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Victoria is leading the way in residential building approvals

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Victoria is leading the way in residential building approvals

Victoria is leading the way in residential building approvals

The HIA has once again released it’ in depth report for 2013 entitled Population and Residential Building Hotspots. Viewed as a National and State based report, of particular interest is the performance of Victoria. Nine of the Top 20 ‘Hotspots’ were Melbourne suburbs.

The HIA defines a “Hotspot” as a local area where population growth exceeds the national rate and where the value of residential building work approved is in excess of $100 million.

The report also ranks the suburbs on a population growth basis with some suburban Melbourne Suburbs seeing an annual growth rate in excess of 15%. According to the report, Tarneit in Melbourne’s West was ranked No 5 and the highest of any Victorian entry. Others to feature on the Top 20 were South Morang, Cranbourne East, Point Cook, Melton South, Pakenham South, Epping and Craigieburn.

The inclusion of these suburbs sees all growth corridors in Melbourne enjoying high levels of building growth coupled with population increases. HIA Victorian executive director, Gil King says Victoria has consolidated its hold on the national Hotspots charts, but cautions the results should be considered in the wider industry context.

“Victoria is coming off a boom in population migration and housing starts. This outcome is good, but it it’s not a scratch on what it was during the past couple of years.” King commented.

“Victoria’s building figures however are still the envy of other Australian States, and this can be put down to how favourably our state is viewed in terms of migration” King added.

The list of HIA Building and Population Hotspots is as follows:

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Details courtesy HIA Population and Residential Building Hotspots, Herald Sun Home Magazine

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