Prospective buyers who once never had to consider purchasing units or apartments because Adelaide’s houses were so affordable now have no other option.
But many units and apartments are much more spacious and modern than they used to be, making them appealing, especially for those looking for a low maintenance lifestyle.
Latest PropTrack data shows Adelaide’s median unit price was $327,500 a decade ago – much cheaper than the $600,000 it is today.
Compared to house prices, which have climbed from a $422,500 median 10 years ago to $864,250 today, they’re much more affordable.
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Units and apartments are becoming more appealing to prospective buyers in Adelaide.
Ray White Adelaide City director Andrew Downing.
Ray White Adelaide City director Andrew Downing said houses have long been the more desired property type in Adelaide but that was starting to change.
“Back 10 years ago, most people then were looking at them for renting for kids, for students – a lot of the apartment market was student driven,” he said.
“But a lot of first-home buyers are buying apartments now.
“First-home buyers can only really buy apartments now because they’ve been priced out of the market.
“A lot of downsizers are buying apartments now too but 10 years ago very few I’d sell to them.”
Mr Downing said newer developments with high-end finishings and luxury features had changed the landscape of unit and apartment living.
The Covid pandemic was a catalyst for that change, he said, and more people were slowly starting to accept it.
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First-home buyers are among those embracing the change. Picture: Brenton Edwards
Turner Real Estate chief executive Emma Slape. Picture: Brad Griffin
“It does take some people a lot longer to get their head around apartment or high density living,” Mr Downing said.
Of those who had moved into units or apartments after delaying it for some time, Mr Downing said many wished they did it sooner.
Turner Real Estate chief executive Emma Slape said in September her agency had noticed a change in preferences of units over houses because it was a more affordable entry point.
She said first-home buyers and even small families were opting for units because they were more affordable and offered other lifestyle benefits.
“Years ago we wouldn’t have seen as many first-home buyers or even people having a life change,” she said at the time.
“Now they want to be close to the city to access better schools and save on transport costs.”
Ms Slape said newer apartment complexes that had a bigger community focus and offered more flexibility, including allowing pets, also made units more appealing than ever before.
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