Recent data from HIA has revealed Australia’s suburbs with the fastest-growing housing market.
Melbourne dominates the list this year, with a massive 12 out of 20 identified growth areas all located in and around Victoria’s capital.
According to the HIA Population & Residential Building Hotspots Report 2018, the Mickleham-Yuroke area of Melbourne is Australia’s number one Hotspot, with population growth of 35.3 per cent during 2016/17 and $222.9 million in building approvals.
“With a large volume of work still to be commenced, no downturn evident in approvals, and population growth still exceeding 2 per cent, Melbourne and its surrounding areas are likely to produce many Hotspots for building activity going into 2019,” HIA’s Senior Economist, Shane Garrett said.
Pimpana on the Gold Coast slipped to second place this year with Melbourne’s Cranbourne East area in third position nationally.
“The remarkable performance of Melbourne in this year’s Hotspots report demonstrates how well the circle of job creation, population growth and new home building can boost an economy,” Garret said.
A number of Sydney’s Western and South Western suburbs are also on the move. From Leppington to Parramatta and Blacktown, the large pipeline of new housing will attract significant population growth.