Australian property hot spots for 2016 revealed
In spite of a cooling housing market, there are still hot spots for new home building and population growth.
The Housing Industry Association has identified Australia’s strongest performing markets for new home building and population growth in its Population and Residential Building Hotspots report.
“A total of more than 220,000 new dwellings were commenced last year, so it’s no surprise there was a strong performance among housing Hotspots across Australia,” HIA economist Diwa Hopkins said.
In spite of reports indicating Australia's property market is slowing, Hopkins said the report identified a total of 602 spots for strong population growth and home building. The HIA defined a “Hotspot” as a local area where population growth exceeds the national average and the value of residential building work is in excess of $100 million.
The ACT’s south west performed the best in the HIA rankings, with residential building approvals of nearly $216.5 million for 2014/15 and an annual population growth rate of 127.3%. New South Wales and Victoria dominated the list, accounting for half of the top 20 hot spots identified by the HIA.
Australia's top five property hot spots
|Statistical area||State/Territory||Residential building approved 2014/14||Annual population growth rate|
|ACT - South West||ACT||$216.5 million||127.3%|
|Cranbourne East||VIC||$328.7 million||32%|
|Cobbitty - Leppington||NSW||$363.8 million||26.1%|
|Palmerston - South||NT||$102.1 million||22.4%|
“In the final analysis, the fact that ten of the Top 20 Hotspots are located in NSW and Victoria speaks volumes. These two states have been the engines of the strong upturn in new home building over the last few years. It is also encouraging to see WA still perform strongly this time at the national level, considering the difficulties arising from the natural resources downturn,” Hopkins said.