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Apartments Snubbed Despite Housing Crisis

It’s the one kind of home Aussies are still turning their nose up at, even amid a full-blown housing crisis, and now our distaste for apartments could be undermining efforts to get that crisis under control.

High-density apartments are the solution of choice for premiers across the country when it comes to the housing crisis.

We need to build about 240,000 new homes every year to keep up with the population, but right now, we’re only building about 70% of that.

So let’s put more people into less space!

There’s just one problem: Aussies don’t want apartments.

Back in 2009, about 16% of all new homes approved for construction were apartments.

Now, with the push towards high-density housing, it's about 26%.

Yet, the VAST majority (84%) of prospective home buyers want freestanding homes.

A glut of high-density housing stock in Sydney’s CBD is driving down values, and with one in three apartment sellers in parts of Melbourne selling at a loss.

Investors have been left feeling decidedly uninvested.