Unit Values Start To Rise
Unit values across the country have increased 0.6% in March, marking the first rise in 11 months, according to CoreLogic.
Sydney led the way with a 1% growth in unit values, followed by Melbourne with a 0.4% increase while six of the eight capital cities witnessed a monthly increase in unit values.
The rental market is also going strong, as national unit rents rose 1.6% over the course of the month – double the rate of house rents.
This stronger rental growth in the medium- to high-density sector has reduced the gap between median house and unit rental values from $85 last year, to $65 in March.
The combined capitals experienced the highest quarterly increase in unit rents ever, surging by 4.4% over the first quarter of the year. This translates to a $23 per week increase in average rental values to $550.
Darwin was the only capital city to see a decrease in unit rents over the quarter, with a 0.4% decline.