Apart­ments in­creas­ingly be­come the hous­ing of choice

The West Australian - - NEWS -

Units are no longer the poor cousins of the real es­tate mar­ket.

Chang­ing life­styles and de­mo­graph­ics have re­sulted in apart­ment and other unit prices ris­ing more than house prices over the past 20 years in al­most half the na­tion’s cap­i­tal cities, an anal­y­sis has found.

Unit price rises are higher than houses in Perth, Ho­bart and Dar­win. In Mel­bourne, they are al­most iden­ti­cal. In Syd­ney, while units lagged houses for price growth, they are more ex­pen­sive than houses in ev­ery other cap­i­tal ex­cept Mel­bourne.

Two decades of Real Es­tate In­sti­tute of Aus­tralia data shows that me­dian unit prices have more than tre­bled in ev­ery city, beat­ing all other in­vest­ments, in­clud­ing shares. REIA pres­i­dent Mal­colm Gun­ning said the popularity of units re­flected that peo­ple wanted to be closer to CBDs, jobs and trans­port. An­thony Keane

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