A new Housing Industry Association report 86 hot spots in the housing market – these are housing construction markets which in 2014/15 demonstrated above national average population growth and over $100 million worth of approved residential building. Victoria’s and New South Wales’ criteria had to be raised – at least $150 million worth of approved residential building – due to high numbers of hot spots; HIA needed to reduce the number of hot spots to fully plot them all on its maps.
18 of these national hot spots are located in Queensland, 14 in New South Wales, 16 in Victoria and 14 in Western Australia.
In earlier years most hot spots followed the mining boom, but now people are moving back to the key states of New South Wales and Victoria where labour market prospects and conditions are much stronger,” says Diwa Hopkins, a HIA economist.
Hopkins says it is interesting to see how hot spot areas tend to correlate with areas marked by governments for population growth.
On the table below are the top 20 Australia’s housing market hot spots. Find the complete list here.