Gold Coast's Pimpama pinpointed as Australia's home building hotspot by HIA
Pimpama in Queensland has been pinpointed as Australia's number one housing hotspot, based on its performance during 2015/16.
It is a suburb in the northern part of the City of Gold Coast, located on the Pacific Motorway 30 kilometres north of Surfers Paradise.
In second place was Sydney's Cobbitty-Leppington area, followed by Palmerston-South in the Northern Territory, according to HIA's latest Population & Residential Building Hotspots 2017 report released on Sunday.
Population in these areas grew by more than the 1.4 percent national average during 2015/16 and had at least $150 million worth of residential building approved, HIA said.
Palmerston-South in the NT in third place in the national Top 20. Nine of the top 20 hotspots are located in New South Wales.
“With 2016 representing a record year for new home building activity across Australia, the housing industry has been supporting economic activity in localities up and down the country. The good news on housing is not confined to the major capital cities – today’s report shows that regional Australia is also peppered with housing Hotspots,” commented HIA Senior Economist Shane Garrett.
“In terms of its economic contribution, the housing industry is truly unique. Today’s report identifies 86 separate areas in every state and territory across Australia where residential building activity is acting as the engine of economic activity, employment and development. Small businesses are particular beneficiaries of housing activity,” concluded Shane Garrett.
Nationally, an area qualifies as a Hotspot if its population grew by more than the 1.4 percent national average during 2015/16 and at least $150 million worth of residential building was approved during the year.
Pimpama's latest residential development is Halcyon Greens, a $300 million masterplanned community for over 50s.