Smaller housing draws bigger demand

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The value of a property may be in the land, but now it’s getting more common for Australians to live in apartments as shown by the increasing numbers of medium density dwellings approvals.

A long-term trend toward units, townhouses and apartments is close to reaching a 20-year high with 85,323 approvals over 2014.  

Western Australia and Victoria were leading the charge with growth in medium density dwelling approvals of 31.2% and 18.9% respectively in 2014.

Coincidentally, these are the two states where there has been some worry about oversupply.

Overall, New South Wales still remains the largest market with 27,286 medium density dwellings accounting for over half of all approvals in the state.

As house prices continue to surge units, townhouses or apartments are becoming more popular options for inner city living.

Melbourne, Sydney, Adelaide and Brisbane all had medium density dwellings accounting for more than 98% of all approvals.

Top 10 local areas for medium density housing approvals
Top 10 local areas for medium density housing approvals Top 10 local areas for medium density housing approvals Top 10 local areas for medium density housing approvals Top 10 local areas for medium density housing approvals
Melbourne City VIC 6,398 99.8%
Sydney Inner City NSW 2,535 99.4%
Adelaide City SA 873 99.3%
Brisbane Inner QLD 1,517 98.3%
Southport QLD 690 97.9%
Botany NSW 1,945 97.5%
Stonnington - West VIC 926 95.9%
Robina QLD 299 95.8%
Brisbane Inner North QLD 2,985 95.8%
Strathfield - Burwood - Ashfield NSW 1,014 95.1%

(Source: Bankwest Housing Density 2015)


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