Property Hot Spots: Victoria and Western Australia
In a still, relatively, downturned Australian market, there are specific figures that indicate property hot spots and/or recovering housing market. Those figures include approved residential building exceeding $100 million and population growth exclusive to a specific area. And, from these figures we see that Victoria and Western Australia are leading the pack.
As far as recovery figures are concerned, with increasingly low interest rates and minimal levels of activity in the market, any significant recovery seems dismal for 2013.
The annual report from Australia's Housing Industry Association (HIA) indicated that 10 of the top 20 spots on the hot-spot list belong to Victoria. This, coming for the second year in a row, shows significant growth rates and residential building approval, both necessary factors for a healthy economy. The second hot spot on the list belongs to Western Australia, place holder of 4 of the top 20 hot spots (3 of which are in the top five).
You're probably wondering what the number one hot-spot location was, right? Well, Bonner in the Australian Capital Territory took the prize, with $171 million in approved residential construction along with 100% population growth. The runner up and second place position belongs to Forrestdale-Harrisdale-Piara Waters in Western Australia with $143 million in approved residential, along with a 23.5% population growth. Finishing off the top five were Yanchep in Western Australia, Baldivis also in Western Australia, and Tarneit in Victoria.
Unfortunately, some of these approval figures fall short of actual indicators for residential construction. It has been noted that although building has been approved, action was not necessarily taken, which could invalidate specific market figures. However, approvals are a positive sign for things to come, regardless of timely actions steps taken.
How do you feel about the growth and approval ratings in Victoria and Western Australia? Do these Australian Property Hot Spots pique your interest? Be sure to let us know in the comment section below!
Photo courtesy of Danielle’s Flickr