20 fastest-growing housing markets uncovered
The nation’s top building and population hotspots have been revealed in a new report, with one region taking out the top three positions.
The Housing Industry Association (HIA) recently released the 2014 edition of Population & Residential Building Hotspots, a list of the top 20 statistical areas across the country which had more than $100 million in residential building work approved in 2012/2013 and an annual population growth rate in excess of the national rate of 1.8 per cent. The suburbs are then ranked according to the population growth rate in each locality.
The association says the report is a “directory of the nation’s fastest growing local housing markets”.
The Australian Capital Territory (ACT) took out first, second and third places on the list. Crace, which came in at number one, had a population growth rate of 58.1 per cent during 2012/2013 and $112 million worth of new dwelling approvals. Second-placed Bonner saw its population rise by 43.3 per cent with approvals worth $121 million.
There were also four Victorian localities and three WA markets in the top 10. The top 20 included three NSW suburbs and two markets in Queensland.
HIA senior economist Shane Garrett said the report shows the expansion in activity has been broad, with a good showing by most states.
“Further strong growth during 2013/2014 means that we can look forward to the Hotspots club gaining more new members in the next report,” Mr Garrett said.
“Despite much of the gloom related to the federal government’s fiscal situation, the ACT’s residential construction industry is forging ahead with its long-term plans.
“Victoria’s home builders have also persevered with providing new dwellings for the state’s increasing population, despite much of the gloomy mood music that has played.”
The full list of suburbs can be seen below.
National Top 20 Building and Population Hotspots
*SAs with excess of $100 million in residential building work approved in 2012/2013 and with an annual population growth rate in excess of the national rate of 1.8 per cent
|
Statistical Area |
State/ Territory |
Residential Building Approved 2012/2013 ($’000)
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|
Annual population growth rate (%) |
|
|
1 |
Crace |
ACT |
111,958 |
58.1 |
|
2 |
Bonner |
ACT |
121,001 |
43.3 |
|
3 |
Casey |
ACT |
131,587 |
40.6 |
|
4 |
Melbourne |
VIC |
385,148 |
22.7 |
|
5 |
Abbotsford |
VIC |
135,982 |
19.7 |
|
6 |
Forrestdale-Harrisdale-Piara Waters |
WA |
183,297 |
19.1 |
|
7 |
Cranbourne East |
VIC |
186,619 |
16.5 |
|
8 |
Baldivis |
WA |
250,228 |
15.8 |
|
9 |
Docklands |
VIC |
100,000 |
15.3 |
|
10 |
Yanchep |
WA |
179,913 |
14.8 |
|
11 |
Parklea-Kellyville Ridge |
NSW |
178,677 |
13.3 |
|
12 |
South Morang |
VIC |
277,151 |
12.6 |
|
13 |
Truganina |
VIC |
105,593 |
11.0 |
|
14 |
Cobbitty-Leppington |
NSW |
174,607 |
10.8 |
|
15 |
Ellenbrook |
WA |
200,993 |
9.3 |
|
16 |
Homebush Bay-Silverwater |
NSW |
257,905 |
9.2 |
|
17 |
Epping |
VIC |
192,660 |
9.1 |
|
18 |
Deeragun |
QLD |
149,431 |
8.9 |
|
19 |
North Lakes-Mango Hill |
QLD |
155,139 |
8.8 |
|
20 |
Point Cook |
VIC |
203,715 |
8.7 |
Source: HIA