General photo of Springfield Lagoon, Wednesday, November 14, 2018 (AAP Image/Richard Walker)Together, the five Queensland hot spots recorded more than $1 billion in building approvals, according to the report. But HIA’s chief economist Tim Reardon said Queensland was a state of two stories.“In the north, it is not a good story to tell,” Mr Reardon said. “They have had a difficult time up there, with the exception being Townsville after the floods but that will be short-term in terms of reconstruction.More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours ago“In the southeast, there has been a slowdown but there is still a lot going on which is being driven by employment and interstate migration.”Mr Reardon said that concerns about an apartment oversupply in Brisbane had eased, with increasing demand for the next phase of construction.He said the looming federal election had an impact on building approvals, but the credit squeeze by the banks had been the biggest factor.“We have seen signs of that (credit squeeze) easing so we expect to see a pick up in the second half of the year,” he said. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:50Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:50 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenDifferences between building in new or established estates01:50FIVE 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 aerial view of BrisbaneThe HIA report comes after the release of the Quarterly Market Insights report from Oliver Hume.That report also considered Queensland’s population growth during the December quarter, pointing to increasing levels of interstate and overseas migration.It said that while land sales transactions had “dipped” towards the end of 2018, the market had remained steady. “The number of active projects in all southeast Queensland municipalities was up for theDecember quarter, with various estates launching,” the report said.“Overall, the total represented a five per cent increase on the previous quarter. “This number is likely to decrease next quarter as several developments are reaching maturity.”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. An aerial view of Ecco Ripley Springfield Lakes, a development by Lendlease, is now sold out, while in Ripley, several developers are active including the likes of Sekisui House (Ecco Ripley), Okeland Communities (Providence South Ripley) and Satterley (Ripley Valley).Victoria dominated the top 20 with 12 of the best performing regions, while NSW had just three hot spots, all in the Sydney region.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.Ripley recorded almost $164 million in building approvals, while Springfield Lakes clocked up $214.2 million.
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