Australia has seen its multi-unit dwelling market thrive for some time now, but it seems that detached properties are now coming to the fore. Commenting on the latest figures from the Australian Bureau of Statistics (ABS), the Housing Industry Association (HIA) suggested that the market has seen something of a switch over recent months.
In June this year, the ABS revealed that new home building approvals were down 8.2 per cent. However, this trend was driven by a decline in non-detached properties, perhaps as builders respond to demand for more spacious homes.
"Detached house approvals have been tracking fairly steadily at relatively strong levels for the past 18 months," revealed HIA economist Diwa Hopkins.
"Approvals in this segment of the market have maintained an average of 9,650 per month since January 2014."
It's the first time in ten years that levels as strong as this have been registered. The ACT has been no exception, as analysis of the ABS data showed that approvals were up 14.7 per cent in trend terms compared to the previous month. If you've had your eye on detached property in Page, then now could be the ideal time to take a closer look.
There's the added bonus of property market confidence being buoyant at the moment, which may encourage people to get onto the ladder. Results of the September quarter ANZ/Property Council Survey show that industry experts are generally optimistic about what lies in store.
"All the indicators point to a steady property market injecting strength into the national economy, creating jobs and boosting the supply of new housing," suggested Property Council chief executive Ken Morrison.
For expert assistance you can rely on, be sure to get in touch with the team at Ray White Belconnen. It doesn't matter what type of property in Page you want to buy or rent, we have a sound knowledge of the local area that will put you in good stead.