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Suburbs in Melbourne have more apartments than houses

REIV says that home buyers in Melbourne can now benefit from a wider selection of residential property types.

As the population grows in Melbourne, property developments have been growing with them.

Real Estate Institute of Victoria (REIV) noted that in some suburbs, such as Footscray, there are now more apartments than there are houses. In the 2011 Census, only 47 per cent of residential properties were houses while the rest were apartments or townhouses.

Chief executive officer of REIV Enzo Raimondo says that this can be beneficial to homebuyers as it offers them more options in terms of price and the size of their property.

He said: "Home buyers can now select between a townhouse and an apartment in many areas where they are priced out of houses."

The Victorian government has announced that the approval of high rise buildings will be more restricted in the future, however, as it plans to focus population growth into particular areas. This is because the population of the city is set to grow in the coming years.

Posted by Craig Francis

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