Unit prices across Australia are swiftly converging with those of houses, with new data showing a significant narrowing of the price gap in major urban areas.

Nuestar and Hotspotting analysis shows apartments now leading in price growth across several suburban areas, challenging the traditional dominance of houses across all states.

Brisbane leads the charge with 76.3 per cent of its apartment markets showing stronger growth than houses over the year, while Perth follows closely behind, with 75 per cent of its apartment markets outperforming houses, driven by affordability and rising demand.

Sydney’s apartment market is also thriving, with 71.4 per cent of its apartment markets surpassing house price growth.

Read more about your state here:

> QLD: Units vs. houses: A tale of two cities

> VIC: Melb suburbs where units save you $1m

> SA: Where you can buy a house for a fraction more than a unit

> NSW: Apartment price growth outpacing house markets

Nuestar Founder and Director of Property Michael Wilkins said changing market conditions were challenging the old paradigms of real estate.

“The common view is that the real money is in land, not apartments. However, that’s not our experience,” he said.

“With lifestyle benefits, lower costs, and outstanding locations, apartments are fast becoming the preferred choice for both homeowners and investors.

“Prices per square metre are continuing to rise, and developers are recognising that quality design, premium inclusions, and integrated amenity are increasingly the key to market appeal.” 

Apartments are increasingly outperforming houses in price growth across multiple regions, new data shows.

Supplementary data by Ray White shows the gap between houses and units was closing the fastest in Brisbane.

The cost of a unit in Augustine Heights and Brookwater currently sits at $1,009,969 – just $12,975 shy of the $1,022,944 median house price.

Wolffdene and Bahrs Scrub also had house-to-unit price ratios of under 5 per cent.

In Darwin, Lyons is a suburb to watch with just $87,761 between houses and units, while Mandurah in had the smallest price ratio.

In Melbourne, unit prices were quickly catching up to house prices in Doveton, Hampton Park – East, Yarra Valley and Frankston North.

Seaford Rise and Moana in South Australia offered the smallest house-to-unit price ratios, while St Clair ranked in top spot for Sydney.

Ray White chief economist Nerida Conisbee said the appeal of units was only set to grow, particularly as houses in blue-chip postcodes remained out of reach especially for first-home buyers.

“People have been priced out of houses in suburbs like Hawthorn for a long time, but units remain accessible,” Ms Conisbee said.

“It’s a trade-off: do I want a big backyard, or am I happy with a smaller home in a better location?”

MORE NEWS

Shock salary you now need to buy a home

Why luxury home dream could be out of reach for millions

Great Aussie dream crushed by cost surge

Ray White chief economist Nerida Conisbee urges buyers to embrace apartment living as home ownership was increasingly becoming more expensive.

Ms Conisbee said Australia was undergoing a slow cultural shift, from suburban sprawl to inner-city density, but was still coming to terms with the change.

“We still love the idea of having a big house and a lot of land,” she said.

“The reality is household sizes are shrinking and it’s much cheaper from an infrastructure perspective to increase density.

“That means more people will need to embrace apartment living, especially if they want to stay in high-demand suburbs.”

Ms Conisbee said rising construction costs was helping to improve values for quality units.

“It’s becoming harder and more expensive to build new apartments, which is why quality units in desirable locations are actually holding their value, or even outperforming.”

Supplementary research by Nuestar and Hotspotting found 62.9 per cent of apartment markets recorded higher or equal median price growth compared to houses over the 12 months to May, 2025.

The post Where you can buy a house for the price of a unit appeared first on realestate.com.au.

House and unit prices have begun to converge in many Sydney areas, with new data showing property seekers can get houses for only marginally more than a unit in some locations.

The exclusive Ray White research indicated the average difference between units and houses in certain western suburbs was as little as 20 per cent – well below trend for Sydney, where houses are typically about 80 per cent pricier than units.

The narrowing of house and unit prices in some areas has followed a long run of unit price increases since interest rates began to rise in early 2022.

Dave and Rose Ung sold their suburban house to move into a unit instead. Picture Thomas Lisson

MORE: Boom to bust: home prices plunge in key Sydney areas

Higher rates forced more buyers to target cheaper units and the resulting increase in competition pushed up apartment prices – especially in suburbs west of Parramatta.

There has also been large scale unit development, which has meant units are often a lot newer than the local house stock and this has attracted a premium.

