Where are the hottest markets for housing? HIA
The south west residential market in the Australian Capital Territory leads the latest National Top 20 Building and Population Hotspots from the Housing Industry Association with an annual population growth rate of 127.3 percent and 216,488,000 residential building approvals in 2014/15.
HIA Economist Diwa Hopkins said total of more than 220,000 new dwellings were commenced last year with a strong performance among housing Hotspots across Australia.
“The report identifies a total of 602 Hotspots spread right across Australia’s eight states and territories. Nearly all jurisdictions were represented amongst the National Top 20 Hotspots,” she said.
The report found six top 20 hotspots in Victoria, five in Western Australia , four in NSW two each in QLD and the ACT and one in the Northern Territory.
A hotspot is defined as a local area where population growth exceeds the national average and where the value of residential building work approved is in excess of $100 million, according to the HIA.
The report found the ACT’s South West area was the country’s top hotspot yet again, with $216.5 million worth of new residential building approved and its population more than doubling.
"In second place was Cranbourne East in Melbourne’s southeast, where the population increased by 32.0 per cent and some $328.7 million worth of new residential building was approved. Rounding off the national Top 3 was Cobbitty-Leppington in the southwest of Sydney," Diwa Hopkins said.
“In the final analysis, the fact that ten of the Top 20 Hotspots are located in NSW and Victoria speaks volumes. These two states have been the engines of the strong upturn in new home building over the last few years. It is also encouraging to see WA still perform strongly this time at the national level, considering the difficulties arising from the natural resources downturn.".
