Recent developments in Queensland point to a shift in the housing industry, with high growth levels in detached housing (freestanding homes on a single plot of land) eclipsing the surge in multi-unit properties in the second half of 2014.
That’s according to new figures from the Housing Industry Association (HIA), who have given some insight into how the property market is shifting.
The research tracked the changes in different property types across the state, finding that multi-unit sales have slowed in recent months, while detached homes have continued to grow. In Queensland, this has translated to double-digit growth throughout 2014.
However, there are also significant differences between different parts of the state. In Cairns for example, multi-unit titles saw the greatest growth, while the greater Brisbane area instead recorded a 30 per cent increase in detached home sales. The Gold Coast and Sunshine Coast also emerged as areas where this shift away from detached properties has continued.
Demand for land remains high
As well as publishing a comparison of detached homes and multi-unit dwellings, the HIA has also released its own report on the supply of land in Australia, in partnership with CoreLogic RP Data. The figures suggest that pressure is mounting across the country for new land for housing initiatives.
Although dwelling approvals are at record high levels, the supply of land has not kept up, leading to higher prices. The HIA’s Chief Economist Shane Garrett even went on to call for more to be done to free up new land in order to support the high levels of building approvals and new projects that are currently moving forwards.
Whether you are looking to purchase new land to build on, or an established residential property, make sure to consult with a conveyancing specialist to ensure you follow the correct processes.
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