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Belconnen Real Estate on Australian Hotspot List

By Ben Faulks

Belconnen real estate has featured on a new list of Australia's hotspots, suggesting the area is becoming increasingly popular with prospective homeowners.

The suburb clinched eighth place on the Housing Industry Association's (HIA) annual Population and Residential Building Hotspots report.

According to the ranking, Belconnen has experienced a 12.3 per cent boost in population over the last year, with the value of residential building approvals for 2011-12 estimated at $122 million.

Belconnen was just one of two locations in ACT to make the national top 20 rankings, with Victoria dominating by taking 50 per cent of the spots.

Dr Harley Dale, chief economist at HIA, said the ACT actually slipped in residential building activity over the last year, but this had come from historically high levels.

He added that policymakers other than the Reserve Bank of Australia, which last month reduced interest rates to 2.75 per cent, need to do more to help the country's property market to ensure future growth.

"Success in such policy action would also necessarily be reflected in a more efficient and productive Australian economy," he explained.

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