Buying detached properties could soon be about to become much more popular, as analysis of approvals data shows that construction of this type of real estate may be on the rise.
Looking at figures from the Australian Bureau of Statistics, the Housing Industry Association (HIA) claimed that detached home construction continues to go from strength to strength. In fact, during April, approvals were up 4.7 per cent from the previous month in seasonally adjusted terms.
This isn't a recent trend either, as the HIA also revealed that 214,331 detached home construction projects were approved during the 12 months to April. As a result, this is the highest 12-monthly figure on record.
HIA senior economist Shane Garrett emphasised that effort now needs to be made to ensure that construction can continue to thrive. Not only does this have the potential to improve affordability, but also give more options to anyone thinking of buying real estate in Box Hill.
"Strengthening activity in detached house building is crucial to broadening the base of the new home building recovery which has been largely contained to the multi-unit market to date," Mr Garrett noted.
"It is important that policy settings allow the expansion in detached house building to deliver on its full economic potential."
The HIA recently put forward various suggestions on how to improve property affordability across the country – and increasing the supply of real estate was one of them. This will mean putting better policies in place that enable construction work to get underway as soon as possible, as the current system often creates unnecessary delays, the HIA argues.
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