Sydney, Australia -- (SBWIRE) -- 03/28/2012 -- From the team at Bankwest Home Loans - http://www.bankwest.com.au/personal/home-loans/home-loans-overview
The latest report in the Bankwest Financial Indicator Series has found that more Australians are downsizing their homes to meet the demands of modern life.
Although the majority of households in Australia still live in detached houses, a growing proportion of new homes are medium density which is increasing its share of the housing stock. This trend has mainly occurred in capital cities but also in selected regional areas. In 1991 less than one fi fth of Australian homes were medium density (19%) with 81% detached houses. Medium density had increased to one quarter of dwellings (25%) by the 2006 census. In the 2006 census there were 2.0m medium density dwellings, compared with 6.3m detached houses. Capital cities have higher density levels with 29% of dwellings being medium density, compared to 17% in regional areas.
The trend for medium density has accelerated recently. 38% of residential building approvals in the past year have been for medium density homes – units, townhouses and semi-detached - close to a record high.
Two years ago, only 27% of home approvals were for medium density dwellings, while five years ago the proportion was 31%. Over the past 25 yrs, on average, 30% of dwelling approvals were for medium density housing.
Information taken from the Bankwest Housing Density Report at -http://www.bankwest.com.au/media-centre/financial-indicator-series/the-housing-density-report-1292485364340
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