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Melbourne tops nation’s property hot spot list

Posted: 12 June 2018 10:27 am
News

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

AreaStatistical areaStatePopulation growth
Mickelham-YurokeMelbourne North WestVic35.3%
PimpamaGold CoastQld30.8%
Cranbourne EastMelbourne South EastVic27.4%
Cobbitty-LeppingtonSydney South WestNSW21.9%
Riverstone-Marsden ParkSydney BlacktownNSW21.1%
WollertMelbourne North EastVic20.8%
DocklandsMelbourne InnerVic14.7%
Beaconsfield-OfficerMelbourne South EastVic13.4%
Point Cook-EastMelbourne WestVic12.8%
TruganinaMelbourne WestVic11.9%
MelbourneMelbourne InnerVic11.2%
CoomeraGold CoastQld10.3%
Cranbourne WestMelbourne South EastVic9.2%
Melton SouthMelbourne WestVic9.1%
TarneitMelbourne WestVic9.0%
South BrisbaneBrisbane Inner CityQld8.8%
Springfield LakesIpswichQld8.7%
Arncliffe-Bardwell ValleySydney Inner South WestNSW8.6%
SouthbankMelbourne InnerVic8.0%
Homebush Bay-SilverwaterSydney ParramattaNSW8.0%

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