Recent data from the Housing Institute of Australia (HIA) suggests that apartment and multi-unit dwelling construction is growing strongly, outstripping sales of detached homes.
The figures reveal an 11 per cent increase in the multi-unit sales in the country for the month of September, compared to an unchanged overall housing market.
While demand for housing in general has remained sluggish, Queensland has bucked this trend, being one of the few states to record growth in detached housing sales. In September, this figure grew by 13.4 per cent, greater than any of the other states.
HIA Chief Economist Dr Harley Dale suggested these changes were the result of a shift towards multi-unit construction across the country.
“Sales of multi-units have gained a second wind since June this year, driven by both apartments and semi-detached/townhouse product,” said Mr Dale.
“The 11.0 per cent monthly rise in multi-unit sales followed a strong increase in the previous month, taking sales up by 8.7 per cent over the quarter.”
These aren’t the only figures in recent months to suggest strong growth in the market for apartments and other multi-unit properties. Building approvals have continued to increase in Queensland, contributing in part to the up-swing in demand for residential housing construction, according to the HIA.
With the HIA recording a corresponding increase in property construction following high numbers in building approval, it is likely that higher construction rates will continue in coming months.
As the construction of homes increases across Australia, both buyers and investors will need to get the right advice before purchasing a new property. Discussing these options with a conveyancing lawyer can provide you with the advice you need to proceed with the purchasing of new property in Queensland.