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Where is Australia's number one...

Where is Australia's number one residential hotspot?

Pimpama in Queensland has been named the number one residential hotspot in Australia in a new report.
 
The nation's Housing Industry Association has published its 'Population and Residential Building Hotspots 2017 Report', which has placed Pimpama top after $340.2 million worth of new homes were approved for construction in the area in the 2015-16 period.
 
At the same time, Pimpama's population rose by more than one-third (35.1 per cent), cementing its title of number one hotspot.
 
Second place went to the Cobbitty-Leppington district of Sydney, which has seen its population grow by over one-quarter (27.6 per cent) over the past 12 months, while the value of new properties approved for erection in the area surpassed that of Pimpama, coming in at a total of $506.5 million.
 
The top three is completed by Palmerston-South in Darwin, where the population has risen by a significant 26.4 per cent since 2015, with the combined value of new residential buildings approved in the area standing at $231.9 million.
 
Palmerston-South is part of Australia's Northern Territory, an area that has seen its profile on the residential hotlist grow markedly in recent years. The third-place winner is joined by fellow Northern Territory communities Zuccoli and Lyons on the list. The latter has seen some $188 million of new residential buildings approved for construction during the 2015-16 period.
 
Neilia Humphries, executive director for the Northern Territory at the Housing Industry Association, commented: "The end of the natural resources boom has made the economic situation in the [Northern Territory] market more difficult. However, reports such as this may indicate improved confidence in the market."
 
To put the growth of these current residential hotspots into perspective, the national average rate by which local populations grew throughout Australia between 2015 and 2016 was just 1.4 per cent, demonstrating just how significant the increases have been in some parts of the country.
 
For the purposes of the Housing Industry Association's list, a hotspot is defined as any area that surpasses this population growth and those where the value of new building work approved is higher than $20 million.

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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