PROPERTY DEVELOPMENT

Increasing Demand for Unit Developments in Australia: ABS Data

February 17 2014
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Increasing Demand for Unit Developments in Australia: ABS Data

Investor Opportunity: ABS Data shows Increasing Demand for Unit Developments in Australia, with Perth seeing the best forward opportunities for developers as demand increases.

Perth, Western Australia- New government data for Australian housing approvals shows a significant upswing in demand for unit properties, especially in inner city areas across Australia.

Analysis from the Australian property data group RP Data also shows unit building approvals in Australia are at a record high, reflecting ” a desire by many Governments to increase densities within cities, particularly within inner city areas where many residents desire to live.”

The data and analysis, based on the ABS figures, shows Perth has the lowest rates of unit building approvals out of all major Australian cities, representing an under supply of unit properties compared to the rest of the country, despite the growing demand in Perth for unit living.

In Perth, just 21.9% of all building approvals were unit developments, the lowest rate of total approvals in Australia. That compares to other cities, like Sydney, where unit approvals made up 69% of all housing approvals, with Darwin at 70%, Canberra at 66% and Melbourne at 54%.

The data suggests the national trend toward unit developments may start to be reflected in Western Australia, as baby boomer’s and younger home buyers seek smaller property solutions in the suburbs and inner city areas.

More from RP Data and ABS figures for November here. 

Western Australia’s biggest and most specialised team in property development and investment, Ventura iD, can assist with property and unit development solutions. See here for more information.

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