Strong housing demand amid the COVID-19 pandemic has caused house prices to rise faster than unit values, widening the gap between the two segments, according to the latest report from CoreLogic.
At the end of June, the median home value in the city was $ 797,2,876, higher than the median unit price of $ 611,117. This represents a difference of 30.5%, the highest on record.
Of all the cities, Canberra recorded the largest difference at 74.8%. Since the start of the pandemic, house prices in Canberra have risen more significantly than units, with the former reaching 22.7% growth compared to the latter's 8.7%.
However, it appears that this large gap is not only a result of recent trends in demand.
"Canberra has seen a very high volume of unit developments over the past decade compared to homes. In the 10 years up to March 2021, there were an average of 4,593 units under construction each quarter, up from just 841 homes, ”said Eliza Owen. , Head of Residential Research at CoreLogic.
For every home built in Canberra, 5.5 units have been built over the past decade, which is significantly higher than the national average of two units for each home.
"This sharp increase in unit supply has left unit price growth relatively subdued," Owen said.
Darwin reported the second highest deviation at 68.5%, followed by 58.2% Brisbane. Sydney and Melbourne also posted a substantial house price differential at 54.2% and 52.4%, respectively. The gap in Adelaide was also raised to 53.5%
In contrast, house and house prices are closest in Perth and Hobart, which reached deviations of 38.9% and 32.3%, respectively.
Top Suburbs:
mt cola
,
field of may
,
goulburn
,
victoria park east
,
sth toowoomba
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