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Brokers in Australia’s leading building and population hotspots have revealed the strong market conditions in their territories.
The Housing Industry Association has published Australia’s top 20 building and population hotspots, with the ACT suburbs of Crace, Bonner and Casey topping the list.
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Crace saw its population rise by 58.1 per cent during 2012/2013, coupled with $112 million in new dwelling approvals.
Local Mortgage Choice franchisee Susan Tan told The Adviser that buyers are shopping for location, amenities and scarcity.
“Present conditions tend to favour buyers when compared to a few years past, which means that home buyers and investors have gotten pretty savvy when it comes to capital return and rental yield considerations,” she said.
Melbourne CBD came in at number four with over $381 million worth of new dwelling approvals and a population growth of 22.7 per cent.
Michael Williams, managing director of Melbourne CBD firm John Hopkins Group, said the area’s growth would translate into growth for his business.
“We’ve seen in the last five years the financial services industry screaming out for an organisation that can provide well-researched, well-documented property advice in a compliant manner,” he said.
“We’re planning to expand the business to really provide that for each service.”
Eight of the nation’s 20 leading hotspots were located in Victoria, with markets in Western Australia, NSW and Queensland also featuring on the list.
HIA senior economist Shane Garrett described the absence of Tasmania and South Australia from this year’s list for a second year as “disappointing”.
Mr Garrett also pointed out that while the past year was historically strong for new dwelling construction, the spectre of supply side constraints is starting to reduce activity.
“Policymakers must do more to ensure that the supply of residential land keeps flowing so that the nation’s housing needs continue to be met,” he said.
[Related: Housing lobby urges govt to improve mortgage competition]
