Despite house prices rising at their fastest pace in 32 years, apartments in Australia’s most oversupplied cities aren’t getting as much love from buyers.
- Some parts of Sydney and Melbourne have seen a big drop in unit prices
- An oversupply of apartments, closed international borders and lower rents are behind the price falls
- House prices have risen 7.4pc in the past year — much faster than unit prices (+2.3pc)
In some areas, unit prices have tumbled in the past year and still haven’t recovered from their COVID-19 slump — with Sydney and Melbourne the worst hit capitals.
Those cities, in particular, have relied heavily on international students and foreign workers being able to pass freely through Australia’s borders, to rent…