April 23, 2019
Victoria has featured strongly in the roll call of Australia’s brightest housing market according to the latest edition of the HIA’s Population & Residential Building Hotspots 2019 report, just released.
Melbourne has once again dominated this year’s HIA Hotspots Report, taking out 12 of Australia’s Top 20 building growth areas and 18 out of the 19 regional Hotspots for Victoria.
The majority of the growth is in the fringe of Melbourne as the city expands, although inner city suburbs such as Southbank and Docklands are also enjoying strong growth as they accommodate higher density living.
However, according to the HIA Population & Residential Building Hotspots Report 2019, the Rockbank - Mount Cottrell area, located west of Melbourne, is Australia’s number one Hotspot, with population growth of 59.4 per cent during 2017/18 and $224.2 million in building approvals.
Last year’s number one Hotspot, Mickleham – Yuroke (north of Melbourne’s Tullamarine airport), has slipped to second place followed by Cranbourne East.
A “Hotspot” is defined as a local area where population growth exceeds the national rate (which was 1.6 per cent in the year to June 2018) and where the value of residential building work approved is in excess of $200 million.
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