As Australian homes skyrocket in price, units are becoming more attractive and gaining market share – especially with the boom of first home buyers.

The great Aussie dream used to mean owning a modest house with a backyard, but with smaller families and skyrocketing land values, the apartment is becoming a more common choice.

BIS Shrapnel’s Robert Mellor says more people are choosing to live in apartments when housing reaches beyond their price range, especially since apartments are more likely to be close to the CBD.

Residex founder John Edwards says apartments are likely to be a better prospect for investors than freestanding houses, as there is more scope for price growth at the affordable end of the market.

Despite the positive signs, the real estate bubble created by increases in the first-home buyer grants look set to burst in parts of Sydney, with suburbs like Mt Druitt, St Marys, Gosford and Campbelltown predicted to be the worst hit when first-home owner grants start winding down next month.

Blacktown, Leumeah, Lakemba and Liverpool are also on a list of suburbs identified by Residex as most active in the first-home buyer market, but where house values have either gone backwards or stayed flat.

Do your research! 

onthehouse.com.au offers property sales data for you to do your property research.

• Check out Listings and Latest Sales Prices in your area for FREE!
• Sign up for our Premium Reports to do some in-depth research on historical property sales.

Share This Page: