If you’re a cabinetmaker or joiner you’ll probably like to know where the most houses are being built. The latest HIA Population and Residential Building Hotspots Report has just been released, and reveals the strongest performing markets in Australia.
The hottest housing markets for new home building and population growth have been released by the HIA. The report reveals that a total of more than 220,000 new dwellings were commenced last year with a total of 602 hotspots spread right across Australia’s eight states and territories. Of the 20 top hotspots, only Tasmania and South Australia missed out. (A hotspot is defined as a local area where population growth exceeds the national average and where the value of residential building work approved is in excess of $100 million.)
Based on its performance during 2014/15, ACT’s south west area was the country’s number one hotspot yet again, with $216.5 million worth of new residential building approved and its population more than doubling. In second place was Cranbourne East in Melbourne’s southeast, where the population increased by 32.0% and some $328.7 million worth of new residential building was approved. Rounding off the national top three was Cobbitty-Leppington in the southwest of Sydney.
Ten of the top 20 hotspots are located in NSW and Victoria. 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.