Apartments increasingly become the housing choice

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

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

Unit price rises are higher in 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 investments, including shares. REIA president Malcolm Gunning said the popularity of units reflected that people wanted to be closer to CBDs, jobs and transport.

Article by: Anthony Keane
Source: The West Australian