Price growth in more than 60% of capital city apartment markets has outpaced or matched that of houses over the past 12 months.

Analysis by Hotspotting for Nuestar shows that in the 12 months to May, 62.9% of capital city apartment markets performed better than their freestanding house counterparts.

Nuestar founder, Michael Wilkins, says the data shows a shift in the Australian property market, challenging the longstanding real estate belief that houses are better value than units. “The common view is that the real money is in land, not apartments. However, that’s not our experience,” he says. “With lifestyle benefits, lower costs, and outstanding locations, apartments are fast becoming the preferred choice for both homeowners and investors.”

The Brisbane apartment market led the charge with 76.3% of its units recording higher growth than houses over the year. In Perth, 75% of apartment markets outperformed, 71.4% in Sydney, Adelaide 60% and Hobart 57.1%.

Wilkins says that the unit market continues to grow nationwide and offers good investment opportunities.