Growth in Sydney apartment prices is almost as strong as growth in house prices, according to The CoreLogic October Home Value Index, indicating that buyers are looking to purchase units as house prices drift beyond reach.
Detached house prices in Sydney rose 10.9% over the 12 months to the end of October, while apartment prices rose an only slightly lower 9.1%.
“This points to higher demand for Sydney units considering how expensive Sydney houses have become," said CoreLogic research director, Tim Lawless.
Property prices in Australia's capital cities rose 0.5% in October, according to the CoreLogic Index. But the pace of growth has slowed. Prices rose 1.0% in September, and 1.1% in August.
Prices rose 2.7% over the quarter, and 7.5% for the year.
Only Adelaide (-2.4%) and Hobart (-2.1%) recorded falls in prices for in October.
Darwin was the top performer for the month, with prices rising 2.2% in October. However, Darwin real estate prices are down 3.8% for the year.
Sydney and Melbourne were again the standout performers of the year, with Sydney prices up 10.6% for the year and Melbourne prices gaining 9.1%.
The CoreLogic October Home Value Index
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