A shift towards unit living is gaining steam as house prices continue to surge across Australia’s capital cities, according to new research.
The latest PRD Affordable and Liveable Property Guide shows that nearly 50 per cent of unit markets across major capitals remain within reach for buyers, compared to just 29.2 per cent for houses.
Brisbane has emerged as the most accessible market for unit buyers, with 60.3 per cent of suburbs considered affordable, despite recent price increases pushing the city’s unit values above Melbourne’s.
The report identified specific areas that have good value for buyers, with Spring Hill in Brisbane offering units at $480,000 with a 5.8 per cent rental yield, while Sydney’s Merrylands presents houses at $1,250,000 with a 5.9 per cent return.
Melbourne’s Broadmeadows emerged as a standout performer, with houses available at $568,000 and a 4.3 per cent rental yield, while offering strong future development potential.
PRD’s research found that buyers are increasingly having to compromise on location to secure affordable properties.
“Choosing an affordable and liveable suburb in Brisbane was the most difficult, due to property price growth in most of Brisbane’s suburbs and a low level of new residential stock planned,” the report said.
The research considered multiple factors, including price trends, investment potential and liveability criteria such as crime rates and amenity access.
“Sydney and Melbourne proved easier, as many suburbs are still experiencing negative or low-price growth and a higher level of new residential stock in the pipeline,” the report said.
Hobart has maintained its position as the most affordable capital for house buyers, with 40.4 per cent of suburbs falling within the affordable range.
“The percentage of affordable suburbs for units is much higher, at an average of 48.7 per cent across Sydney Brisbane Melbourne and Hobart,” the report said.
“This is better than 29.2 per cent for houses.”
