Melbourne tops nation’s property hot spot list
While Melbourne topped the list, New South Wales and Queensland also had areas of robust growth.
The Housing Industry Association (HIA) Population and Residential Building Hotspots Report 2018 has revealed that Melbourne accounted for 12 of Australia's top 20 building growth areas.
"According to the HIA Population and Residential Building Hotspots Report 2018, the Mickleham-Yuroke area of Melbourne is Australia's number one Hotspot, with population growth of 35.3% during 2016/17 and $222.9 million in building approvals," HIA senior economist Shane Garrett said.
"With the 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."
Garrett said the Gold Coast area of Pimpama slipped to second on the list, with Melbourne's Cranbourne East in the third position.
"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," Garrett said.
Sydney also saw several areas in the top 20, Garrett said.
"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," he said.
Garrett said even areas experiencing difficult economic conditions saw areas of growth.
"We have identified Hotspots in all states and territories which are underpinned by robust levels of new home building and increases in population," Garrett said.
Top 20 hotspots
|Area||Statistical area||State||Population growth|
|Mickelham-Yuroke||Melbourne North West||Vic||35.3%|
|Cranbourne East||Melbourne South East||Vic||27.4%|
|Cobbitty-Leppington||Sydney South West||NSW||21.9%|
|Riverstone-Marsden Park||Sydney Blacktown||NSW||21.1%|
|Wollert||Melbourne North East||Vic||20.8%|
|Beaconsfield-Officer||Melbourne South East||Vic||13.4%|
|Point Cook-East||Melbourne West||Vic||12.8%|
|Cranbourne West||Melbourne South East||Vic||9.2%|
|Melton South||Melbourne West||Vic||9.1%|
|South Brisbane||Brisbane Inner City||Qld||8.8%|
|Arncliffe-Bardwell Valley||Sydney Inner South West||NSW||8.6%|
|Homebush Bay-Silverwater||Sydney Parramatta||NSW||8.0%|
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