The gap between house and unit values is widening even though the pace of price growth is becoming stronger in the unit market.

PropTrack analysis shows the difference between median capital city house and unit values was $286,000 in June 2024 compared to June 2023 when it was $251,000. In the past 12 months median house values have increased by 7.23% in capital cities and unit prices have increased by 5.46%, but PropTrack senior economist Eleanor Creagh says in the past quarter unit price growth has picked up pace. In June 2024 unit values grew by 0.32% across the combined capital cities while house values increased by 0.2%.

Creagh says the affordability of apartments means sales volumes in the year to May 2024 are almost 20% higher than the same period in 2020. She says the share of apartment sales has increased most in Sydney, Perth and Brisbane.