Melbourne Market Insights Live Event Panel

Expert Panelist Mark Trovato, Mirvac; Patrick Cooney, Milieu; and David Giffin,Centuria Bass

Market Insights EP 113: Developing Victoria with Mark Trovato, Patrick Cooney & David Giffin

In the latest episode of Market Insights, three of Victoria’s most seasoned property players, Mark Trovato (Mirvac), Patrick Cooney (Milieu), and David Giffin (Centuria Bass), pull back the curtain on how the state’s development sector is adapting in real time.

Brunswick sets the tone early. It’s not just topping search rankings, it’s topping out in build time too. Mirvac’s Prince and Parade, fronting Princes Park, has struck a chord with hyper-local buyers: hospital workers, university staff, and long-time inner-north residents reconnecting with place.

“It’s resonated with the locals,” Trovato notes, “either someone that has come from Brunswick previously or has a connection back to it.”

But zooming out, it’s clear that buyer sentiment is shifting more broadly. Cooney speaks to Milieu mixed experiences across Melbourne’s north and south. Their recent Brunswick release hit 40 per cent sold in four months, a healthy clip, but in the south, with a larger downsizer-led project, it’s taken more than good product to convert buyers.

“There’s a lot of handholding,” Cooney admits. “We’ve been supported by the banks to get us with a lower qualifying pre-sales, which also then, obviously, helped us move to construction early.”

On the capital side, Giffin confirms there’s money waiting in the wings. Centuria Bass is actively deploying funds in Melbourne, citing long-term fundamentals and affordability advantages over other capital cities.

“There’s a capital tailwind,” he says. “There’s a lot of capital looking for a home and seeking to work with the quality developers in delivering, you know, product to market.”

The construction story is also turning a corner. After years of volatility, developers say stability is returning: costs have plateaued, insolvencies are down, and forecasting is more reliable. Still, demand recovery remains uneven. Mirvac reports a 50 per cent year-on-year uplift in its masterplanned communities, but the established apartment market has yet to catch up.

“We need that price growth to come through,” says Trovato, “and it will, it just takes time.”

Looking ahead, the panel remains cautiously bullish. Melbourne’s pricing edge over Sydney, Brisbane, and Perth is becoming more pronounced, particularly in the apartment sector. But don’t expect volumes to return to the 2015 peak anytime soon.

“We won’t see that again for 20 years,” Trovato predicts, unless foreign investment rebounds.

There’s no single fix, but the message is clear: if you’re local, building well, and backed by the right capital, Victoria’s property market still holds plenty of upside.