A new report has shown that the growth of apartment prices across Australia has surpassed houses’ in the June quarter for the first time in three years.
According to the June Quarterly House Price Report by digital property portal Domain, buyers had to spend $618,542 (US$431,893) on average to acquire a unit in Australia’s capital cities, an increase of 0.1 percent in value.
In contrast, the average price of a capital city house dropped 0.9 percent to $1,065,447 compared to the March quarter.
“Affordability constraints, reduced borrowing capacity, and the relative underperformance and perceived value (that) units offer will help steer buyer demand to affordable options, likely to be both units and entry-priced houses,” said Domain chief of research and economics Nicola Powell….