The Serpentine-Jarradale area is one of five Western Australian locales named in the Housing Industry Association’s top 20 hotspots for 2010/11.
The HIA-JELD-WEN Population and Residential Building Hotspots report, released today, ranked Serpentine-Jarrahdale 8th in the nation in terms of growth, with North-East Wanneroo ranked 15th, Armadale 16th, and Mandurah 18th.
North West Wanneroo rounded out the top 20.
A hotspot is defined by the HIA as a local area where population growth exceeds the national rate of 1.4 per cent, and where the value of residential building work is in excess of $100 million.
Approximately $109 million in residential building approvals were granted in Serpentine-Jarrahdale over the year, the HIA said, with annual population growth of 6.9 per cent.
Nationally, Canberra city was named as the nation’s fasted growing building and population hotspot, with $131.6 million in residential approvals and an annual population growth of 39.6 per cent.
Nine of Australia’s top 20 hotspots were in Victoria, the HIA said.
HIA chief economist Harley Dale said the slowing of new home markets in Victoria and the ACT, states which dominated the hospots list, was cause for concern.
“There were ninety hotspots around Australia in 2010/11, clearly demonstrating the potential for considerably higher levels of residential construction activity than is occurring,” Dr Dale said.
“Inappropriate policy settings and a malaise in housing supply reforms are preventing much of this potential becoming reality.
“That is to the detriment of an enormous number of households and businesses within and outside the housing industry, and is consequently harming Australia’s economic growth and prosperity.”