For the second year in a row, an ACT suburb has been named Australia’s top building and population hotspot.
The Housing Industry Association has published the nation’s top 20 building and population hotspots. The ACT’s South West finished on top with an annual population growth rate of 134.4 per cent in 2013/2014, coupled with $185 million in new dwelling approvals.
Northern Territory region Palmerston-South finished second with a population growth rate of 92 per cent and $141.4 million worth of new dwelling approvals.
Last year’s top hotspot – Crace – was third, with the ACT suburb recording a 57 per cent population growth and $154.9 million in new dwelling approvals.
ACT’s Casey and Victoria’s Cranbourne East rounded out the top five, with population growth rates of 32.4 per cent and 24.1 per cent respectively, and with $115.9 million and $294.7 million in new dwelling approvals.
The HIA report also identified regions where further upward momentum in building activity is set to occur in 2015.
Sydney’s Homebush Bay-Silverwater region was highlighted as the top area in Australia for future building activity, with an estimated 375 per cent increase in new dwelling approvals forecast for the region in 2014/2015.
The New South Wales regions of Waterloo-Beaconsfield and Cobbitty-Leppington were ranked two and three respectively for predicted residential building growth, while Queensland’s North-Lakes-Mango Hill and Victoria’s Docklands made up the top five.