Revealed: Australia's hotspots
The Housing Industry Association, the voice of Australia's residential building industry, has released the latest edition of its Population and Residential Building Hotspots report, providing an overview of Australia's fastest growing metropolitan and regional areas in 2012/13.
A 'Hotspot' is defined by the authorsas a local area where population growth exceeds the national rate (which was 1.8 percent in the year to June 2013) and where the value of residential building work approved is in excess of AUD$100 million.
"While three new suburbs in the ACT took out the three top spots on the list, Victoria had the greatest representation on the list with 8 of the top 20 hotspots nationally in 2012/13, including 4 in the top 10," said HIA Executive Director, Gilbert King.
"The inner city statistical area of Melbourne was the hottest of Victoria's hotspots with more than AUD$385 million of new residential building work approved and the population growing at a rate of 22.7 percent. Given that the population within this area was already quite large, a growth rate of 22.7 percent is an impressive result."
"Essentially all of the new residential building work approved in Melbourne relates to the construction of multi-unit new dwellings. Some observers have questioned whether there is sufficient demand from the community to absorb the large numbers of units and apartments built in recent times. These population growth figures show more and more households are opting for the benefits that city life has to offer."
King added: "While action in the city is an attractive option for some, life in the suburbs is still the preference for many. The list of hotspots in Victoria also included a number of outer suburban growth areas such as Cranbourne East, South Morang, Truganina, Epping and Point Cook."
 |
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
Recent stories you may have missed:
MAS Watch Listing isn't a worry for EcoHouse
Tharman: Property market unlikely to crash
Bedok to get new transport hub by year end
Asset rich, cash poor citizens can appeal for help
More from PropertyGuru:
Best of the Philippines do battle
Confidence boost in Sth Australia
MIPIM: EcoHouse Award not paid
Experts agree time to buy Thailand is now
