Victoria Dominates National Residential Building Hotspots List
HIA has revealed Australia’s strongest markets for home building in the 2021 edition of the HIA Population & Residential Building Hotspots Report. The Report is aimed at finding employment growth areas targeted towards builders and tradies and identifies Hotspots in all states and territories.
Victoria has dominated this year’s report, with 11 of Australia’s Top 20 building growth areas all located in Melbourne, Geelong and Ballarat.
Significant infrastructure investment has occurred in this region to accommodate strong population growth in Victoria for several years.
Which Areas Have Topped the List?
According to the HIA Population & Residential Building Hotspots Report 2021, the Mickleham – Yuroke area, located north of Melbourne’s Tullamarine Airport, is Australia’s number one Hotspot. It had a population growth rate of 32.8 percent during 2019/20 and $412.1 million in building approvals.
Mickleham – Yuroke has been a regular in the National Top 20 Building Hotspots list over the past couple of years, along with second on the list, Rockbank – Mount Cottrell.
What Could Change?
It will be interesting to see if Victoria continues to dominate the national list in future editions of this report as the impact of COVID-19 becomes clearer.
COVID-19 has seen a halt to overseas migration, which is a large part of Victoria’s population growth, as well as an increase in the number of residents leaving Melbourne for the rest of the country.
The HIA Population & Residential Hotspots 2021 Report provides a ranking of Australia’s top 20 Residential Hotspots – as well as individual rankings for each of the states and territories. Of the national Top 20:
• 11 are located in Victoria
• five are in New South Wales
• three are in South-East Queensland
• one is in the ACT
What Makes an Area a Hotspot?
Nationally, an area qualifies as a Hotspot if at least $150 million worth of residential building work was approved during the 2019/20 financial year, and its rate of population growth is faster than the 1.3 per cent national average.
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