Home building spree continues in Victoria

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Whittlesea North in Victoria is the nation’s biggest local building hotspot, according to HIA’s Population and Residential Building report.The suburb has seen exceptional population growth at a rate of 18.3%, which is 16.2% above the national average. Residential building approvals in the area also rose to over $484 million.
Victoria’s Wyndham South took out second place in the report which listed it as one of Victoria’s fastest growing cities, with the value of residential work hitting almost $284 million. Population growth in the area is also well above the national average at a rate of 12.8%. 
Victoria dominated the top 20 list of the building and population hotspots thanks in part to an extension of the First Home Buyers Grant in the state.
“The 2008/09 financial year was a very challenging one for Australia’s new home builders and renovators with a sharp fall in new home starts and a moderation in renovations activity,” said HIA Chief Economist Harley Dale.
However, very low interest rates and assistance to first time buyers allowed a number of new homeowners to enter the market, signalling the first stage of the housing recover in 2009/10, said Dale.
According to Dale, there were 58 local area hotspots across Australia’s states and territories. “These areas have experienced healthy new home building and renovations activity in 2009/10.” Included in this number is Griffin-Mango Hill in Brisbane, with almost $150 million worth of residential building work approved and a growth rate of 12.8%. Canada Bay in NSW made the top 15, with $111,469 worth of approved residential construction and a growth rate of 7.4%.
National Top 10 Building and Population Hotspots
Suburb
Residential buildings approved 2008/09
Annual population growth rate
Whittlesea (VIC)
484,029
18.3
Wyndham (VIC)
283,717
12.8
Griffin-Mango Hill (QLD)
149,930
12.8
Cardinia (VIC)
241,553
10.0
Melton (VIC)
285,195
9.5
Wanneroo North East (WA)
163,165
8.6
Wanneroo North West (WA)
205,488
8.6
Wyndham West (VIC)
112,474
7.9
Condon-Rasmussen-Bohle Basin (QLD)
145,866
7.9
Central Pine West
114,463
7.8

Source: HIA:
Population and Residential Building Hotspots report

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