Perth a top pick for property
Western Australia is sitting alongside Victoria and the ACT when it comes to the "hottest housing markets", according to the Housing Industry Association (HIA).
These three states were shining stars in the HIA's 2014 Population & Residential Building Hotspots report. Within WA, Perth is standing out as a population hotspot.
The impact of such findings for those building new homes is positive - as more individuals seek property in population-rich areas, dwelling values can potentially rise in line with demand.
"New dwelling commencements in Australia rose to 162,000 during 2012/13, an increase of 11.7 per cent," explained HIA Senior Economist Shane Garrett in a July 7 release.
"The HIA Hotspots report shows that the expansion in activity has been quite broad based, with a good showing by most states in the nation's hottest local markets."
A hotspot is an area where population growth is higher than the national rate, coupled with approved residential building work values soaring past $100 million.
"There were a total of nine hotspots in WA and four of these ranked among the top twenty nationally. This was a healthy result for WA," said HIA Executive Director John Gelavis in another July 7 statement.
South-east Perth's Forrestdale-Harrisdale-Piara Waters scooped up the title of the top WA hotspot for 2012/13, with an annual population growth rate of 19.1 per cent.
Residential building approvals in the area were valued at a whopping $183.3 million.
This was followed by Perth's Baldivis, with a 15.8 per cent population boost over 2012/13. In third place was north-west Perth's Yanchep, with 14.8 per cent growth.
North-east Perth's Ellenbrook, Madley-Darch-Landsale and Perth City were placed at number four, five and eight on the list of WA's building and population hotspots, respectively.
Only two hotspots on the list were not from Perth - specifically, the northern areas of Broome and Karratha.
Consider double storey home designs if you're planning on settling down in Perth for the years to come.