Australia’s hottest housing markets are concentrated in the ACT, Victoria and Western Australia, according to a new report from the Housing Industry Association (HIA).
The latest edition of Population & Residential Building Hotspots
, which looks at the country’s fastest growing local housing markets each year*
, found that the ACT, Victoria and WA dominate the housing growth league table.
Nationally, the ACT took gold (Crace), silver (Bonner) and bronze (Casey) – thanks to a clutch of new suburbs leading the way for housing activity.
Crace recorded population growth of 58.1% during 2012/13 along with $112 million worth of new dwelling approvals.
Bonner saw its population rise by 43.3% amidst total approvals worth $121 million.
Casey’s population grew by 40.6% and new dwelling approvals were valued at $131.5 million.
Also, in the top 10 were four Victorian localities and three WA markets. The top 20 included three NSW localities and two markets in Queensland.
However, while the ACT may have scooped the top three spots, it was Victoria that really dominated the league: Eight of the country’s 20 leading hotspots were in the garden state.
HIA senior economist Shane Garrett said that, encouragingly, the inner Melbourne locality was ranked fourth nationally with a whopping $385.1 million worth of new dwelling approvals and population growth of 22.7%.
“This augers well for the continued revitalisation of the nation’s second largest city and demonstrates the opportunities for new dwelling construction in established areas.”
Garrett said the hotspots report showed that the expansion in dwelling construction activity has been quite broad based, with a good showing by most states.
But, despite further strong growth during 2013/14, the spectre of supply side constraints meant that activity was already starting to ease back, he added.
“Policy makers must do more to ensure that the supply of residential land keeps flowing so that the nation’s housing needs continue to be met.”
The HIA Population & Residential Building Hotspots top 20:
Residential Building Approved
Annual Population Growth Rate
||Forrestdale - Harrisdale - Piara Waters
||Parklea - Kellyville Ridge
||Cobbitty - Leppington
||Homebush Bay - Silverwater
||North Lakes - Mango Hill
The HIA’s national hotspots league ladder includes all localities with at least $100 million worth of new dwelling approvals in 2012/13 plus a population growth rate above the national average of 1.8%. Rankings are based on the actual population growth rate in each locality.
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