Why WA is bucking the national trend towards apartments
As interest rates continue to rise, some real estate experts expect an increase in apartment sales across Australia due to the large gap between the average house and unit prices. The Reserve Bank last week increased its interest rate target by 50 basis points to 1.35 percent. It also increased the interest rate on the exchange’s settlement balance by 50 basis points to 1.25 percent. James Kirkland, director of sales for national real estate agency Upside Realty, told NCA NewsWire that buyers’ borrowing power is dwindling and it’s being felt across the property market. Kirkland said he hopes the lifestyle apartments, which offer green space and amenities, will be seen as a viable alternative for those who can no longer afford a home. “Since March 2020, the value of the capital city unit has increased 9.8 percent, compared to 24.7 percent for houses, which makes it a more affordable option for the community,” he said. Camera Icon Lifestyle apartments, which offer green ...
