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Apartment Living Set to Spike

By Rebecca Zhang

The Australian lifestyle seems to be moving towards apartment living, according to BIS Shrapnel’s Building in Australia 2014 – 2029 report, which is a leading industry analyst and economic forecaster. The report states that dwelling building activity will reach a new high in terms of homes constructed, and more of those new homes will continue to be in apartment towers.

BIS Shrapnel associate director Dr Kim Hawtrey said in the next two years we will see a continuation in the recent emphasis on high-rise units. For every five detached houses, there are two high-rise apartments being built, which is double the historical rate of one apartment for every five houses built.

According to the company’s most recent forecasts, as a result of low interest rates and demand from strong population growth, a record-breaking home building outlook for 2014/2015 will continue its momentum into 2016.

For nearly a decade now there has been a housing shortfall as it has not kept up with population growth. The national dwelling shortage is estimated to be around 100,000 dwelligs, according to The Building in Australia report. This housing shortage is estimated to continue until 2018, which means it will take the next five years to meet the demand for housing.

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