WHILE the state’s population increased by just 3.1 per cent Yanchep’s population grew by 14.1 per cent allowing the suburb to maintain its population and residential building hotspot ranking.
During 2014-15 Yanchep held its top two spot in Western Australia after also being ranked second in 2013-14.
Nationally Yanchep was ranked in 10th place for 2014-15.
The latest Population and Residential Building Hotspots Report released by the Housing Industry Association this week said while Yanchep had remained the second-ranked hotspot in WA in 2014-15 population growth had slowed from 16.5 per cent in 2013-14 to 14.1 per cent in 2014-15.
“However, the value of residential building approved rose from $302.4 million in 2013-14 to $356.6m during 2014-15.
Housing Industry Association John Gelavis said the report also identified Madeley-Darch-Landsdale as an area where the value of residential building approvals was expected to increase by about 9 per cent during 2015-16.
“While conditions have deteriorated, there are clearly still many places in WA where new home building is performing strongly and providing important economic support at this time when there are considerable challenges facing non-residential construction,’’ he said.
The report said a hotspot was defined as a local area where population growth exceeded the national rate (which was 1.4 per cent in the year to June 20150 and where the value of residential building work approved was in excess of $100m.
The report said very strong rates of population growth during 2008 through to 2013 coincided with insufficient levels of new home building activity.
Critically, this growth was driven by overseas migration, which placed immediate pressures on demand for additional housing”,’’ the report said.
“The annual build rate during this period was around only 156,000 homes, just higher than the long-term average of around 151,000 homes a year under conditions of much lower rates of overseas migration and much lower than the 180,000 homes a year HIA estimates are needed to house the growing population.’’
The report said the winding down in resources-related investment in WA had affected the new home building market, with commencements in 2015 falling by 12 per cent.
“During the 2014-15 financial year, Western Australia’s population was the fourth fastest growing of the states and territories.
“The rate of population growth slowed to 1.3 per cent compared with 1.7 per cent in 2013-14, equivalent to an increase of 33,210 persons. At the end of June 2015, WA’s population totalled 2.59 million compared with 2.56 million at the end of the 2013-14 financial year.’’
During the past year, natural increase has become the biggest contributor to population growth in WA.
“This is in contrast to other larger states where net inward migration made the largest contribution to population growth.
“Natural population increase has increased substantially during the past decade in WA, and births exceeding deaths by 21,050 during the 2014-15 year.
“Net overseas migration to WA has fallen off considerably during the past few years, from a peak of almost 57,000 in 2012 to just 14,120 during the 2014-15 year.
“This is largely the result of much tougher conditions in the state’s labour market as the mining investment boom has come to an end.
“This is also the explanation behind the reversal in migration from other parts of Australia – a net inflow of more than 11,000 residents from other states in the year ended September 2012 has been replaced by a net outflow of almost 2000 people from WA to the rest of Australia during 2014-15.’’