Recent figures from the Australian Bureau of Statistics reveal an upward trend for the property market in Victoria.
Treasurer Kim Wells reported that the state was responsible for almost 40 per cent of housing approvals nationally.
"The total value of building work approved rose by 10.2 per cent in May 2012 and is up 12.4 per cent over the year," said Mr Wells.
"Victoria had the greatest increase in dwelling approvals of all states and we continue to account for 39 per cent of building approvals nationally."
Those looking to purchase real estate in the state may be encouraged by the recent statistics - with increasing activity, the market is more likely to support continued growth throughout the region.
The addition of supportive policy measures may also prove to encourage a thriving property sector.
"The cuts we are making to stamp duty are a responsible measure not just to help first home buyers, but also to drive growth in the property market," said Mr Wells.
Lower interest rates may also serve to prop up the market - the Reserve Bank of Australia just confirmed the official cash rate will remain at 3.5 per cent for the month of July.
