Median house prices were sitting at $888,285 at the end of December 2023, according to the most recent Domain House Price Report. That represents a 9.7 per cent increase across the year and marks a full recovery from declines in 2022.
Unit prices reached a median of $524,202, representing a whopping 14.2 per cent increase across 2023.
The pace of unit growth reflects a shift in buyer demand towards more affordable property. This sentiment is unlikely to change anytime soon.
Not surprisingly, units prices are expected to continue to outpace house prices in 2024, with 5.1 per cent unit growth forecast for the year ahead, compared to 3.9 per cent growth forecast for houses, reports Property Update.
In 2025, units are tipped for an even bigger year.
“In 2025 we can expect even more growth for Australia’s unit market,” writes Property Update.
“Nationally, unit prices are expected to accelerate to 7.6% growth in both FY25 and FY26, led by Perth where unit values are tipped to grow by 9.7% per annum, Sydney (8.3% p.a.), Brisbane (8.2% p.a.) and Darwin (8% p.a.).”
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