Apartments retain value better than houses, ABS figures show
Article by Mozo
Apartments, semi-detached townhouses and units retained their value far better than traditional houses in 2011, new figures have shown.
The Australian Bureau of Statistics (ABS) has revealed that the average price of a standard house across the nation's capital cities fell by 4.4 per cent last year.
In comparison, the value of apartments, townhouses and units only dropped by three per cent over the same period.
This trend was seen across most parts of Australia, with Perth and Darwin the only places where house prices fared better than other properties.
The ABS also revealed house price figures for the June quarter of 2012, which highlighted an increase of 0.5 per cent throughout the eight capital cities.
However, it seems the demand for mortgages is still largely subdued and the Housing Industry Association recently warned that the number of new building developments being approved has fallen sharply in many regions, which is not helping matters.
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