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Multi-unit dwellings enjoying high demand in Australia

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The latter stages of this year have witnessed a large number of sales in the multi-unit sector, according to a new report from the Housing Industry Association (HIA).

Sales of multi-unit dwellings grew 11 per cent and in the process reached "a new cyclical peak" in the month of September, the HIA's New Home Sales Report found. The HIA surveyed the country's largest volume builders as part of the report.

Dr Harley Dale, chief economist at the HIA, added that not even a "flat" month in terms of overall new home sales could not detract from the positivity seen in the multi-unit sector.

"A moderate decline in detached house sales has been driving an overall loss of momentum in new home sales," he said .

"Conversely, sales of multi-units have gained a second wind since June this year, driven by both apartments and semi-detached/townhouse product."

With reports from earlier this year also highlighting the current boom in Australia's apartment sector, these and other multi-unit dwellings could be prime targets for any property investor. Those looking to become active in this market can take advantage of the latest property valuation software to ensure they are making the right calls.

"The September results reinforce these trends. Seasonally adjusted detached house sales fell by 2.3 per cent during the month to be down by 6.5 per cent over the September 2014 quarter," added 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."

With regards to the comparatively low activity seen in other new home sectors, Mr Dale said he hoped to see more from a generally positive 2014/2015 financial year for dwelling construction.

"It would be desirable to see that outcome in detached and low density construction in addition to the high rise sector," he concluded.

Date Published: 05 Nov 2014
Category: General News

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