The national capital now has another title: the city with the largest price difference between units and houses in Australia.
- Since the start of the COVID-19 pandemic, ACT house prices have risen more than 20 percent
- For each house built in Canberra, 5.5 units have been built
- In June, Canberra’s median house price was almost $ 880,000, while the median value of a unit was just over $ 500,000
According to the latest research published by real estate analyst group CoreLogic, the price difference between an apartment and a house in Canberra is 74.8 percent, the largest of all capitals.
Last month, Canberra’s median house price was almost $ 880,000, while the median value of a Canberra unit was just over $ 500,000.
Townhouses are also included as “units” in the research released by CoreLogic.
In the 10 years up to March 2021, 5.5 units were built for each house built in Canberra, which experts say has helped increase the price of independent houses.
In fact, house prices have risen more than 20 percent since the beginning of the COVID-19 pandemic, the price of units has risen by about eight percent.
According to the CoreLogic report, subdued real estate investment levels, HomeBuilder initiatives and lower-density housing have become more attractive as a result of the pandemic, also making single-family homes more desirable to potential buyers.
A spokesman for the ACT government said an estimated 100,000 new homes would be built over the next 25 years to meet population growth.
But they said the government prioritized sustainability and environmental protection, so higher-density housing was built on existing residential areas and along major public transportation routes to reduce urban sprawl.
The statement also added that the government recognized the need for greater housing choices to meet Canberra’s changing demographics.
“This means releasing more greenfield development for detached homes along with establishing more locations for townhouses, units and semi-detached buildings,” the statement said.