Apartment prices hitting fresh records: CoreLogic

Nearly two-thirds of the 560 record-breaking unit markets are in the capital cities

Apartment prices hitting fresh records: CoreLogic
Apartment prices hitting fresh records: CoreLogic

Most apartment markets around Australia have seen fresh highs, according to Eliza Owen, CoreLogic Australia head of research.

The report noted while some apartment markets in the inner cities struggle, demand was strong in suburbs offering desirable lifestyles.

Some 56 per cent of the 994 unit markets analysed are sitting at record highs.

There was an average growth of 16 per cent or $108,00 in value since the start of stage two restrictions in March last year.

The CoreLogic analysis shows nearly two-thirds of the 560 record-breaking unit markets are in the capital cities, seeing a $595,000 boost in value during the period.

Eliza Owen, CoreLogic Australia head of research, said that while some apartment markets in the inner cities continued to struggle, demand was strong in areas that were offering desirable lifestyles.

Owen expects to see continued increases in values in some of these markets through the rest of the year.

It comes as there are more signs of capital growth slowing in houses so Owen expects a little more acceleration pivoting to the unit segment.

Regional apartment value rises reflected the ongoing desire to "chase a more affordable lifestyle relative to capital cities."

The analysis noted many inner-city suburbs continued to lag.

A total of 434 unit markets are still below their pre-pandemic levels, with 10 of the suburbs posting the largest decline in Greater Melbourne given the demand shock from closed international borders.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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