Western Sydney suburb Lethbridge Park had one of the tightest gaps between unit and house prices. A unit or townhouse in the area cost an average $647,000, while houses cost $838,000 – just 22 per cent, or $190,000 more, according to Ray White.

The analysis revealed that by boosting your budget between 20-25 per cent, buyers in St Clair, Gorokan, Kanwal, Charmhaven and Cambridge Park could buy houses instead of units.

Lethbridge Park house sold for $780,000 in May.

MORE: ‘Over the top’ house sells for $18.5m

Aus’s worst neighbours exposed

20 suburbs where rents will rise for ‘long period of time’

On the other hand, apartments offered an entry into some of Sydney’s most sought-after and expensive markets, where the analysis revealed the difference between the two dwelling types was an eye-watering $3m.

Ray White chief economist Nerida Conisbee said the areas with a smaller price gap likely had older houses competing with newer apartments and townhouses.

“But if you’re looking long term and might do a renovation project or a knockdown rebuild, there’s opportunity there,” she said.

That climate contrasted with much of the north shore, including suburbs Greenwich and Riverview, where money-conscious buyers were far better off buying a unit.

Greenwich unit sold for $850,000 in May.

Apartments in these areas cost about $1.07m compared to the median price of a house at $4.06m, a saving of almost $3m.

It was a similar story for nearby Mosman, along with eastern suburbs Bellevue Hill, Dover Heights and Rose Bay.

Ms Conisbee said Aussies in most city areas would need to embrace apartment living for affordability reasons but those who could afford houses would benefit from more capital growth.

MORE: ‘Name and shame’: Furious crackdown on underquoting

“When we look overall at a city, houses do generally outperform apartments,” she said.

Buyers advocate Cate Bakos said it came down to the buyer’s needs.

Greenwich house sold for $3.5 in March.

“If their dominant need is location I’ll be talking to them about a unit if they’re priced out of a suburb. If their dominant need is the dwelling size and the long tenure of the home, we look at houses,” Ms Bakos said.

Eddie Dilleen, one of the country’s most successful investors, found purchasing a unit was more cost affective in building a large property portfolio.

“About 70 per cent of my portfolio is affordable units, townhouses and villas and I’ve had better results with these kids of properties,” he said.

Rose and Dave Ung decided to flip the narrative and sold their suburban family home to move into a three-bedroom apartment in Rhodes with their two kids and dog.

“(We’re) well connected with public transport, we have immediate access to parklands,” Ms Ung said.

The Daily Telegraph Friday 13 June 2025 Unit Vs Houses David Ung Oscar Ung Charlie Ung and Rose Ung and dog Kody are happy in their Rhodes apartment the facilities and location suits their family lifestyle. Picture Thomas Lisson

“There is such a big (price) difference between the houses, a couple million dollar difference … we have a three bed apartment and study, so it’s quite generous and works for our family, there wasn’t a benefit in forking out a couple extra million.

“What I like about apartment life is the community aspect, shops, convenience of things, I’ve connected with the community and the local cafe owner … in our house we didn’t even have a favourite cafe.”

Billbergia’s development director planning and design Saul Moran buyers aren’t necessarily prioritising houses and land but “liveability, the convenience of living close to amenity and transport”.

Rhodes residents in Bilbergia’s Oasis and Peake buildings could access a pool, spa, kids splash zone, table tennis, work from home break outpaces and an off-leash dog park that added another element of convenience for the residents, he added.

“It’s the evolving nature of the great Australian dream that’s more viable in the modern economic world,” he said.

MORE: Fashion icon’s splurge after $20m payday

Most Aussies are using their heater wrong

The post House vs unit: areas with smallest and biggest price gaps appeared first on realestate.com.au.

A new report has revealed the suburbs where you can live the lifestyle for less and save big by buying a unit over a house, and those where the price gap is so close you could be better off saving for the house and land.

New Ray White data shows Toorak Gardens has the greatest difference between median house and unit prices.

The median house price is $1.879m, whereas the median unit house is $717,855 – a difference of 61.8 per cent or a whopping $1.1615m.

Walkerville wasn’t far behind, dollar-wise, though was ahead on percentage.

Toorak Gardens from the air. Supplied

The price difference between its median house price – $1.59m – and its median unit price – $604,745 – is $985,876, or 61.98 per cent.

