Local housing boom
A HOUSING report has shown Belmont and Victoria Park have experienced the fastest growth of medium and high-density housing in WA over the past four years.
BELMONT and Victoria Park have experienced the fastest growth of medium and high-density housing in WA over the last four years.
A housing density report by Bankwest shows the great Aussie ideal of buying a stand-alone home with a back yard is a fading dream at a local level.
Figures released last week show 70 per cent of building approvals in the statistical area of Belmont and Victoria Park have been medium or higher density dwellings.
The 70 per cent accounts for 3236 medium density approvals, referring to duplexes, apartments or any housing approval more dense than a stand-alone home with a yard.
In 2011, census figures showed the area was 36.3 per cent medium density housing, reflecting a difference of 33.6 percentage points to the current rate of 70 per cent medium density approvals.
Perth City remains the statistical area with the highest proportion of medium density dwelling at about 85 per cent and 4229 approvals in the last four years.
Stirling had the second highest number of medium density approvals in the state at 3765 over four years, making up 48.6 per cent of residential approvals.
The figures were highlighted in the Bankwest Housing Density Report, which showed approvals for stand-alone homes dropped by 12.9 per cent in the year to November 2015 while medium density approvals jumped 0.4 per cent.
Bankwest general manager for private banking Greg Caust said approvals for stand-alone homes and medium-density housing in WA combined fell by 9.6 per cent in the same period.
“While that reflects the mining downturn in WA, it is encouraging to see that there is still some growth in the medium density space,” he said.
“The resilience in this development would be underpinned by the expectation of solid population growth in Perth over the next decade.
“Perth’s population is forecast to grow by 33 per cent to 2.8 million in 2025.”
In the Belmont Victoria Park area, medium density housing has represented 70 per cent of approvals recently.