QUEENSLAND has topped the list of Australia’s housing hot spots, according to a new report.
Pimpama, a suburb on the northern end of the Gold Coast, has been pinpointed as the nation’s fastest growing housing market based on its performance during 2015/16, according to the Housing Industry Association’s latest Population & Residential Building Hotspots 2017 report.
In second place was Sydney’s Cobbitty-Leppington area, followed by Palmerston-South in the Northern Territory.
Two other Queensland areas made the list of the top 20 housing hot spots — the masterplanned community of North Lakes-Mango Hill on Brisbane’s northern fringe and the bustling Newstead-Bowen Hills precinct, just outside the city’s CBD.
HIA economist Shane Garrett said the report showed residential building activity in Queensland was spread out across the state, rather than just within Brisbane.
Of the 20 Queensland suburbs that made the overall national list of hot spots, five of them were on the Gold Coast, including Coomera, Hope Island, Upper Coomera-Willowvale and Surfers Paradise.
“It’s possible strong performers like the Gold Coast were partly helped by the fact there’s been a lot of downsizing going on by people in Sydney and Melbourne who are moving to this area of Queensland,” he said.
Pimpama, sitting midway between Brisbane and Surfers Paradise, saw its population grow at a rate of 35 per cent during 2015/16.
One its latest residential developments is Halcyon Greens, a $300 million masterplanned community for over 50s.
“Pimpama saw $340 million worth of building approvals during the year — that’s very strong,” Mr Garrett said.
“What propelled them so high was the population growth. An increase of one third in the course of a year is very unusual.
“It would reflect the fact newly developed homes and units in that part of town have become occupied by new residents.”
Mr Garrett said 2016 represented a record year for new home building activity in Australia, supporting economic activity across the country.
He said it was good to see the report showed strong growth in regional areas, not just capital cities.
“Today’s report identifies 86 separate areas in every state and territory across Australia where residential building activity is acting as the engine of economic activity, employment and development,” he said.
“Small business are particular beneficiaries of housing activity.”
An area qualifies as a hotspot in the report if its population grew by more than 1.4 per cent national average during 2015/16 and at least $150 million worth of residential building was approved during the year.
National Top 20 Building and Population Hotspots
Suburb State Residential Building Approved 2015/16
- Pimpama QLD $340.2 million
- Cobbitty-Leppington NSW $506.47 million
- Palmerston-South NT $231,86 million
- Riverstone-Marsden Park NSW $598.7 million
- Forrestdale-Harrisdale-Piara Waters WA $155.42 million
- Docklands VIC $414.36 million
- Homebush Bay-Silverwater NSW $365.03 million
- Ellenbrook WA $205.43 million
- Southbank VIC $1.063 billion
- Waterloo-Beaconsfield NSW $788.99 million
- North Lakes-Mango Hill QLD $164.81 million
- Elderslie-Harrington Park NSW $191.8 million
- Lyons NT $188.41 million
- Rouse Hill-Beaumont Hills NSW $465.39 million
- Newstead-Bowen Hills QLD $433.38 million
- Arncliffe-Bardwell Valley NSW $200.23 million
- South Yarra-East VIC $185.70 million
- Botany NSW $264.69 million
- Melbourne VIC $627.4 million
- Ingleburn-Denham Court NSW $159.16 million