{"id":35232,"date":"2021-10-20T10:58:32","date_gmt":"2021-10-19T21:58:32","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=35232"},"modified":"2021-10-20T10:58:32","modified_gmt":"2021-10-19T21:58:32","slug":"662k-vs-2-9m-australian-suburbs-great-property-divide","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/662k-vs-2-9m-australian-suburbs-great-property-divide\/","title":{"rendered":"$662k vs $2.9m: Australian suburbs’ great property divide"},"content":{"rendered":"

PHOTO: The dream of upgrading from an apartment to a house has been getting more out of reach over the years.\u00a0(Source: Getty)<\/em><\/strong><\/p>\n

The reality of just how out of reach the \u2018Australian dream\u2019 is has been laid bare in a new report that reveals the stark divide between apartment and\u00a0house values.<\/p>\n

In some of Australia\u2019s ritziest suburbs, unit prices are little over a fifth of house prices in the same neighbourhood, according to a new report by CoreLogic.<\/p>\n

Perth\u2019s\u00a0Mosman Park<\/strong>\u00a0takes the crown for having the greatest difference between unit and house prices: apartments in this area cost around $384,632, which is just\u00a021.4 per cent<\/strong>\u00a0of the median price of houses nearby at $1,797,852.<\/p>\n

In second place is Sydney\u2019s suburb of\u00a0Strathfield<\/strong>, where the median unit price ($662,094) is just\u00a023 per cent<\/strong>\u00a0of the cost of houses at $2,876,380.<\/p>\n

In Melbourne\u2019s\u00a0Stonnington<\/strong>, unit prices ($652,686) are a quarter (25.9 per cent<\/strong>) of house values in the same area, at $2,518,739.<\/p>\n

Meanwhile, property buyers in Adelaide\u2019s\u00a0Walkerville<\/strong>\u00a0will be forking out less than a third (30.6 per cent<\/strong>) for a unit compared to what they would pay for a house.<\/p>\n

CoreLogic\u2019s latest research comes as Australia\u2019s property market breaks new records, with its total value now at $9.1 trillion (greater than\u00a0GDP, the ASX and superannuation combined<\/ins>) \u2013 despite\u00a0not being near \u2018bubble\u2019 territory<\/ins>.<\/p>\n

According to CoreLogic head of research Eliza Owen, housing affordability has worsened over the years, with unit values now making up a lower proportion of house values in nearly every Australian capital city compared to 2016.<\/p>\n

\u201cThe analysis … could see the biggest challenge for apartment owners looking to upgrade to houses in the same area,\u201d Owen said.<\/p>\n

Other factors at play include the premium value of standalone houses in covetable locations, particularly suburbs near the CBD, she added.<\/p>\n

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