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Medium density properties, notably apartments, townhouses and semi-detached homes, saw an increase in approvals during 2013 in South Australia, which could be great news for those interested in purchasing investment properties in the state.
The latest Housing Density Report from Bankwest found there were 24.5 per cent of housing approvals across the region during the last 12 months – an increase from 19.7 per cent duirng 2012. This could be due to the increasing population being seen across the nation, with many people turning towards smaller apartments for accommodation in the future.
Some great real estate advice could be to purchase these properties at the moment, ahead of the incoming population boom expected to grip the nation over the coming years, allowing investors to bolster their property portfolios and cement a place in the growing market.
“Australians’ appetite for medium density housing is steadily outstripping stand-alone homes. Smaller housing options continue to increase in popularity as the population grows and consolidates around Australia’s capital cities,” said Bankwest Executive General Manager Mark Reid in a February 18 statement.
Nationally, the trend has been similar. Since 1985, the proportion of medium density dwelling approvals have annually averaged 30.6 per cent of the total new housing approvals. However, this figure jumped to 40.1 per cent over the last two years, signalling a returning strength to the unit market in Australia.
Over the last year, capital cities accounted for 87.1 per cent of the total medium density approvals seen across the country, with regional areas making up the last 12.9 per cent.
Adelaide alone was responsible for 97.5 per cent of the medium density approvals in South Australia, reinforcing the idea of an increasing population in metropolitan centres throughout Australia.
This could be great news for potential investors looking into South Australia as a potential investment opportunity, especially in the capital city area.
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