Victoria leading the charge to apartment style living in Australia: Bankwest

Victoria leading the charge to apartment style living in Australia: Bankwest
Victoria leading the charge to apartment style living in Australia: Bankwest

Victoria has experienced the country’s largest, long-term increase in medium density housing (apartments) in the five years to June 2016.

That is according to the Bankwest Housing Density report which is released today and which provides an analysis of approvals in medium density and low density housing over both the long and the short term, combined with the latest Census 2016 data.

The report reveals the amount of medium density housing in Victoria increased by almost a quarter (24.6%) in the five years to June 2016.

Growth in standalone housing during the same period increased by a little (3.4%), signaling Victoria’s shift towards apartment style living.

Bankwest General Manager Broker Sales Stewart Saunders says the state’s growing population has clearly had an impact on the types of houses found in SA.

“Victoria’s population growth was 10.7% in the five years to June 2016 – the highest of all the states - which will have had undoubted impact on the amount of new homes needed during that period,” said Mr Saunders.

Despite the change in housing levels the report shows a slight, short term decline in the amount of medium density properties being approved, down 1.4% to 32,078 in the 12 months to March 2017.

The report also shows the speed at which Melbourne is growing, even outstripping Sydney.

Melbourne City registered 35,011 medium density approvals in the six years to March 2017, the largest number of approvals of any Australian city.

This was almost two thirds (65.0%) more than Sydney’s inner city which recorded 21,222 new medium density approvals over the same period.

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Victoria leading the charge to apartment style living in Australia: Bankwest

“When we look at the national picture the data paints a picture of a country where, overall, there is a continuing long term trend towards apartment style living,” said Mr Saunders.

“But what is noticeable in the short term analysis is that we see that over the 12 months to March the country has experienced its biggest decline in the proportion of medium density approvals for four years,” Mr Saunders added.

Medium density approvals declined by 6.5% in the 12 months to March to 110,471, down from 118,156 the previous year.

This national decline was largely driven by declines at a state level in Queensland (down 25.6%), and Western Australia (down 27.1%).

Mr Saunders said the annual Housing Density Report had been produced as part of Bankwest’s ongoing commitment to offer insights on economic data, trends and issues of value to its customers, businesses, communities and policy makers.

“Bankwest is committed to helping customers and local businesses achieve what matters, contributing to the development of our communities and being a positive voice in the debate on the future of the economy.”

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Victoria Bankwest

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