Australia’s Shift: Rising Apartment Rents and Rebounding Prices
With apartment prices rising, rents surging, and the shift to higher-density living gaining pace, one of Australia’s leading property economists believes that this may mark the start of a major shift from housing to apartment living. The Ray White Group has reported that Australian apartment prices are now back to their 2022 peak, having barely fallen last year. There appear to be two reasons why apartment prices have returned to this peak so quickly. Firstly, they didn’t increase as much as house prices during the pandemic. Secondly, many people shifted from inner-city apartments to outer suburban and regional houses during lockdowns because living in small spaces with restricted movement was challenging. Many CBD amenities were closed, and there was no longer a need to live close to the office
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