Data collected by the REIV shows that the median price of a house is currently $95,000 more than that of a unit and apartment. In the December 2007 the Melbourne median house price was $485,000 and the Melbourne median for a units and apartment was $390,000.
Over the last five years the difference in the dollar value between the two property types has increased. In December 2002 the median price for a house was $347,000 and for a unit or apartment it was $280,000. Whilst the difference in dollar terms has grown, in percentage terms both forms of property have appreciated at almost the same rate. The median for a house grew by 39.8 per cent over five years and for a unit or apartment the growth was 39.3 per cent.
This comparison is an overall reflection of Melbourne’s property market and will differ between suburb and type of dwelling. It does however provide a guide for owner/occupiers and investors who are unsure of the price growth between the different types of properties. REIV research also confirms that there has been a substantial increase in demand by Melbournians for units and apartments close to the city.
Article provided by The Real Estate Institute of Victoria REIV
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