Current Location： Local Lifes Local News Sydney suburbs with the largest gap between house and unit median prices
The price gap between houses and apartments in Sydney has reached a record high, with freestanding homes in some pockets costing triple the median unit price.
In affluent suburbs like Bellevue Hill and Vaucluse upsizers face a price gap of more than $4 million between the median house and unit price, while those looking to upgrade to a house in Mosman, Rose Bay, Woollahra and Killara would need in excess of an additional $2 million in fund to say goodbye to apartment living.
But it’s not just upsizers in Sydney’s ritziest suburbs who are facing steep price jumps, with West Ryde in the city’s north west, Punchbowl in the Canterbury Bankstown region, and Penshurst in the south, among many suburbs where median house prices were more than double the cost of a median unit last year, according to Domain data.
Citywide the median house price – which hit a record $1.21 million in the December quarter – is now 66 per cent higher than the unit median of $729,840, according to the latest Domain House Price Report.
|Source: Domain data. Note: Median prices are based on 2020 sales.|
|SUBURBS WITH THE LARGEST GAP IN HOUSE AND UNIT PRICES|
|Suburb||House Median||Unit Median||Price gap|
Domain senior research analyst Nicola Powell said it was the largest difference recorded since Domain began tracking prices in 1993. The average gap over the past decade has been 46 per cent, with the unit and housing markets rarely moving in opposite directions annually.
The growing gap speaks to increasing demand for houses off the back of the pandemic, with the rise of remote working encouraging more people to opt for a bigger home in the suburbs or regional areas, Dr Powell said.
Meanwhile unit demand had been weakened by the pull back in investors, international students and migrants, at the same time as increased unit supply was putting downward pressure on prices.
“The divergence of house and unit prices will increase the cost to upsize to a house,” Dr Powell said.
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