New home hot spots revealed
FIVE Queensland hot spots have been named among the nation’s top 20 strongest markets for new home construction.
Pimpama on the Gold Coast recorded the highest dollar value in Queensland, with $282.4 million in building approvals in 2017/18, according to HIA Population and Residential Building Hotspots report.
Other Queensland hot spots named in the top 20 were Ripley, Eagle Farm-Pinkenba, Springfield Lakes and South Brisbane.
Both Ripley and Springfield Lakes are both within the Ipswich City Council region, which has seen strong growth in recent years.
An area qualifies as a “hotspot” if at least $150 million worth of residential building work was approved during the 2017/18 financial year, and its rate of population growth was faster than the 1.6 per cent national average.
Together, the five Queensland hot spots recorded more than $1 billion in building approvals, according to the report.
The median land price in the southeast also increased by three per cent over the year, with Logan recording the most number of active projects in the southeast corner, followed by Ipswich.
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