Top housing hotspots in Australia05 June 2015 by News Desk
The fastest-growing market for residential construction in Australia is ACT – South West, with a population growth of 134% and $185 million of new homes approved.
Six of the Top 20 housing ‘hotspots’ are in Western Australia, followed by five in Victoria, four in New South Wales and three in the Australian Capital Territory, according to the Housing Industry Association’s latest Population and Residential Building Hotspots report.
Darrell Todd, CEO of thinkingaustralia, says: “In March the value of new dwelling units approved for construction rose by 2.8% to 19,333, the highest in 30 years. 2015 will be another strong year of new home building activity and this will maintain the demand for workers in the construction industry and the entire range of services that are needed to address a growing population”.
Here are the top Housing Hotspots in Australia
New South Wales
Although population growth has eased slightly, it remains at a healthy 1.5 per cent per annum and a significant undersupply of dwellings appears to indicate that residential construction activity will remain at elevated levels in New South Wales for some time.
Cobbitty – Leppington
Parklea – Kellyville Ridge
Homebush Bay – Silverwater
Waterloo – Beaconsfield
Strong population growth in Victoria exceeds national averages amid high levels of net overseas migration, and there are continued strong showings in building approval data.
Despite an easing in overseas and interstate migration, Queensland is still experiencing moderate levels of population growth and currently undergoing a home building recovery brought about by significant levels of pent-up demand following several years of low building activity.
North Lakes – Mango Hill
Paddington – Milton
Upper Coomera – Willow Vale
A population growth rate second only to Tasmania in modesty means any impetus for sustained housing construction recovery in South Australia is limited, though building activity has come off the horrible lows of recent years.
Munno Para West – Angle Vale
Northgate – Oakden – Gilles Plains
Although WA had the highest rate of population growth of any state in 2013/14, there is strong suspicion this will slow (and with it building activity) going forward as the mining boom fades.
Forrestdale – Harrisdale – Piara Waters
Mandurah – North
Although building activity has picked up recently as home buyers rushed to take advantage of generous incentives, the weakest rate of population growth throughout the entire country promotes scepticism about how long it can last.
Subdued population growth indicates any forward momentum in NT markets will most likely be modest at best.
Palmerston – South
Rosebery – Bellamack
Australian Capital Territory
Lower levels of public service employment are seeing a slowing of population growth and housing market momentum.
Gungahlin – West
ACT – South West