House And Unit Value Disparity At All Time High
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House And Unit Value Disparity At All Time High

Unit values have continued to underperform.

By Terry Christodoulou
Mon, Feb 21, 2022 10:49amGrey Clock 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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A waterfront home in the Hamptons village of Sagaponack, New York, is on the market for the very first time.

Asking $25.95 million, the gray shingle-style home was built in 2008 by the seller and has since been available as a summer rental, but it’s never been up for sale.

Designed by architect Faruk Yorgancioglu, the “waterfront home offers privacy and panoramic beauty that cannot be duplicated under today’s zoning laws,” said co-listing agent Marilyn Clark of Sotheby’s International Realty – Bridgehampton Brokerage.

Jaime Lopez for Sotheby’s International Realty

The seller bought the property, which at the time had two small structures, at auction in 2005 for approximately $2 million, according to co-listing agent Deborah Pirro of Daniel Gale Sotheby’s International Realty. Mansion Global could not contact the seller.

The home hit the market Thursday, and in addition to Clark and Pirro, it is co-listed by Raquel Lopez of Sotheby’s International Realty – Bridgehampton Brokerage and Diane Anderson of Daniel Gale Sotheby’s International Realty.

Spanning 6,000 square feet, the home is filled with bright interiors, which were designed by New York-based interior designer Steven Gambrel. The open gourmet kitchen flows into a casual dining area and a living space with a fireplace, which is one of two double-sided fireplaces in the home, Pirro said.

A sunroom overlooks the water.
Jaime Lopez for Sotheby’s International Realty

“The placement and scale of fireplaces throughout the home is perfection,” she added.

A separate dining room has French doors that open onto a deck, listing photos show.

There are six en-suite bedrooms, including two primary bedrooms. The larger of the two is its own private retreat, outfitted with a fireplace, a sunroom and a large balcony, offering a space to watch the sun set over Sagaponack Pond, according to Sotheby’s.

Jaime Lopez for Sotheby’s International Realty

The home sits on a little more than an acre of waterfront land, bordering Sagaponack Pond, where there’s a private dock, and looking out at the Atlantic Ocean in the distance.

“The location on the pond with the view of the ocean waves breaking is spectacular and unique,” Clark said. “You are close to beaches and the Sagaponack General Store. It is a quick paddle to the famous Sagg Main Beach.”

Other outside amenities include a gunite swimming pool and a hot tub, which are surrounded by a spacious deck, as well as a pool cabana, which has a full bathroom, changing rooms and a sauna. There’s also multiple balconies, decks and a screened porch overlooking the pool, striking a balance between indoor and outdoor living.

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