The latest quarter witnessed a state election with the usual election promises for spending in public services and infrastructure. Ultimately, the Labor party succeeded in seeking re-election and this has given us a relatively secure view of the development pipeline for the next 3-4 years.

Victoria as a state is something of an enigma – a strong infrastructure project pipeline supported by government spending contrasts with a volatile residential market which despite falling asset prices is countered by government releasing satellite land for development. It can’t be both, but yet it is. Residential Construction will continue, prices may be less than their lofty highs, but population growth and broader economic factors suggest that demand is still there in the market, it will just become more selective.

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*The content in this article was first published by Construction Advisor, December 2018.