One of the key national trends we’re tracking at Hotspotting is the rise of apartments to challenge the dominance of houses as the dwelling of choice by most buyers.
Throughout 2023 we saw growing evidence of rising demand by a range of different buyer cohorts for affordable apartments in good locations.
This has led us to rank the inner-city precincts of Melbourne, Brisbane and Sydney among the leading hotspot markets in the nation.
The more we do our research, the more we find examples of locations where apartments are out-performing houses.
Not everywhere in Australia is producing these results but a rising number of suburbs ARE.
In the coastal market of Evans Head in regional NSW, the median price for houses has fallen 15% in the past year, but the median price for apartments has risen 14%.
The long-term capital growth average for houses in Evans Head is a healthy 9.5% per year over 10 years, but the growth average for apartments is considerably stronger, at 12.2% per year.