In January 2015, new home approvals were 7.9 per cent higher than those seen in December 2014. While detached home sales remained relatively steady, it was the multi-unit market that saw some significant growth over the period – with approvals jumping by 17.5 per cent over January and resting at 24.3 per cent more than 12 months earlier.
Housing Industry Association economist Geordan Murray said Victoria was one of the main states to see these figures rise, which could be encouraging for investors considering investment property in Brunswick.
"January 2015 was only the second month on record when the total number of multi-unit dwellings approved eclipsed the number of detached houses approved, but this is certainly no indictment on the performance of the detached house market which continues to maintain healthy approval numbers," said Mr Murray in a 3 March statement.
Changing demographics and property preferences are considered the reasons behind this, which is something to take note of for any aspiring investors looking towards the Melbourne property market.
If you're interested in buying real estate in Brunswick, now could be a great time to consider chatting with a local real estate agent and begin looking into the options available today.