Australia’s hottest property markets are in suburbs in the ACT, Victoria and Western Australia.
The Housing Industry Association’s (HIA) 2014 edition of Population and Residential Building Hotspots, the annual directory of the fastest growing local housing markets, says the ACT has the top three suburbs: Crace, Bonner and Casey.
The national league ladder for hotspots includes suburbs with at least $100 million of new dwelling approvals in 2012-13 plus a population growth rate above the national average of 1.8%. Rankings are based on the actual population growth rate in each locality.
Crace in the ACT took the top spot with population growth of 58.1% in 2012/13 and $112 million of new dwelling approvals. Second is Bonner with population up by 43.3% and total approvals worth $121 million. Third is Casey with 40.6% more people and new dwelling approvals of $131.5 million.
In the top ten are four Victorian localities and three Western Australian suburbs.
Three NSW suburbs and two in Queensland made the top 20.
Eight of the twenty leading Hotspots are in Victoria. Inner Melbourne ranked fourth nationally with $385.1 million of new dwelling approvals and population growth of 22.7%.
New dwelling starts in Australia rose to 162,000 during 2012-13, an increase of 11.7%.
Shane Garrett, HIA Senior Economist, says the hotspots report shows the expansion in activity has been broad based, with a good showing by most states in the hottest local markets.
“Despite much of the gloom related to the federal government’s fiscal situation, the ACT’s residential construction industry is forging ahead with its long term plans,” he says.
“Victoria’s home builders have also persevered with providing new dwellings for the state’s increasing population, despite much of the gloomy mood music that has played.
“The long overdue recovery in WA’s new dwelling construction market is behind the state’s impressive showing in the national Top Twenty.”
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