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Stats show we’ve built too many apartments and not enough houses

6.75 million families; not enough houses6.75 million families; not enough houses

The ABS recently released its annual figures on families.

In short, however, over the last four years there are 401,800 additional families in Australia.
This takes the total number of families up to 6.75 million, making the family unit the key home buying cohort.
The biggest increases were seen in New South Wales (118,800), Victoria (128,800), and Queensland (83,300), with these three states accounting for 83 per cent of the increase.
On the other hand, over the last four years the number of families actually declined a little in Tasmania and the Northern Territory.

 

Families by state
There were some other interesting takeaways from the single parent family figures, which showed that 56 per cent of single parent families had an employed parent.

We’re building the wrong thing

The key point, though, is that over the past four years we’ve built far too many high rise apartments and not nearly enough family-appropriate accommodation.


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About

Pete Wargent is a Chartered Accountant, Chartered Secretary and has a Financial Planning Diploma. He’s achieved financial freedom at the age of 33 - as detailed in his book ‘Get a Financial Grip – A Simple Plan for Financial Freedom’. Pete now manages his investment portfolio, travels and works as a consultant in the finance industry from time to time. Visit his blog


'Stats show we’ve built too many apartments and not enough houses' have 1 comment

  1. Avatar for Property Update

    January 17, 2017 @ 5:07 am Robert

    Great article as always Pete, looking at the graphs it is quite a scary outlook for residential apartments and the supply will all be coming online in late 2017 & throughout 2018. What I cannot understand is why there are a lack of 3 & 4 bedroom apartments being built as this would suit a family as they would be big enough along will accessibility & transport advantages associated with high density apartments.

    I wrote on my site about the oversupply of apartments in sydney on https://www.buildsydney.com/is-sydney-property-heading-into-oversupply/ where it’s obvious suburbs like Wentworth Point, Parramatta, Botany, Homebush & Liverpool are building more than is demanded in these suburbs, ofcourse they are all highrise apartment developments. An obvious sign is when off the plan properties are advertised for years clearly indicating the market is not demanding this sort of property.

    The problem is Sydney is not making any land and the land it is making is 50km+ from the CBD which is not ideal. We need a middle and the medium density plan for townhouses should be adopted as it will increase supply & provide the correct type of dwelling for families.

    Reply


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