Unit Values Rising Faster
Unit values are increasing at a faster pace than house values throughout Australia.
Data from CoreLogic shows the growing demand for units is driving prices higher than houses in more than half of all Australian suburbs.
CoreLogic research director, Tim Lawless, says with houses proving to be unaffordable for many buyers and supply drying up, demand is becoming even stronger for units, particularly from first-home buyers and investors.
“I wouldn’t be surprised if we see more suburbs where units outperform house price growth from here onwards because of affordability and supply constraints,” he says.
CoreLogic figures show units outperformed houses in 633 of 1168 suburbs analysed in the past quarter.
Brisbane unit values increased more than houses in 77% of the suburbs, and 60% in Perth. In Sydney, Melbourne and Adelaide more than half of the suburbs recorded higher unit value increases.
The data shows Brisbane’s units had the strongest growth of 4.1% in the past quarter while houses rose by 2.8%.
