"I believe that the recent buyers securing properties in these suburbs would have included downsizers, first home buyers and young professionals."
Mr Viner also believes people are willing to throw more cash at apartments in some suburbs as they are "highly sought-after areas" where house prices are simply "unaffordable". "I don’t believe there has ever been a time when the gap between apartment prices and house prices has ever been so large. This is because whilst house prices have generally risen over the past two to three years, apartment prices have not."The price difference is roughly $357,000, and is far wider compared to every other capital.Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume.
"So it is a good time to be considering buying a unit because post-COVID I believe that gap will narrow. "More people will return to Sydney and if they need somewhere to live close to the CBD, they will buy a unit if they cannot afford a house."Last week, ABC News interviewed Melbourne buyer's agent Catherine Cashmore who unequivocally advises her clients:"Apartments are not a good investment if you’re searching for capital growth. The newer ones, especially, see their prices go backwards — before you see any appreciation at all.