Cobbitty-Leppington ranked first for Sydney hotspots: HIA

Cobbitty-Leppington ranked first for Sydney hotspots: HIA
Cobbitty-Leppington ranked first for Sydney hotspots: HIA

Based on performance during 2015/16, a total of 22 Hotspots have been identified in NSW this year – an increase of one compared with a year ago.

These are ranked in order of their respective population growth rate during 2015/16.

The strength of new residential building activity in the state – particularly on the apartment side – means that NSW accounts for a disproportionately large share of the national total.

The bar is higher for areas in NSW to qualify as a Hotspot with approval required for at least $150 million worth of residential building work during 2015/16.

This threshold was increased in last year’s report from $100 million previously.

As discussed above, NSW accounts for nine of the national Top Twenty Hotspots.

The Greater Sydney market completely dominates the state’s haul of Hotspots – none of them are located in regional NSW.

Cobbitty-Leppington remained in pole position this year having increased the amount of building work approved from $363.8 million to $506.5 million.

The rate of population growth also accelerated slightly, from 26.1 percent to 27.6 percent.

Riverstone-Marsden Park jumped two places in the rankings to second this year - Riverstone-Marsden Park received more residential building approvals than Cobbitty-Leppington during 2015/16 ($598.6 million) but was ranked lower due to a slightly weaker rate of population growth (+23.6 per cent).

As a result of Riverstone-Marsden Park’s ascent, Homebush Bay-Silverwater slipped into third spot from second last year.

The value of residential building work approved fell from $505.6 million in 2014/15 to $365.0 million in 2015/16 and the rate of population growth slowed to a still-creditable 11.5 percent.

In terms of approvals for alterations and additions, the strongest area of NSW was again Mosman where a total of $94.4 million worth of approvals were recorded in 2015/16.

This was followed by Newcastle-Cooks Hill ($63.3 million), Double Bay- Bellevue Hill ($53.1 million) and Willoughby-Castle Cove-Northbridge ($41.3 million).

The NSW renovations market is benefitting from the substantial rise in dwelling prices over the past five years which has pumped up home equity levels, a situation made all the more favourable by the environment of very low interest rates.

There is also evidence that Sydney homeowners are refraining from moving house in the current environment due to the high costs and instead are engaging in major renovations work on their existing homes.

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Cobbitty-Leppington ranked first for Sydney hotspots: HIA

A three bedroom house at 29/665 Cobbitty Road, Cobbitty (above) has been listed with an asking price of $525,000.

Similarly a four bedroom house at 41 Jamboree Avenue, Leppington (below) has been listed for between $929,000 to $989,000.

Cobbitty-Leppington ranked first for Sydney hotspots: HIA

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