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Regional Australia's housing on the grow
Housing supply is enjoying strong increases in numerous regional hotspots throughout Australia, as well as many metro areas, according to a new housing industry report.
The annual report from the Housing Industry Association (HIA), Population & Residential Hotspots 2017, shows the areas around Australia that experienced higher than average population growth in the previous year, as well as at least $150 million worth of residential building approvals.
Conclusions from the report:
- 86 hotspots were found across Australia;
- Nine of the top 20 hotspots are located in New South Wales;
- Victoria contains four of the national top 20;
- Three of the country’s top hotspots are in Queensland;
- Western Australia and the Northern Territory each contain two major hotspots;
- South Australia and Tasmania each contain five housing hotspots;
- A further nine hotspots are located in the ACT.
HIA senior economist, Shane Garrett, said:
“With 2016 representing a record year for new home building activity across Australia, the housing industry has been supporting economic activity in localities up and down the country. The good news on housing is not confined to the major capital cities – today’s report shows that regional Australia is also peppered with housing hotspots.”
This popularity of regional housing is consistent with recent figures from the Real Estate Institute of Vitoria (REIV), which showed that rental yields in regional Victoria were higher than rental yields for similar properties in the state’s metro areas.
| Area | State/Territory | Residential building approved 2015/2016 | Annual population growth rate |
|---|---|---|---|
| Pimpama | QLD | $340,201,000 | 35.1% |
| Cobbity/Leppington | NSW | $506,471,000 | 27.6% |
| Palmerston/South | NT | $231,866,000 | 26.4% |
| Riverstone – Marsden Park | NSW | $598,702,000 | 23.6% |
| Forrestdale/Harrisdale/Piara Waters | WA | $155,426,000 | 17.9% |
| Docklands | VIC | $414,363,000 | 13.2% |
| Homebush Bay/Silverwater | NSW | $365,037,000 | 11.5% |
| Ellenbrook | WA | $205,439,000 | 9.2% |
| Southbank | VIC | $1,063,353,000 | 8.2% |
| Waterloo/Beaconsfield | NSW | $788,997,000 | 7.9% |
| North Lakes/Mango Hill | QLD | $164,811,000 | 7.8% |
| Elderslie/Harrington Park | NSW | $191,807,000 | 7.1% |
| Lyons (NT) | NT | $188,415,000 | 7% |
| Rouse Hill/Beaumont Hill | NSW | $465,393,000 | 6.8% |
| Newstead/Bowen Hills | QLD | $433,380,000 | 6.4% |
| Arncliffe/Bardwell Valley | NSW | $200,230,000 | 6.3% |
| South Yarra/East | VIC | $185,706,000 | 6.3% |
| Botany | NSW | $264,690,000 | 6% |
| Melbourne | VIC | $627,408,000 | 5.9% |
| Ingleburn/Denham Court | NSW | $159,168,000 | 4.4% |
Disclaimer
This article is over two years old, last updated on May 29, 2017. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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