Younger Australians can still aspire to live in prestigious suburbs, particularly if they consider moving from a house to a unit, according to new statistics from real estate leader Ray White.
Although house prices remain extremely high in many desirable areas, the significant price difference between houses and units allows first-time buyers to find affordable unit options in various upscale neighborhoods.
For instance, in Hawthorn South, a vibrant area in Melbourne filled with cafes, restaurants, historic buildings, and lovely parks, median house prices are around $2.48 million, while units cost approximately $560,368—a staggering $1.92 million price disparity.
In Homebush, Sydney, neighbors of the well-known Sydney Markets and Bicentennial Park, houses are priced at $2.24 million, whereas units fetch about $677,393, resulting in a $1.56 million difference.
Brisbane’s popular riverside suburb of Hamilton features houses at $2.26 million while units are available for $717,358.
15 Blue Chip Suburbs for First Home Buyers
Ray White’s chief economist, Nerida Conisbee, explained to NewsWire that apartments present an opportunity for Australians in their 20s and 30s to reside in areas with “better amenities” where houses are typically out of reach.
“Living in an apartment can place you closer to quality shopping areas, improved public transport, and nearer to work,” she stated.
“This is often crucial for younger generations.
“Many may wish to stay in their childhood neighborhoods, but current prices can be prohibitive, yet affordable apartments are available in certain locations.”
Ms. Conisbee further emphasized that to tackle Australia’s housing affordability issues, there needs to be a noticeable shift towards apartment living, despite ongoing construction of four-bedroom houses that are larger than what many new families actually need.
“Australia is quite unique worldwide for having remarkably low population densities,” she noted.
“When you observe other major cities, even smaller ones, they exhibit much higher population densities.
“We cannot deliver affordable housing in areas with fantastic amenities if we continue building large homes in the future.”
Every key city demonstrates savings of at least $500,000 when opting to buy an apartment instead of a house.
In Adelaide’s Walkerville, a charming inner-north neighborhood, houses are priced at $1.6 million, while units go for $604,328, leading to a nearly million-dollar saving.
In Perth’s coastal Mosman Park, houses are $2.51 million, but units are $551,561, resulting in almost a $2 million difference.
In Darwin’s Larrakeyah, houses cost $1.45 million while units are $440,907.
In Canberra’s Reid area, houses are valued at $2.19 million while units are listed at $617,050.
Contrarily, Queensland’s vibrant Gold Coast shows a narrower gap between house and unit prices compared to other major metropolitan areas.
For example, in Southport, houses are priced at $1.05 million, while units cost around $637,051, creating a gap of $410,669.
Popular regional cities along the coast also reveal significant price differences between houses and units.
In Buderim, part of the Sunshine Coast near Maroochydore and Mooloolaba beaches, houses are priced at $1.3 million, with units at $732,921.
In Port Douglas, located in Queensland’s far north facing the Great Barrier Reef, houses are priced at $1.71 million, while units are $490,372.
