NERANG is the second fastest growing local area in Australia for medium density housing, it has been revealed.
The Gold Coast suburb experienced the country’s second greatest growth in approvals for flats and apartments in the 12 months to March 2017, according to Bankwest Housing Density report released yesterday.
The report, part of Bankwest’s Financial Indicator Series, provides an analysis of approvals in medium density and low density housing over both the long and the short term.
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Bankwest General Manager Broker Sales Stewart Saunders said 78.9 per cent of all housing approvals in Nerang during the year to March 2017 were for apartments.
“That makes it the second highest growth in proportion in this type of housing seen in the country,” he said.
“And what we see in Nerang is reflected when we look at the national picture – the report paints a picture of a country where, overall, there is a continuing long term trend towards apartment style living.
“But what is noticeable in the short term analysis is that we see that over the 12 months to March the country has experienced its biggest decline in the proportion of medium density approvals for four years,” Mr Saunders added.
Medium density approvals declined by 6.5% in the 12 months to March to 110,471, down from 118,156 the previous year. This national decline was largely driven by declines at a state level in Qld (-25.6%), and WA (-27.1%).
New South Wales was the only state to experience growth in medium density approvals (+5.9%), highlighting continued strong property demand in Australia’s most populous state.
Sydney was the only capital city to register substantial growth in medium density approvals, with the number of approvals increasing by 11.6% during the period.
“Sydney’s anomaly of growth against a backdrop of a national decline in medium density approval numbers shows the existence of a tough property market in Sydney with price pressures creating continued opportunity for medium density housing in the city,” Mr Saunders said.
Click here to view the Bankwest Housing Density report in full.