Apartments are holding their value over houses in the Sydney property market… just another reason to buy off the plan apartments.
Apartment sales are also propping up Sydney’s grim auction market. In a cooling market, units are holding their values and prices have only dropped a small percentage in comparison to house prices.
Apartments have long recorded higher clearance rates than houses, the gap between the two has widened in recent months, Domain Group data shows
It really is driven by affordability constraints,” said Domain Group data scientist Nicola Powell. “We know apartments are becoming increasingly popular for all sectors of the market … as they offer a lower entry price point, better connectivity, and allow people to purchase closer to the CBD.”
Core logic research shows that even though dwelling prices have fallen since market peak in July 2017, houses have led this drop at 5.8%. Units have slightly dropped at 1.4%. This is good news for PIA investors - units represent strong investment potential and are holding their value.
*Image sourced from Apartment sales propping up Sydney's grim aucttion market, Kate Burke, June 10 2018, www.domain.com.au
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