The price gap in buying an apartment vs buying a house in Australia has increased more than ever.
For months, the property market in Australia has been witnessing a continued spike in demand for houses. The primary factor for the hike is the rise in work from home culture, which has led several Australians to demand a spacious and better housing situation. The increased demand outweighs the existing supply of houses, hence increasing their price.
Comparatively, the price hike of apartments is insignificant, further widening the already large price gap between the two.
The most recent data on Sydney suburbs show up to 106.62% price gap between a house and an apartment in the same location. The price gaps seen in other major Sydney suburbs according to their price median are shown in the table below:
| Sydney Suburb | Price Gap Between a House and an Apartment |
|---|---|
| Vaucluse | 106.62% |
| Bellevue Hill | 100.95% |
| Dover Heights | 100.6% |
| Mosman | 104.3% |
| Collaroy | 83.01 |
| Double Bay | 78.26% |
| Freshwater | 73.34% |
| Bondi Beach | 68.91% |
Similar to Sydney suburbs, other places in Australia show wide price gaps between houses and apartments. So, for someone looking for an investment property, buying an apartment over a house would be optimal in the current situation, considering only the price levels.
As for someone purchasing an owner-occupied property, the decision can be relative, depending on factors such as family size, income, age, etc.
Unsure about buying an apartment vs buying a house?
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