The price of houses is growing at a faster rate than apartments, making it harder for those with growing families to upgrade to a larger property with a backyard.
The long-term trend has been for the gap between house and unit prices to widen, but it has broadened further during COVID-19 amid increased buyer demand for detached houses. CoreLogic’s analysis shows Sydney’s Strathfield has the biggest gap from among local council areas. A typical unit there is worth 23 per cent of a typical house. In 2016, a typical unit in the area was worth 31.1 per cent of the value of a typical house.
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