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Money Melbourne has replaced Sydney as the epicentre of Australia's housing construction boom

00:57  13 june  2018
00:57  13 june  2018 Source:   businessinsider.com.au

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Melbourne has replaced Sydney as the epicentre of Australia's housing construction boom, according to new research released by Australia's Housing Industry (HIA) today.

“Melbourne has dominated this year’s HIA Hotspots Report, with 12 of Australia’s Top 20 building growth areas all located around Victoria’s capital,” said Shane Garrett, HIA’s Senior Economist.

A "hotspot" is deemed to be a region where at least $150 million worth of residential building work was approved during the 2016/17 financial year, and whose rate of population growth is faster than the national average of 1.6%.

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Melbourne (/ˈmɛlbərn/ ( listen) MEL-bərn) is the capital and most populous city of the Australian state of Victoria, and the second-most populous city in Australia and Oceania.

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As seen in the list below, all of the top 20 hotspots last financial year were located in Australia's eastern states -- Victoria, New South Wales and Queensland.

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“The remarkable performance of Melbourne in this year’s Hotspots report demonstrates how well the circle of job creation, population growth and new home building can boost an economy," said Garrett.

Those themes were also evident in Sydney and southeast Queensland in the latest report.

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Surface Coatings Association Australia (Inc.) caters for the scientific and technical employees of manufacturers and suppliers. BCI Australia @BCIAustralia. Melbourne has replaced Sydney as the epicentre of Australia ' s housing construction boom # construction # australia https

Australia ’ s construction market is overheating which could lead to a building bust. SYDNEY , Melbourne and Brisbane are undergoing building booms “When markets get heated like this there’s a threshold that’s reached where projects stop preceding. They might get as far as the development

“A number of Sydney’s Western and South Western suburbs are also on the move. From Leppington to Parramatta and Blacktown, the large pipeline of new housing will attract significant population growth," Garrett said.

“In Queensland, the South Eastern corner is the focus of activity. Population growth in the South East has accelerated over the past year, indicating that Queensland is starting to see solid employment gains."

Looking ahead, the HIA believes that with solid employment and population growth, Victoria will likely dominate the hotspots list for the current financial year and beyond.

“With a large volume of work still to be commenced, no downturn evident in approvals, and population growth still exceeding 2%, Melbourne and its surrounding areas are likely to produce many Hotspots for building activity going into 2019," Garrett said.

Melbourne's population grew by 125,400 in the 12 months to June 2017, largely reflecting an 80,000 increase in net overseas migration.

Sydney and Brisbane also recorded solid growth of 101,600 and 48,000 respectively over the same period.

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