help our members understand the conditions in which we are operating.
Read the full URBAN IQ snapshot, December 2021 quarter, in English
Read the full URBAN IQ snapshot, December 2021 quarter, in Mandarin
Summary of Key Findings
December Quarter 2021
- The economic outlook for the next twelve months improved in February as many states surpassed their peak in Omicron infections, and disruptions in industries and the workforce started to diminish.
- Australia’s economy experienced a strong rebound in activity over Q4 2021, with national Gross Domestic Product (GDP) escalating by 3.43 per cent, its strongest quarterly rise since the mid-1970s.
- Over the last two months of 2021, Victoria gained 165,734 jobs, including 27 per cent full time positions. Unemployment also improved to 4.2 per cent.
- Victoria’s population decreased 44,699 over the 12 months to Q2 2021, compared to the long-term average over the last 9 years of +128,449 per annum.
- House approvals are surging to new peaks, detached house starts have escalated by 27.7 per cent over 2020/21 to a record 46,060 commencements.
- Conversely, multi-unit dwelling starts have contracted 7.7 per cent to 21,060.
- Supply chain issues remain a significant problem, with 47 per cent of businesses surveyed reporting supply chain disruptions.
- In anticipation of rising interest rates, banks increased fixed rates, while decreasing variable rates to make them more attractive to borrowers.
The Urban IQ Property Market reports are produced for UDIA Victoria by RPM Group.
The reports provide a quarterly update on the Victorian residential market including economic activity, prices, finance, building, sentiment and affordability metrics.