While most states in Australia are seeing an increase towards purchasing units, townhouses, and semi-detached homes, recent Bankwest research shows Western Australians prefer their quarter-acre homes.
WA has shown little change for the past five years.
“The quarter acre is a dream in Sydney and Melbourne, but reality in WA,” Bankwest retail chief executive, Vittoria Shortt said.
A struggling property market and soaring prices have been set aside in the pursuit of a traditional house on a plot of land, made possible by rising incomes and land availability.
WA accounts for a mere 6 per cent of the national total for medium density approvals made in the past year, with 3825 approvals. Victoria had the highest amount at 21 235 or 36 per cent of the national total, followed by New South Wales at 16 397 or 28 per cent and Queensland at 10 300 or 17 per cent.
Central metropolitan Perth has seen the biggest increase in medium-density housing, as more Gen Y’s enter the market and baby boomers begin to downsize. In the past five years 69 per cent of statewide approvals were for medium density housing in inner-city Perth.
“The rental market has been tightening across the country and there have been significant rental increases, which mean medium density housing is starting to look more and more attractive,” Ms Shortt said.
Hobart has the smallest proportion out of the capital cities for medium density approvals over the past five years with 21 per cent.
Not surprisingly residents in capital cities are moving towards units and townhouses, with 77 per cent of approvals made nationally for medium density housing in the past five years. Perth accounts for 77% of medium density approvals in Western Australia.
“There’s a fantastic lifestyle to be had, a real outdoors lifestyle, and that’s part of the attraction of living in WA,” Ms Shortt said.