New data suggests the gap between house and unit values is widening across Australia’s capital cities, with houses recording greater value growth than units.
RP Data figures show that at the end of the first quarter of 2014, combined capital city house values were 28% higher than combined capital city unit values.
In the 12 month period house values increased by 10.7%, whereas unit values increased 9.4%.
“The faster rate of value growth for houses is likely to result in a growing differential between house and unit values,” Mr Kusher said.
The contrast was pronounced in premium Perth suburb Peppermint Grove, where house values are 687% (approximately seven times) more expensive than unit values.
Sydney’s Centennial Park posted a 523% between houses and units, and in Melbourne, Toorak homes were 283% pricier than units.
Adelaide suburb of Toorak Gardens had a differential of 280%, while Ascot in Brisbane recorded 236%. Forrest in Canberra recorded 242%.
In Darwin and Hobart the difference was less stark, but still considerable – at 156% and 105% respectively.
Story: Venessa Paech Source: www.realestate.com.au
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