Affluent buyers have a moment of opportunity in Australia's condo market
27/03/2022 | Mansions Global
The divide between Australia’s apartment and house markets has never been greater after the country experienced extraordinary price growth throughout late 2021 into early 2022. Such exponential growth hasn’t been seen in 32 years.
Apartments recorded an annual growth rate of 14.3% in the 12 months to January while house values rose 24.8%, according to CoreLogic’s February Unit Market Update. When combined, it was Australia’s highest annual dwelling growth rate since 1989.
This price disparity represents a unique time for apartment buyers, with prices expected to soar for units given the affordability constraint of houses.
As international borders finally open up in March to all visitors and visa holders for the first time since the pandemic started, experts say Australia’s apartment market will begin to play catch-up, especially in the luxury sector, which is sought after by expats and foreign investors alike.
Purchasers of prestige off-plan apartments are spoiled for choice throughout Australia’s booming east coast with new designer developments launching in Melbourne, Sydney and on the Gold Coast—the island nation’s most in-demand market among domestic migrants.
These new-to-the-market homes are a new breed in design, meeting the needs of buyers in a world of work from home demands and shifting lifestyle priorities.
Just north of the famous Sydney Harbour Bridge, sits North Sydney, a vibrant suburb in the middle of a boom with an estimated 80,000 workers expected to commute to the area by 2036. As a result, private developers and the state government have invested millions of dollars to create urban renewal projects including new parks, pedestrian plazas and laneway networks.
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