Are townhouses the new house?

Property Observer | 36 days ago
Are townhouses the new house?

New figures have revealed the popularity of townhouses is soaring, with approvals for new townhouses at record levels in Australia’s biggest cities.

townhouse stats 2

In the 12 months to December 2017, townhouse approvals had the strongest year on year growth at 21% in Victoria (VIC) and 28% in New South Wales (NSW). 

Conversely, in the same period, the number of approvals for detached houses in NSW and VIC fell by 2% compared to the previous year – with more Australians shifting away from detached houses in favour of higher density living.

An analysis of ABS dwelling unit data over the last 5-7 years has shown an exponential increase in townhouse approvals as more developers seek to meet this growing demand.

In 2017, annual townhouse approvals rose by 124% in Victoria (VIC) and 128% New South Wales (NSW), compared to 2011 figures.

townhouse stats

Read More >>  https://www.propertyobserver.com.au/forward-planning/investment-strategy/127-ironfish-the-diversified-portfolio-approach/87694-ironfish-are-townhouses-the-new-house.html