Home loans 'wanted for townhouses and apartments'

Aussies applying for home loans are more likely to want a townhouse or apartment in the city than traditional housing, according to a new study.

The Housing We'd Choose report by the Grattan Institute revealed that less than half of those surveyed in Melbourne wanted a detached house, with the rest opting for higher-density accommodation.

However, the findings revealed that in many cases, the properties being built in the country are not the kind preferred by its residents.

Jane Frances Kelly, cities programme director at the Grattan Institute, commented: "We're just not building the variety of housing that Australians say they want."

She observed that in the outer and middle areas of Sydney and Melbourne there is a shortage in the number of semi-detached homes and apartments available.

Earlier this month, figures from the Australian Bureau of Statistics revealed that there were 51,150 home loan approvals in Melbourne in the first four months of 2011, up 1.8 per cent year-on-year.

Have a question about home loans? Ask the money gurus at Mozo AnswersADNFCR-1761-ID-800584728-ADNFCR