The hottest areas for housing
The Housing Industry Association (HIA) has released its annual Population and Residential Building Hotspots report, which is the directory of the nation’s fastest growing housing markets.
The HIA defines a “hotspot” as an area where population growth has surpassed the national population growth rate of 1.8%, and new dwelling approvals were over $100 million in 2012/13.
Housing hot spots in Australia are concentrated in the Australian Capital Territory, Victoria and Western Australia.
Here’s a state by state breakdown.
The Australian Capital Territory has taken up the entire podium when measuring the nation’s top housing activity areas. In first position was Crace, followed by Bonner and then Casey.
Crace had a population growth of 58.1% during 2012/2013 and the amount of new dwelling approvals totalled almost $112 million. Bonner and Casey had their population growth numbers exceed 40% during this period, and their new dwelling approvals totalled around $121 million and $132 million consecutively. The suburbs are ranked in order of population growth.
According to HIA executive director, John Gelavis, the “hottest of the hot spots in WA was Forrestdale-Harrisdale-Piara Waters in South East Perth, which ranked sixth nationally in 2012/13.” This location took the top spot for the state for a second consecutive year. Population growth in this area expanded by 19%, and residential building approvals came to a total of $183.3 million.
Melbourne city was the “hot spot winner” for the state of Victoria in 2012/13, and came in fourth spot in the national “top 20 list”. The amount of residential building approvals for inner city Melbourne totalled an impressive amount – a whopping $385 million – while population growth nearly reached 23%. Abbotsford and Cranbourne East were also standout hot spot areas in Victoria. Four areas in Victoria were featured in the national top 10, and in the top 20, there were eight Victorian locations listed.
“While action in the city is an attractive option for some, life in the suburbs is still the preference for many,” says HIA Executive Director, Gilbert Kind.
“The list of hotspots in Victoria included a number of outer suburban growth areas such as Cranebourne East, South Morang, Truganina, Epping and Point Cook.”
The top twenty only included three localities in NSW, all in the Western suburbs of Sydney. Parklea – Kellyville Ridge received the highest ranking at 11th with population growth of 13.3% and new building approvals worth over $178.7 million. Cobbitty – Leppington, and Homebush Bay – Silverwater ranked 14th and 16th respectively.
Two areas in Queensland were featured in the top twenty; Deeragun, and North Lakes – Mango Hill.
There were no locations in the Northern Territory, South Australia and Tasmania featured on the national building and population hotspots list.