Units and similar properties see high demand in Sydney
Date Posted: Feb, 2014
Those looking to buy investment property in Sydney should be keeping an eye out for units, townhouses and semi-detached homes, according to a new report.
Data from the Bankwest Housing Density Report shows demand for medium density housing hit a record high during 2013 with New South Wales leading the way.
NSW accounted for 34 per cent of all medium density dwelling approvals nationwide over the past 12 months, overtaking Victoria (30.1 per cent).
Nearly one in three dwellings in NSW are now units, townhouses or semi-detached homes, well above the national average of 24.7 per cent.
“There is a long-term trend of increasing housing density in NSW which over the past 20 years has risen steadily to this year’s record high,” said Bankwest Executive General Manager of Retail Mark Reid in a February 18 media release.
“The trend is pronounced in Sydney with the capital contributing an incredible 90.7 per cent of NSW’s total medium density housing approvals for units, townhouses and similar dwellings in the last 12 months.”
This trend was particularly strong in inner city Sydney, where 99.4 per cent of total dwelling approvals were for medium density properties in the past two years. The western suburbs followed closely, with Leichardt posting 95.6 per cent, Starthfield-Burwood-Ashfield at 94.1 per cent and Canada Bay at 93.9 per cent.
Carlingford showed the biggest increase in medium density dwelling stock over the past two years, posting 86.6 per cent since 2012, up from 31.2 per cent in 2011.
Property investment in Sydney has provided major returns in the past year, and if the trend toward medium density housing is any indication, savvy investors can continue to benefit by purchasing the types of properties that are now in demand.
Investors in Sydney should find the right buyer agent and explore their options when it comes to units, townhouses and semi-detached properties.