Media Release


Property Market Tough but not a Disaster



The Victorian Property Industry faces a tough twelve months but it is by no means a disaster, the Urban Development Institute of Australia said today. 


Tony De Domenico
Executive Director  

Executive Director of the UDIA (VIC) Tony De Domenico said, "Annual population growth of 99,300 is still an average of just under 2,000 people arriving from interstate and overseas and newborns every week and will continue to drive the property sector."

The property industry in Victoria directly employs around 310,000 full time employees, contributes around 12 per cent of the State's gross domestic product and contributes $4.6 billion in taxes to all tiers of government.

Mr De Domenico said building confidence in the Victorian economy at the present moment is an important factor in the recovery in the face of some difficult economic news which has been building for some time.

"People need to be careful they don't talk the State into recession, as destabilising public confidence can have an impact on people making decisions to spend, exacerbating the downturn".

Mr De Domenico said collectively blaming the current Victorian State Government for the loss of jobs from major companies who have decided to move offshore or cut back on staff is not focusing on the real issues of building back the economy.

"We need more focus on GAIN not BLAME."

"In the property sector we are looking for a rebuilding of confidence in the first home market and getting a sense of urgency into local government, which is full of permit applications, not only for land development but also housing and commercial renovations".

"There should be a coordinated move across all Victorian councils to speed up any applications which are sitting in the in- trays and reports should be provided to the government monthly of the value of works being processed with any over a month being highlighted."

"The reality is behind very permit stands a job and money being spent on materials," Mr De Domenico said.

Media Enquiries:
Ron Smith, Corporate Media Communications, UDIA (VIC) Mobile: 0417 329 201