A new study by OpenLot.com.au has mapped out the 20 leading homebuilding locations in Victoria, appealing to a mix of “mum and dad builders” and professional developers.
The research assessed suburbs across Victoria, focusing on annual building approval numbers and the year-on-year increase in median building size throughout 2023 to derive its top 20 list.
See the Top 20 list below.
The findings revealed a clear trend towards the outer suburbs of Melbourne, with 17 of the top spots located 20km to 50km from the CBD, and three near Geelong.
These areas have become hotspots for building activity, offering a mix of affordability and space, with median home sizes ranging from 269.0 square metres to 398.5 square metres, and building costs between $272,944 to $387,688.
Qi Chen (pictured above), founder of OpenLot.com.au, highlighted the significance of these locations.
“Building a home in Victoria involves trade-offs – it costs too much for the average family if you build too close to the Melbourne or Geelong CBDs, while, for many families, you sacrifice liveability if you build too far away from the city centre,” Chen said.
“What we discovered through our research was that the ‘wisdom of the crowd’ has identified locations in the sweet spot of affordability and liveability.”
Chen stressed that these suburbs allow families with average incomes to build quality homes without sacrificing convenience and access to amenities, making them ideal for living and raising children.
The report also suggested that current economic conditions present a favourable moment for families to enter the housing market.
“Victorian land prices are increasing, but slowly, which means buyers don’t have to rush their due diligence," Chen said, noting the stabilisation of building costs and the optimistic outlook on interest rates.
“For many families, this could be the best time to be a buyer or builder for the foreseeable future,” he said.
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