It’s all good to grow

Pimpama proves it is still hot property scoring second place on a major national growth chart

A GOLD Coast suburb has been dubbed the fastest growing housing market in Queensland for the second year running.

Pimpama has claimed second place on Australia’s housing hot spot list.

The list of 20 of the nation’s strongest markets was revealed this week in the Housing Industry of Australia’s latest Population and Residential Building Hotspots report.

An area qualifies as a hotspot if at least $150 million worth of residential building work was approved in 2016/17 and its rate of population growth was faster than the national average.

Pimpama’s population grew by 30.8 per cent and had more than $352 million worth of residential properties approved during the past financial year. Other Queensland suburbs to make the list were Coomera, South Brisbane and Ipswich’s Springfield Lakes, ranked 12th, 16th and 17th respectively.

HIA senior economist Shane Garrett said the south eastern corner was the focus in Queensland. “Population growth in the south east has accelerated over the past year, indicating that Queensland is starting to see solid employment gains,” he said.

“Coomera is also a regular on the hot spots list, joined by South Brisbane where the apartment boom has resulted in significant approvals and population growth.”

Mirvac’s Queensland Residential general manager Warwick Bible said buyers were flocking to its latest development at Pimpama, Gainsborough Greens.

“Gainsborough Greens is among the Gold Coast’s fastest selling residential communities, with new homeowners attracted to the area’s open space, park facilities and sense of community,” he said.

Pimpama was number one in the housing hot spot list last year after its population grew at a rate of 35 per cent during 2015/16 and had $340 million worth of building approvals.

The Mickleham-Yuroke area of Melbourne has knocked it from the lead with a population growth of 35.3 per cent and $222.9 million in building approvals.

Construction has kicked off on an $8.5 million parkland at Gainsborough Greens in Pimpama.