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    ACT, Victoria and WA heat up Australia’s housing market

    Housing Industry Association

    The Housing Industry Association picks ACT, Victoria and Western Australia as the hottest housing markets in Australia today. HIA is the voice of Australia’s residential building industry.

    HIA bases its observation on the 2014 edition of Population & Residential Building Hotspots, the annual directory of the nation’s fastest growing local housing markets.

    ACT took out the top three positions for top hotspots in housing activity nationwide with first place going to Crace (ACT), followed by Bonner (ACT) in second and Casey (ACT) in third place. The national league ladder for Hotspots includes all localities with at least $100 million worth of new dwelling approvals in 2012/13 plus a population growth rate above the national average of 1.8 per cent. Rankings are based on the actual population growth rate in each locality.

    With population growth of 58.1 per cent during 2012/13 and $112 million worth of new dwelling approvals, ACT’s Crace took the top spot. Second-placed Bonner had a population rise of 43.3 per cent and total approvals worth $121 million, while third-placed Casey’s population grew by 40.6 per cent and new dwelling approvals were valued at $131.5 million.

    The Top Ten includes four Victorian localities and three WA markets, in addition to ACT’s trio. The Top Twenty includes three NSW localities, two markets in Queensland and eight in Victoria. The inner Melbourne locality was ranked fourth nationally with a whopping $385.1 million worth of new dwelling approvals and population growth of 22.7 per cent, indicating the continued revitalisation of the nation’s second largest city.

    According to HIA Senior Economist Shane Garrett, the HIA Hotspots report shows the expansion in activity has been broad based, with most states performing well in the nation’s hottest local markets. If this trend continues, the Hotspots club will gain more new members in the next report.

    Shane Garrett explains that despite 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 a lot of negativity.

    He attributed the WA’s impressive showing in the Top Twenty to the long overdue recovery in the state’s new dwelling construction market. Though the absence of both Tasmania and South Australia from this year’s Top Twenty for the second year is disappointing, Shane Garrett believes the gradually improving situation in both markets will bring them back into the reckoning at the national level in the near future.

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