Apartment Values Hit Record Highs

Apartment markets around the country have broken previous records to reach new highs after rebounding from the pandemic’s first wave in 2020.

More than half of the 994 unit markets analysed are sitting at record highs according to a CoreLogic analysis.

Aside from 56.3% of the unit market reaching a new benchmark, the market has posted an average growth of 16.1% in value since the start of stage 2 restrictions at the end of March last year.

Although headlines have covered the detached housing markets record-breaking price gains, apartment prices are catching up with the recovery – including in coastal areas.

Now, nearly 64.4% of the 560 record-breaking unit markets are in capital cities – growing up to $595,000 in value during the period.

Unsurprisingly, apartment values in Sydney’s eastern suburbs of Darling Point and Rose Bay hit new highs – surging 26.6% and 25% respectively since March last year.

However, the coveted location wasn’t the fastest-growing apartment market within a capital city. That title goes to Blue Bay on the NSW Central Coast with a 36.5 %jump in value, followed by Sandy Bay in Hobart with 33.9% growth.

Elsewhere the want for a coastal lifestyle brought Avalon Beach and Warriewood’s northern beaches to new heights up 25.6% and 25.1% respectively.

In the regions, Portarlington in Victoria’s Bellarine Peninsula hit ranked highest with a 47.8% jump while Shoalhaven Heads south of Sydney and Moss Vale in the NSW Southern Highlands also racked up strong growth of 44.9% and 41.1% respectively.

CoreLogic’s analysis was based on the hedonic index, taking into account the combined value of the unit market in the suburb excluding data for Perth and regional WA.

A 120-acre property 35 miles outside of Nashville, Tennessee, is selling off market for $30 million, making it the second-most-expensive home for sale in the state.

Located in Franklin, about 20 minutes from downtown, Cortina Farms is both a private residence and an event venue, which charges up to $56,000 to rent for the day, according to Compass, which is marketing the pocket listing. Erin Krueger holds the listing.

The only residence on the open market with a higher price in Tennessee is another Franklin property, which spans 749 acres and is asking $37.5 million.

Cortina Farms takes design inspiration from the Italian countryside, with stonework heavily featured around the verdant grounds.

The main house, with a stone exterior and a shingled roof, has approximately 2,500 square feet of living space, with three bedrooms and two bathrooms. Outside, there’s a covered back porch, an outdoor grill, a pool and a hot tub. There are also two guest apartments off the main house, each with a bedroom and a full bathroom.

In addition to its event business opportunities, the property is also designed for an equestrian, with two barns featuring a total of 12 stalls. Near the stables are four large fenced pastures that equal about 10 acres.

Other amenities include a wellness center, a party barn with a catering kitchen, an amphitheater, two lakes stocked with bass and catfish, and a helipad. Scenic trails for walking, running or ATV riding meander throughout the property past creeks, mature trees and waterfalls, according to information provided by Compass.

The property last traded hands in 2021 for $9 million, records on PropertyShark show. The owners weren’t available for comment.

The Nashville metro area has become a luxury real estate hot spot over the past few years, largely attracting people from Los Angeles as well as other out-of-state buyers looking for properties with a large amount of acreage.

Apartment Values Hit Record Highs

While detached dwellings took the spotlight, apartments have been on the rise.

$30 Million Nashville-Area Estate Quietly Looks for a Buyer.