Victoria’s greenfield market did not move as one market this quarter, it split.

Some corridors pulled back hard, slowing supply and sales, while others kept building. That gap between the two ends of the market is now the thing to watch for the rest of the year.

The report walks through where that split is happening, what is driving it on both the demand and supply side, and what it means for buyers, developers and anyone transacting land through the second half of 2026.