Parts of Point Cook, Truganina, Tarneit and Werribee have been named among the top 20 building and population “hotspots” in the state, in a new report.
The Housing Industry Association report included a list of hotspots which recorded more than $200 million in residential building work being approved in 2017-18 and an annual population growth rate in excess of the national rate of 1.6 per cent.
According to the report, Point Cook east’s estimated residential population increased by 10.6 per cent, to 16,025 people, in the 12 months to June last year.
Truganina’s 9.5 per cent growth increased it’s population to 30,249 people; Tarneit’s population rose by 9.2 per cent to 43,403 people; and Werribee west increased by 9 per cent to 14,315.
Point Cook east had $250 million in building works approved, Truganina had more than $251 million approved, Tarneit more than $387 million approved and Werribee west more than $208 million approved.
The Rockbank-Mount Cottrell area topped the HIA list with more than $224 million in building approvals and a population increase of 59.4 per cent, to reach 6455 residents.
Real Estate Institute of Victoria (REIV) chief executive Gil King said the outer suburbs “have been the standout performers in recent times and that is set to continue as our population is forecast to increase”.
“The REIV’s latest median house price data shows that properties in Tarneit and Point Cook continue to secure good prices,” Mr King said.
“In the March 2019 quarter, Tarneit’s median house price increased 5.6 per cent to $565,000 while Point Cook’s jumped 4.7 per cent to $665,000.”