Units Townhouses Semi-detached Homes in demand across Australia

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According to a recent study by financier Bankwest, Australia’s love of medium density housing is running hot.

Demand for units, townhouses and semi-detached homes across Australia continued to rise over the past 12 months reaching the highest level on record.

The Bankwest Housing Density Report revealed 43.4% of total new home approvals were for medium density dwellings, which is a rise of 3.6% on the previous year.

Mark Reid, an executive general manager at Bankwest, says there’s an ongoing trend towards medium density property at the expense of standalone homes.

“Smaller housing options continue to increase in popularity as the population grows and consolidates around Australia’s capital cities.”

Bankwest’s analysis revealed medium density approvals increased by 22.9% on the previous year, which is considerably higher than the 6.5% increase in standalone home approvals.

While data shows approvals for medium density housing growing by a healthy 45.9% over five years, approvals for standalone homes fell by 8.5%.

There was an increase in medium density approvals across all capital cities, except Perth, according to the study.