Medium density approvals set the pace for the first time
Approvals for medium density housing have overtaken stand-alone homes for the first time, according to research from Bankwest.
The Bankwest Housing Density Report reveals in the year to October 2015, there were 117,552 building approvals for medium density housing compared with 115,634 for freestanding homes.
The report – which each year mostly focuses on the 12 months to November – found the scales then tipped back slightly in favour of stand-alone homes, but the trend towards medium density is clearly gaining momentum.
In the 12 months to November, there were 231,489 building approvals across Australia. Medium density housing approvals jumped 33.9 percent to 115,731 (from 86,430) sitting close to the 115,758 approvals for stand-alone homes. Growth in stand-alone home approvals for the same period was by a sluggish 1.5 percent.
Bankwest private banking general manager Greg Caust says the results reflect a long- term shift towards medium density, which show no signs of abating.
“That 12 month period to October was a record breaker, with the number of medium density1 dwelling approvals reaching 117,552,” Caust says.
“I have no doubt medium density approvals will shortly exceed approvals for stand-alone homes – not just occasionally, but on an on-going basis. Half the approvals in the 12 months to November 2015 were for medium density housing – up from 43.1 per cent the previous year and well ahead of the average 34.4 per cent over the past 20 years.”