Billions worth of new houses and apartments have been approved

Billions worth of new houses and apartments have been approved

NEW HOUSING figures are clawing their way back up with new figures revealing billions worth of new houses and units approved for construction.

Melbourne has the highest value of construction throughout the country according to an Housing Industry Association report with more than $385 million worth of property already given the go ahead. South Morang, about 22km from the Melbourne CBD is not far behind with $277 million worth of construction slated to go ahead. The Homebush Bay and Silverwater region in New South Wales is also expected to undergo a building surge with more than $257 million worth of development approved.

The HIA has analysed which are Australia’s hottest housing markets by combining the value of approved developments with population growth. It rates the ACT as Australia’s hottest housing market with Crace, about 9km from Canberra the top performing area. It had an annual population growth of 58.1 per cent during 2012, 2013 and $112 million worth of new dwelling approvals. Bonner, about 13km from Canberra, was the second strongest performer with its population up by 43.3 per cent and $121 million worth of building approved.

In the top twenty the ACT took out the top three spots. There were eight Victorian locations, four in Western Australia, three in New South Wales and two in Queensland. According to the HIA figures new dwelling commencements in Australia rose to 162,000 during 2012, 2013. Both Tasmania and South Australia didn’t make it into the top twenty list this year. HIA senior economist Shane Garrett says the two states had not made it into the list for the past two years. “However, the gradually improving situation in both markets means that we can look forward to them battling it out at the national level in the near future.’’

Acknowledgement: Michelle Hele, Real Estate Online Editor. From: News Corp Australia