Belle Property Unley real estate agent Thomas Krajnc, who has sold 11 apartments in Walkerville’s The Watson complex over the past 12 months, and has another three under contract in there and another for sale – apartment 325 – said it offered a fantastic lifestyle for far less than the cost of a house.

“If you look at median value of a unit, you’re saving yourself about a million dollars, but you still get to live along Walkerville Tce ten minutes from the city, you’ve got buses, parks and good schooling – so in terms of lifestyle versus cost ratio, you’re saving a lifetime of fortune,” he said.

Belle Property Unley real estate agent Thomas Krajnc in The Watson at Walkerville. Picture: Brett Hartwig.

“When you look at The Watson, you’ve got a pool, a gym, a cafe, there are outdoor areas, a reception desk and unit offerings for every type of buyer – you’re buying into a resort.

“Some of the residents here are buying and then upsizing within the same complex, waiting up to a year for a suitable property to come up.”

At the other end of the spectrum, the report also shone a light on the suburbs where buyers could buy a house for not much more than the price of a unit.

And in SA, that’s Port Augusta, where the median house price of $278,084 is just 12.47 per cent or $34,682 more than the median unit price of $243,402.

Port Augusta’s foreshore. Pic: Supplied

Seaford Rise – Moana offers the smallest gap between houses and units, with a difference of 18.97 per cent, or $156,470.

The median house price in this area is $824,760 and the unit price is $668,290.

Ray White chief economist Nerida Conisbee said units offered an affordable alternative to houses.

“Obviously it’s getting harder and harder to buy a house in highly desirable inner suburbs and, for sure, people have been priced out and probably have been priced out for a long time,” she said.

Ray White chief economist Nerida Conisbee

“If you’ve got $750,000, you can probably buy a unit in most desirable suburbs in Australia, maybe not Sydney, but certainly in all other capital cities.

“Alternatively, you can also buy a house for that money on the urban fringe, which I think is a trade off that people make.”

Ms Conisbee adds that as houses became more expensive, more buyers needed to embrace apartment living.

“Australia is slowly becoming more like the rest of the world,” she said.

“If you look at most major cities around the world, people don’t really own houses or are less likely to own a house. In fact, they are less likely to live in a house compared to an apartment.”

– with Lydia Kellner

The post House or unit? Here’s where you’re better off buying one over the other appeared first on realestate.com.au.

Crowne Plaza Geelong general manager John Dickson.

The new general manager of Geelong’s biggest hotel has revealed when recruiting will start for the bulk of front of house jobs before the first paying guests arrive.

The 200-room Crowne Plaza Geelong is a key component of the Nyaal Banyul Geelong Convention and Event Centre which is under construction on the waterfront.

Industry veteran John Dickson has been appointed Crowne Plaza Geelong’s general manager and has hit the ground running ahead of an expected opening early next year.

RELATED: Long-time publicans list popular Geelong West hotel for sale

After putting off the Ritz, Geelong hotels join Oaks brand

Queenscliff Brewhouse set to reopen with Australian Venue Co revamp

Mr Dickson said a date hasn’t been set to welcome the first paying guests, but revealed the hotel would open before the convention centre, once the pre-opening team had been recruited and the hotel put through its paces.

“We’ll get the hotel handed over to us from the builder towards the end of the year and we’ll start co-ordinating the installation of furniture and fittings and equipment and all the operating supplies that we need to present the hotel to a standard so we’ll be ready to open,” Mr Dickson said.

“This sounds easy but I can tell you it goes into detail from picking knives and forks for the restaurant and the bed linen and towelling for the rooms and everything in between.

The 200-room Crowne Plaza Geelong will open before the neighbouring Nyaal Banyul Geelong Convention and Event Centre. Picture: Alan Barber

“In January, we’ll put the staff through for a trial stay under normal hotel conditions and we’ll test everything to make sure that everything works exactly as it should.”

Head of sales and marketing Karen Jackson is Mr Dickson’s first appointment, while recruiting has opened for human resources and finance manager.

“Over the course of the next three to four months, the management team will come on board, and then towards the end of the year we’ve got some assistants and supervisors to come on board, and then we’ll also recruit in December for all of the front of house people,” he said.

“We’re going to be around 90-plus people for the pre-opening period, and then we’ll be in the new year, we’ll train them up in January.”

Among the people to be recruited will be a sommelier, who will oversee the wine selection that will heavily feature Geelong, Bellarine Peninsula and Surf Coast producers, and mixologists for the hotel’s 10-floor Sky Bar.

