There's good news for anyone looking for real estate in Australia; the Housing Industry Associations (HIA) annual report on Australian housing hotspots was recently released and, once again, Victoria has dominated with half of the top twenty spots residing in the state.
The HIA's Population and Residential Building Hotspots report provides an overview of regions in Australia that have had a population growth that exceeds the national rate and a residential building work approval in excess of $100 million.
Western Australia was also ranked highly in the top 20 with four areas, while the Australian Capital Territory and New South Wales were represented by two. Queensland and Northern Territory each made one contribution.
Bonner in ACT ranked at number one for the top building and population hotspot in 2011/12 with $171 million worth of building approvals and a population rate growth of 100 per cent.
HIA chief economist Dr Harley Dale said in a statement released June 6 that 68 hotspots were recognised across Australia and the population growth in many more areas was rapidly growing.
He went on to say that there was "considerable potential" for continued growth in Australia's housing and real estate markets, with six of Australia's eight states featuring in the top 20 hotspots.
