Property market update: Melbourne, January 2021 By Zarah Mae Torrazo 11 February 2021 | 1 minute read SHARE Australia’s economy is recovering faster than anticipated and it seems Victoria is leading the way. In the last quarter of 2020, Australia’s property market showed signs of rebounding after being slowed down by the lockdowns put in place to combat the coronavirus pandemic, which triggered an expected economic recession. Deloitte Access Economics forecasts that Australia will expand by 4.4 per cent this year. Property markets kicked off the year with a strong showing, with some experts even calling it a “property boom” as property values in all capital cities rose in January.