Apartments in northern Caulfield remain affordable

April 9, 2018 by  

While house prices in Melbourne seem high, data suggests apartments in Caulfield are affordable.

The fresh information has been released by the Real Estate Institute of Victoria. This institution highlights the big gap between average house prices and median unit prices. It suggests that the behaviour of buyers has already been influenced by the disparity. Tim Lawless heads research for CoreLogic, and told

“The unit sector appears stronger than the house market because the more affordable prices have propped up demand. Rather than buying new houses, which are mostly getting built on the outskirts of the city, first-home buyers are choosing high-density options.”

CoreLogic statistics show that apartment prices are now beginning to tick up. However, house prices in the area are not falling back, which might lead those in the sector to turn to brochure printing to promote various housing options.

Richard Simpson is the president of Victoria’s institute for real estate. He stressed the continuing affordability of apartments and mentioned that this type of housing was accessible within affluent suburbs. Savings can be made by apartment purchasers in the north of Caulfield.

The explanations for the changing property market within Melbourne are complicated. Nonetheless, the behaviour of first-time buyers seems to have been important. Stamp duty changes were implemented during the course of last year, which meant that there was a boom in house prices in much of Melbourne. As a consequence, apartments have become much more attractive to people who are scrambling to get on the property ladder.