Australia s hottest housing markets

Australia’s hottest housing marketsThe 2014 edition of the Housing Industry Association’s (HIA) Population & Residential Building Hotspots report reveals the nation’s hottest housing markets are located in the ACT, Victoria and WA.HIA’s annual directory considers all localities with at least $100 million in new dwelling approvals and a population growth rate above the national average of 1.8 per cent. Rankings are then determined by calculating each locality’s actual population growth rate.Three ACT suburbs – Crace, Bonner and Casey – took first, second and third place respectively. Crace reported a population growth rate of 58.1 per cent and $112 million in new dwelling approvals, while Bonner witnessed a population increase of 43.3 per cent and approvals equalling $121 million. Casey, in third place, experienced a 40.6 per cent population growth rate and a total of $131.5 million in new dwelling approvals.Coming in at number four was Melbourne, which reported a 22.7 per cent population growth rate and a colossal $385.1 million in new approvals.Victoria, the second-hottest housing region, dominated the rankings with eight of the top 20 hotspots. WA was ranked third with four localities, while NSW claimed three and Queensland two.Financial year 2013 -14 was an exceptionally strong year for dwelling construction in Australia. This followed the rise of new dwelling commencements by 11.7 per cent to 162,000 in 2012-13, according to HIA.The ACT’s residential construction industry is continuing with its long-term plans; Victoria is succeeding in providing new dwellings for a rapidly expanding population; and Melbourne continues to demonstrate sustained revitalisation.Tasmania and SA were conspicuously absent, for a second time, in the hotspots report. However, HIA says it expects both states to fare better in future rankings as their housing markets continue to improve.An extract from the report is available here