Apartment and townhouse living is becoming a more popular choice among home buyers in Victoria, which signals a trend for investors looking to purchase property in Brunswick or surrounding suburbs.
New data from the Australian Bureau of Statistics, analysed by the Housing Industry Association showed that building approvals increased in February in the state. Interestingly, it was multi-units, such as townhouses and apartments, that outperformed detached housing.
Multi-units saw a 41.7 per cent rise year-on-year, while detached homes saw an increase of 19.2 per cent over the same period. Whether it's the lifestyle associated with smaller dwellings or the location of the properties themselves, apartments and units appear to be a very popular choice among buyers.
Buying an apartment in Brunswick
Investors of real estate in Brunswick have much to choose from in the area. Both apartments and units are plentiful in the suburb and are located in proximity to shops and transport networks to the Melbourne CBD. These are two features that are usually highly sought-after by tenants, making medium- and high-density dwelling a great choice for Melbourne investors.
In addition to this, weekly median rents for units in Melbourne are fast catching up to the figure for houses. Figures from the APM December Quarter Rental Report found unit rents reached $350 per week, while houses are currently sitting at $375.