HIA’s Population and Residential Building ‘Hotspots’

Victoria is the nation’s biggest building ‘hotspot’, according to a new report from the Housing Industry Association (HIA). The Population and Residential Building Hotspots report provides a snapshot of Australia’s fastest growing metropolitan and regional areas in the 2008/09 financial year.

A ‘hotspot’ is defined as a local area where population growth exceeds the national rate (2.1%) and the value of residential building work approved is in excess of $100 million. Victoria recorded 10 of the top 20 locations.

Whittlesea North had the highest figures with residential building approvals exceeding $484 million and population growth at 18.3%. This was followed by Wyndham South – one of Victoria’s fastest growing cities – with approvals reaching almost $284 million and population growth at 12.8%. The Southbank and Docklands were ranked 19th, recording $335 million of higher density residential approvals and 5.3% population growth.

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