Medium density property has increased in popularity across the nation, with a 43.4 per cent of total home approvals in Australia being for apartments, townhouses and semi-detached homes over the last 12 months, as opposed to 39.8 per cent the year before.
This could be interesting news for those interested in investing in Belconnen apartments in the near future, with these rates of growth translating into the Australian Capital Territory.
According to the latest Bankwest Housing Density Report, medium density dwellings grew a huge 82.7 per cent over the past year, accounting for 68 per cent of the total approvals seen in the state during 2013.
This is an increase from 51 per cent seen in 2012, and a great improvement over the national average of 43.4 per cent.
"As Australia Capital Territory's population continues to climb – currently the country's second highest annual population growth rate following Western Australia – medium density housing is becoming an increasingly important priority for urban planners and the city's residents," said Bankwest Executive General Manager Mark Reid in a February 18 statement.
With the population expected to continue climbing, now could be the perfect time to consider investment in Belconnen apartments – especially while the official cash rate remains low and interest rates stay down.