The Australian Capital Territory currently has the best performing housing market of any state and territory, according to the latest Housing Industry Association (HIA) Housing Scorecard report.
For the first time since 2014, ACT topped the Housing Scorecard report, which ranks each of the states and territories based on home construction indicators, including the construction activity, renovation, housing finance and migration abroad.
Tom Devitt, economist at HIA, said ACT's steady population growth and labor market stability put the local housing market in a good position to withstand the impacts of the epidemic of COVID-19.
"These have supported strong demand for new homes and renovation activity, which has been boosted by the HomeBuilder program. Activity in the first-time homebuyers sector has also grown sharply," said he declared.
The ACT performed well in housing finance and building approval indicators.
The state ranked first for loans to non-first-time buyers and second for investor loans, while it also ranked first for multi-unit approvals and second for approvals of changes and additions.
However, ACT's single-family home sector remained a drag.
Devitt said the economic disruption caused by the COVID-19 epidemic had dramatically "reshuffled" this year's ranking. Tasmania came in second behind ACT, followed by Queensland, South Australia, New South Wales, Victoria, Western Australia and the Northern Territory .
It should be noted that Victoria fell to sixth place after dominating the top two places on the scoreboard from late 2015 to mid-2020.
"The relative strength of homebuilding activity in the states and territories will be heavily influenced by the adoption of HomeBuilder and other stimulus measures in 2021," said Devitt.
Top suburbs:
Collingwood
,
Padbury
,
fresh water
,
new farm
,
Albion
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