The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FULL PROGRAM RELEASED FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FULL PROGRAM RELEASED FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
VIEW FULL AGENDADETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
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

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
Qld Budget 2025-26 Brisbane City
Exclusive

Billions Promised, Now Deliver: Industry’s Qld Budget Verdict

Vanessa Croll
6 Min
Medium Density housing in NSW
Exclusive

NSW Budget ‘Groundbreaking’ $1bn Guarantee to Unlock Housing

Leon Della Bosca
7 Min
Exclusive

Azure’s Trent Keirnan on Playing the Long Game

Taryn Paris
5 Min
Exclusive

Private Credit Surge, Skittish Buyers Force Banks to Loosen Presale Rules

Taryn Paris
5 Min
View All >
Ledlin Developments Somerville Business Park
Industrial

Ledlin Plots $13m Somerville Premium Business Park

Leon Della Bosca
King William Road City of Unley Corner of Mary Street and King William Road North
Planning

Rezoning Push to Unlock $300m Scheme at SA’s Unley

Leon Della Bosca
TimePlace Manly shoptop
Construction

Time & Place Plans Second Manly Project as First Begins

Vanessa Croll
The Melbourne-based developer has advanced its push into Sydney, breaking ground on its high-end coastal shoptop at Manl…
LATEST
Ledlin Developments Somerville Business Park
Industrial

Ledlin Plots $13m Somerville Premium Business Park

Leon Della Bosca
3 Min
King William Road City of Unley Corner of Mary Street and King William Road North
Planning

Rezoning Push to Unlock $300m Scheme at SA’s Unley

Leon Della Bosca
4 Min
TimePlace Manly shoptop
Construction

Time & Place Plans Second Manly Project as First Begins

Vanessa Croll
2 Min
Builder Hansen Yuncken has completed construction of ISPT and HESTA's latest addition to the St Vincent's Hospital Melbourne Precinct.
Life Sciences

ISPT, HESTA $140m Fitzroy Life Science Tower Tops Out

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