Apartments increasingly become the housing of choice
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