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HIA today released the 2024 edition of the HIA Population and Residential Building Hotspots Report.
An area qualifies as a Hotspot on the National and the Queensland list if at least $200 million worth of residential building work was approved during the 2022/23 financial year, and its population is growing faster than the national growth rate of 2.4 per cent.
“With the level of population growth being experienced in Queensland and the significant demand for housing it is no surprise there were a total of twelve areas in Queensland that qualified as Hotspots,” said HIA Queensland Executive Director, Michael Roberts.
“Chambers Flat - Logan Reserve was the number one Hotspot in Queensland, followed by Ripley and Caloundra West - Baringa,” added Mr Roberts.
“Chambers Flat - Logan Reserve recorded population growth of 18.4 per cent in 2022/23 as well as $264.6 million in residential building approvals.
“Ripley recorded population growth of 12.6 per cent and $335.1 million in approvals.
“Caloundra West - Baringa’s population grew by 9.8 per cent and also recorded $280.3 million in approvals, although we’ve seen in the past few days that a significant proportion of this approved home building work, some 3,500 homes in one approved project, will not proceed to construction in the short term.
“Supporting Queensland’s growing population will require more home building, which will require ample land supply. This report highlights the importance of continuing to ensure a constant supply of shovel ready land to meet demand.
“If we are to see the number of homes that we need built, Queensland needs to see policy changes that ensure all sectors of the home building industry are firing on all cylinders.
“While the medium and high density sectors struggle to get commercially viable projects out of the ground, this report confirms the demand amongst buyers in South East Queensland for detached homes in suburban locations continues to be high, and there is no indication this is likely to change in the future,” Mr Roberts said.
For further information or for copies of the publication (media only) please contact: Kirsten Lewis on k.lewis@hia.com.au
“Today’s announcement from the Labor Government of $78 million in funding to fast track the qualification of up 6,000 tradies is an important initiative which will help get more homes built quicker,” said HIA Managing Director, Jocelyn Martin.
“As Prime Minister, how would you stop state governments from continuing to increase the taxes on new home building and adding additional red tape?”, asked HIA’s Managing Director, Jocelyn Martin.
Interested in obtaining your commercial building licence? You may benefit from recent changes to the experience requirements.
As we head into the Easter and ANZAC long weekends, the team at HIA wishes you a safe, relaxing, and well-deserved break with your loved ones.