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Buyers in the Market Should Consider Units

By Kevin Kelly

In a market where home values are rising swiftly it might be worth considering a unit instead.

Capital city home values have risen by 5.3 per cent over the last year, while unit values have only increased by 3.2 per cent. Despite the current height of home values compared to units, the value of apartments and flats has actually exceeded houses over the past five years.

During this time, units have beat houses with an average increase of 3.4 per cent, compared to 2.9 per cent for detached houses. Even so, units continue to be much more affordable.

Units are an especially economical choice for first time buyers, which adds to their appeal. People considering real estate in Bunbury may want to think about purchasing an apartment or flat. There are also more units available close to the CBD, where many people want to be.

Units also tend to provide better rental returns, and they are becoming the more popular choice with developers who are trying to build housing for Australia's growing population.

As further evidence of the increased regard for apartments and flats, from the past year to July 2013 a total of 66,185 units have been approved for construction all over the country.

Especially if housing values continue to increase at their current pace, those involved in Bunbury property management may see a rise in people interested in units. 

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