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HIA today revealed Australia’s strongest markets for home building in the 2024 edition of the HIA Population and Residential Building Hotspots Report. The Report identifies Australia’s fastest-growing suburbs and regional ‘hotspots’ based on population growth and also indicates areas with high levels of building activity and, therefore, employment for the building industry.
The National Hotspots list is determined if an area (Statistical Area Level 2) recorded at least $200 million in new residential building approvals in 2022/23, and its population grew faster than the national growth rate of 2.4 per cent.
The Hunter Region Hotspots list uses the same minimum population growth rate of 2.4 per cent and a threshold in approvals of $50 million.
“Branxton - Greta - Pokolbin makes it to the NSW Top 10 List, after recording $216.3 million in residential building approvals in 2022/23 and a population growth rate of 6.2 per cent. This area saw an approvals dollar value increase of 48.43 per cent.
“While the other areas that made it to the Hunter List did not meet the national threshold of $200 million, they represent areas in the Hunter Region that are seeing a population and home building boom.
“Second on the Hunter List was Thornton - Millers Forest, with $112.6 million in residential building approvals in 2022/23, as well as a population growth rate of 5.8 per cent.
“Third place went to Morisset - Corranbong, with a population growth rate of 3.8 per cent in 2022/23 and residential building approvals totalling $139.4 million.
“The report found that the prohibitively high cost of housing in some of Australia’s capital cities is forcing residents out to areas with better economic and home ownership opportunities such as the Hunter and Central Coast,” concluded Mr Jennion.
Below are a table and map detailing the 8 HIA Hunter Region Building and Population Areas.
“Australia’s population reached 27.4 million by the end of 2024, up by 445,900 people, or 1.7 per cent for the year,” stated HIA Senior Economist, Tom Devitt.
The Tasmanian election that no-one wanted to have is in full swing, and while the limited campaign period is unlikely to provide the usual platform to promote key policies and reforms, HIA is calling on both major parties to prioritise housing policies given the significant challenges across the state.
“Our dated and complex planning system is littered with speed bumps that could easily be removed”, said Brad Armitage, HIA NSW Executive Director.
“The Victorian government’s proposal to update home building contract laws to make them fit for use in the 21st century is welcomed by HIA,” stated HIA Executive Director, Keith Ryan.