Varied housing options, particularly mid-rise developments, may solve the demand for more housing in Australia’s major cities where population growth is robust and house values are soaring.
Authors of a new report by consulting firm Urbis noted an increase first described in the 2011 Census, which found over 150,000 mid-rise housing units were built in some Australian suburbs since 2001.
“With building approvals for flats and apartments up by 36% over the past year we are seeing a major shift towards higher density dwellings that has never been seen on such a widespread scale in Australia,” the report, titled Australia’s Embrace of Medium & High Density Housing, stated.
Recent data from the Australian Bureau of Statistics projected the national population to reach 46m by 2075, giving both Sydney and Melbourne about 8.5m residents. Perth will overtake Brisbane as the third-largest city under that circumstance.
“Medium rise developments are increasingly providing a key element of housing within our cities," said Urbis director Rebecca West. "Most planning schemes have now identified locations for this type and scale of housing development which has the benefit of supporting existing activity centres, providing increased housing and diversity and relieving pressure from established residential precincts.”
Typically, mid-rise projects are three- to eight-storeys high and are erected in neighbourhoods with existing urban infrastructure, such as transportation, retail, and entertainment.
It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan