By Nikki De Guzman:
The annual HIA Population and Residential Building Hotspots report named Western Australia, Victoria and the Australian Capital Territory (ACT) as home to the country’s premiere housing hotspots.
Covering the fastest growing areas from 2011 to 2012, the report defines “hotspot” as a local area where population growth surpassed the national rate of 1.6 percent, and where approved residential building work value stands at more than A$100 million (S$118.5 million).
For the two years under review, Victoria has been represented ten times in the national top 20, while Western Australia accounted for four. The ACT, on the other hand, contributed two hotspots.
New South Wales also saw robust performance as it fielded two hotspots while Northern Territory and Queensland each made a single contribution.
“In total there are 68 hotspots identified and many more areas where population growth is relatively fast or where the value of approvals for new homes or larger alterations and additions is quite healthy,” said Harley Dale, Chief Economist at HIA.
“There is clearly considerable potential for residential construction work in Australia – for a start, six of Australia’s eight states and territories feature in the national top 20 hotspots list.”
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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