This article is from the Australian Property Journal archive
MELBOURNE is the star performer in Australia, with 12 growth areas named in the HIA Top 20 Housing Hotspots List.
Nationally, an area qualifies as a hotspot if at least $150 million worth of residential building work was approved during the 2016/17 financial year, and its rate of population growth is faster than the national average.
The HIA Population & Residential Building Hotspots report identified Mickleham Yuroke in Melbourne’s north west as the number one hotspot, followed by Pimpama on the Gold Coast and Cranbourne East in Melbourne’s south east.
HIA’s senior economist Shane Garrett said the Mickleham-Yuroke area was the top hotspot with population growth of 35.3% during 2016/17 and $222.9 million in building approvals.
“With a large volume of work still to be commenced, no downturn evident in approvals, and population growth still exceeding 2%, Melbourne and its surrounding areas are likely to produce many Hotspots for building activity going into 2019.
“The remarkable performance of Melbourne in this year’s hotspots report demonstrates how well the circle of job creation, population growth and new home building can boost an economy,” he added.
Sydney’s south western area of Cobbitty Leppington featured in fourth place, with population growth of 21.9%, while in Blacktown the Riverstone Marsden Park closed out the top five with population of 21.1%.
“A number of Sydney’s western and south western suburbs are also on the move. From Leppington to Parramatta and Blacktown, the large pipeline of new housing will attract significant population growth,” Garrett said.
“In Queensland, the south eastern corner is the focus of activity. Population growth in the south east has accelerated over the past year, indicating that Queensland is starting to see solid employment gains.
“Coomera is also a regular on the hotspots list, joined by South Brisbane where the apartment boom has resulted in significant approvals and population growth.
“Even in those parts of the country that are experiencing challenging economic conditions, there are some bright spots on the local housing map. We have identified Hotspots in all states and territories which are underpinned by robust levels of new home building and increases in population.” Garrett concluded.
Australian Property Journal
