Australians are increasingly abandoning the traditional dream of a home on a quarter-acre block in favour of the convenience and affordability of medium density housing, according to newly released Bankwest research.
The Bankwest Housing Density Report reveals that two in five (38%) Australian home approvals over the past 12 months were for medium density dwellings, including units, townhouses and semi-detached houses, compared to fewer than one in three (31%) only five years ago.
Bankwest retail chief executive, Vittoria Shortt, says the country’s high property prices have made the Australian dream of a stand-alone house in the suburbs harder to achieve.
“The popularity of medium density housing will likely be maintained as older Australians continue downsizing to more manageable self-contained units and first time buyers look to medium density dwellings as a cost effective option.”
Across the country, the number of medium density housing approvals has increased by 18% over the last five years, in comparison to stand-alone home approvals, which fell by around 16%.
On average, it takes 3.3 years for a first time buyer couple to save for a unit deposit, whereas it would take them nearly eleven months longer to save for a house deposit (4.2 years).