The hotel extends Geelong’s north-facing Corio Bay waterfront, with a 10th floor Sky Bar offering the best views. Picture: Alan Barber

“The Sky Bar will be a unique aspect of the hotel. That’ll be a 90-seat cocktail bar on the 10th floor of the hotel, overlooking Corio Bay.”

The up-market bar and lounge will have its own kitchen and be available for before and after dinner and for functions.

“That will be a great asset for the hotel and for our guests, but also for locals to. It obviously will have amazing views.”

An all-day Italian trattoria on level one will include a 100-seat restaurant and a 60-seat bar, with a wood-fired pizza oven.

The $120m hotel is fully funded by Plenary Group and will be operated by IHG Hotels & Resorts under the Crowne Plaza brand.

The development is part of a total $250m being invested by Plenary in the convention centre precinct in associated retail, commercial and mixed-use spaces.

The post When jobs ads open for Geelong’s biggest hotel revealed appeared first on realestate.com.au.

Welcome back to Tech Pulse — a new weekly series rounding up the latest in technology, including tools, integrations and trends impacting mortgage and real estate.

Here’s what happened this week:

UWM’s Jason Bressler challenges the fear-driven narrative around AI in mortgage lending

At HousingWire’s The Gathering, United Wholesale Mortgage Chief Technology Offficer Jason Bressler challenged fears about AI in lending, calling it a tool for empowerment — not replacement. As debate swirls over job loss and security risks, Bressler urged the industry to embrace AI or risk falling behind, likening resistance to ignoring the internet in the ’90s.

Optimal Blue introduces automated refi tool

As refi activity shows signs of life, Optimal Blue launched a new tool to help loan officers capture refinance opportunities automatically. The tool, Capture for Originators, identifies leads, runs pricing, and preps borrower presentations — cutting hours of manual work. It arrives as May saw year-over-year growth in both cash-out and rate-term refis.

Real estate roots to tech innovation: Preston Guyton’s ez Home Search is changing the game

As real estate and mortgage sectors consolidate, ez Home Search breaks barriers with scalable, privacy-focused tools empowering agents and loan officers. At The Gathering, founder Preston Guyton revealed how this agent-first platform drives rapid growth by prioritizing lead exclusivity, consumer trust, and innovative solutions — reshaping the future of home buying and lending.

EliseAI to integrate conversational AI into Zillow Rentals listings

Zillow Rentals is teaming up with EliseAI to bring conversational AI directly to multifamily listings by Q3 2025. Branded “AI Assist,” the tool will provide renters instant answers in 50+ languages, book tours, and follow up automatically — streamlining leasing and boosting lead conversion for property managers across the Zillow platform.

Unlock MLS, Omni MLS partner on international property access

Unlock MLS has partnered with Latin America’s Omni MLS to integrate international listings from 17 countries into its system, expanding to 21 soon. The move aims to help Texas agents access global property data, support cross-border deals and tap into growing migration and investment ties between Latin America and the U.S.

AI training could be alienating, leaving out older adults

As AI adoption accelerates, older adults risk being left behind. A new Kiplinger report warns that age bias in AI training data — often shaped by younger users — could sideline seniors in tech design and utility. Experts say inclusive development is critical as AI reshapes industries like health care and financial services.

RetroRate funding round will fuel assumable mortgage tool set

RetroRate — a startup simplifying the process of finding and evaluating assumable mortgages — raised $2.2 million in seed funding. The company provides real estate agents with MLS-powered tools and data to uncover low-rate loans, aiming to revive a long-forgotten financing option amid high interest rates and limited housing affordability.

Xactus integrates flood compliance solution with ICE’s mortgage servicing system

Xactus has integrated with ICE’s MSP loan servicing system to automate flood zone updates, eliminating manual processes for mortgage servicers. This innovation ensures real-time compliance with FEMA flood map changes, reduces risk, and boosts efficiency — offering servicers a seamless, cost-effective solution to manage flood certification updates.

Experian partners with Plaid on real-time cashflow insights

Experian announced a new collaboration with financial data network Plaid, aimed at helping lenders leverage cashflow insights to make smarter decisions and create new opportunities for consumers. With the new integration, lenders have access to the companies’ combined expertise in credit analytics and real-time cashflow data from a single solution.