RESIDENTIAL PROPERTY
THE value gap between houses and units continues to widen as buyers have sought out more space to stretch out since the onset of the global pandemic, with buyers paying...
According to CoreLogic, the house premium has grown to 45.2% or $293,950 since the onset of the COVID-19 pandemic in March 2020, when it was just 16.7%...
This has been attributed to a combination of underlying land value, scarcity and buyers demand for greater space...
“The house premium rose sharply through the pandemic upswing as more people sought out space and were more willing and able to live further afield in our cities,”...
“While we saw the premium contract through the early part of the rate hiking cycle as house values fell more than unit values, across the combined capitals the gap between...
House values in Australia’s capital cities have grown by 33.9% or $239,000 since the onset of the pandemic to January 2024. With house values up 11.0% or...
Unit values over the same period since the onset of the pandemic have grown by 11.2% or $65,235 and 6.9% or $41,789 over the last 12 months...
Sydney has recorded the most significant widening, with the house premium growing to almost 36% since the onset of the pandemic...
With Melbourne’s premium growing by 16.5 percentage points, Brisbane by 15.1, Adelaide by 15.8, Perth by 16.4, Hobart by just 1.4 and Canberra by 5.8...
On the other hand, Darwin’s house premium has fallen by 12.2 percentage points from the onset of the pandemic.
“Homebuyers attracted to these blue-chip suburbs who can’t afford a freestanding home may be attracted to the significantly more affordable price point to get into a high-end suburb...
“House prices have moved out of reach for a growing portion of the population, especially those seeking a first home or lower income households. With housing affordability remaining a...
“Alongside lower prices, medium to high density housing options are often strategically located close to transport networks, major working nodes and high amenity precincts.”