How big can it get?

Victoria gains nearly 80000 new residents a year. That's a lot of new homes needed, on top of existing demand. You would have to think that it puts a floor under property prices and pushes up demand for rental properties and, in turn, rent.

We're certainly seeing more enquiry from first time investors than ever before. They're looking to buy anything from a two bedroom flat 5-10 kms from the city to a four bedroom house 20+ kms out.

Infrastructure continues to restrict growth in certain parts of Melbourne, at least, concentrating it in others. Horses for courses - you need to know what you want to achieve from a property before you even start looking. And, needless to say, get your finances in order before you start so you don't waste time looking in the wrong place.

More on population growth and what it might mean for we Vics here.