Victoria has been named the nation’s leading ‘hotspot’ in a new report.
According to the HIA–JELD-WEN Population and Residential Building Hotspots report, a hotspot is a local area where population growth exceeds the national rate (which was 1.7 per cent in the year to June 2010) and where the value of residential building work approved is in excess of $100 million.
Victoria registered nine of the top twenty national hotspots in 2009/10, while Queensland had five, Western Australia had four, and New South Wales had two.
Whittlesea North in Victoria was Australia’s top building and population hotspot in 2009/10 with over $660 million worth of residential building work approved and a population growth rate of 21.8 per cent.
The second-placed Hotspot was Wyndham South where in 2009/10 the value of residential building work approved hit almost $478 million and the population growth rate was 16.2 per cent.
“Victoria, in particular, has benefitted from the temporary boost to population growth in recent years which was driven primarily by historically high net overseas migration. Relatively affordable new housing was also a significant contributor to Victoria dominating the top 20 national Hotspot list,” HIA chief economist Harley Dale said.
“The 2009/10 financial year saw all states and territories turn in a strong performance for residential building activity due to stimulus in the form of record low interest rates and a tripling of the first home owner grant for new dwellings.”