WBP Property Group executive chairman and co-founder Greville Pabst said the scarcity of quality family-sized homes within 10km of the CBD and the booming population were key drivers of price rises.

He said with the population swelling by about 100,000 annually and only 50,000 homes being built a year, Melbourne was facing a housing shortage, particularly of “quality, unique homes” close to the city centre.

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