House And Unit Value Disparity At All Time High
Unit values have continued to underperform.
2 min
Market desire for space has seen the price gap between houses and units accelerate to a new record high.
According to CoreLogic’s new monthly Unit Market Update, the disparity between Australia’s house and unit values has reached 28.3% in January the highest ever level.
House prices across the country have seen the highest growth rates since 1989 — up 24.8% —however units have increased only 14.3% in the 12 months to January.
Report author and CoreLogic research Analyst Kaytlin Ezzy said houses do typically outpace units, albeit not at the market current place.
“The annual performance gap between houses began to narrow in the final three months of last year — in part due to the lifting of lockdowns and border restrictions, as well as increasing affordability constraints diverting demand towards the medium to high-density sector,” Ms Ezzy explained.
“However, in January we saw that annual performance gap start to widen again, which could, in part, be explained by the disparity between advertised house and unit supply.”
Unit values have continued to underperform, however, there are shifting tides in some capital cities. Canberra (5.6%), Darwin (2.6%), regional Victoria (5.7%), and regional Tasmania (9.2%) all recorded stronger unit growth over the last quarter compared to houses.
Hobart’s unit market has in the past 12 months been the nation’s strongest performer with median prices up 32.8% over the year compared to 26.3% capital gain for houses.
Sydney’s unit values have also sharply ascended 15.4% with the median price to $837,640 which is the highest in Australia.
Over the same period, capital city house listings were down 12.5% compared to this time last year and 32.7% below the five-year average.
Yet, despite the threat of interest rates rising, Ms Ezzy said unit markets could see increased demand this year.
“It is likely affordability constraints will gradually pull some demand away from houses towards more affordable units and with international borders opening this month, Australia may gradually see a return to pre-COVID levels of migration.”
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3 min
There’s no shortage of design inspiration online but nothing beats the joy of spending an afternoon immersing yourself in a good interior design book. Edited, carefully curated and, above all, designed, these titles take you behind the scenes of some of the world’s most beautiful interiors in a considered way. Think of it like the difference between listening to a few tunes on Spotify versus releasing a thoughtfully crafted studio album. We’ve assembled our top six of interior design books on the market right now for your viewing and reading pleasure.
1. Interiors beyond the primary palette
Step inside the world of award-winning interior design duo Juliette Arent and Sarah-Jane Pyke in this, their first compendium of their work. A ‘best of’ over more than 15 years working together, it’s a masterclass in working with colour and pattern as seen through 18 projects from around the country. With a focus on the idea of home as sanctuary, this hefty tome offers insight into the mind of the designer with points on where to find inspiration, meeting client briefs and the importance of relationships. Thames & Hudson, $120
2 House of Joy
If there was ever a book title for our times, then this is it. With a subtitle of Playful Homes and Cheerful Living, this book champions fun in interior design, with bold and bright homes from around the world to delight and inspire. While there’s a good dose of the unexpected, like a disco ball in the garden, there’s no mayhem in these spaces. Instead, they’re beautifully executed to tempt even the most colour shy. Gestalten, $105
3. Abigail Ahern Masterclass
Some design books are beautiful to look at, and that’s it. This is not one of those books. A master of colour and pattern, UK designer Ahern offers a practical foundational guide to beautiful interiors, mixing form with function in her latest book, Masterclass. Find the inspiration you need to create a gorgeous home. HarperCollins, $65
4. Interiors Now!
Looking for a visual crash course in international design trends with longevity? This is the book for you. Featuring homes across the globe, from New York to Auckland via Avignon, the biggest dilemma for readers is settling on a style. Many of the projects are owned by designers and creatives, lending a dynamic edge to this tome, now in its 40th year. Taschen, $50
5. Home by the Sea
For many Australians, the ocean holds an almost hypnotic appeal. Home by the Sea by Natalie Walton lets you imagine, for a little while at least, what it’s like living the dream in a beach shack in Byron Bay. The book tours 18 homes in and around the region and the hinterland owned by artists, designers and makers. With photography by Amelia Fullarton, it champions the good life. Hardie Grant, $60
6. The Layered Interior
Released last year, this is the third volume from award-winning interior designer Greg Natale. Different in format from his earlier books, the eight projects featured are Australian but with a slight Euro-centric focus. The writing is conversational, almost intimate, inviting the reader into the most luxurious spaces beautifully captured by photographer Anson Smart. This coffee table tome is perfect for dreamers and doers alike. Rizzoli, $110
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