According to The Australian Financial Review, some apartment markets, particularly in coastal and tree change destinations, have clocked up as much as 27 per cent growth in values over the past 12 months, defying the broader weakness in the unit sector.
Analysis by CoreLogic of the areas with the biggest rise in apartment values found 14 suburbs racked up more than 20 per cent growth in the past year, defying the broader weakness in the unit sector.
Lennox Head on NSW’s north coast led the charge with a 27.6 per cent increase in values, followed by Victoria’s Ocean Grove and Torquay, with 26.3 per cent and 25.8 per cent gains respectively.
Gold Coast suburbs Palm Beach, Bilinga, Currumbin and Tugun also outperformed, with an average growth of 22.8 per cent across these areas.
Strong demand for homes in Brisbane’s bayside suburbs Cleveland and Wynnum lifted apartment values up by 25.1 per cent and 18.6 per cent respectively, while units in Sydney’s northern beaches suburb Avalon rose by 12.9 per cent.
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