Clearly this was helped by the fact that Sydney’s rate of capital growth was 18.4% over the last 12 months.
The only suburb outside Sydney – Balwyn North in Melbourne, where demand has been led by Chinese-Australian market as well as downsizers – made the list of suburbs withappartments with a median of $1 million.
However, sales in Balwyn North’s in the past year have been predominantly made up of large townhouses, whereas the majority of Sydney’s sales have been apartments.
The trend for these higher priced apartments is being led by:
- Baby Boomers downsizing to more compact living.
- Younger buyers look for more affordable housing options.
- Investors looking for strong capital growth as well as a redy pool of tenants.
- Experts say the increasing popularity of prestige apartments is part of a wider move towards more compact living.