Houses tend to dominate buyer conversations, but units have been steadily doing their share of the work. If you’re weighing up where your money could go furthest, they deserve a place on the list.
The long-term numbers are worth a look.
In Newcastle East, unit values have risen 27% over the past five years, compared with 10% for houses. It’s one suburb and every building is different, but it shows how units can build equity steadily while most of the attention goes elsewhere.
A more accessible entry point.
In September, the median unit value across Newcastle and Lake Macquarie was $796,897, compared with $1,049,932 for houses. That’s roughly $250,000 less, which can open the door for first home buyers, downsizers and investors looking for a more accessible start.
Lifestyle often comes built in.
Many units sit close to the beach, cafes and public transport, with less upkeep than a house and block. For buyers who want a simpler routine, that’s a trade-off worth considering.
Know what to look at before you buy.
Units come with their own checklist. Reviewing strata levies, the sinking fund balance, recent meeting minutes and the building report gives you a clear picture of how a building is managed and what ownership will cost. Results vary by suburb and by building, so comparing a few is time well spent.
Finding the right fit
Whether a unit or a house suits you comes down to your budget, your lifestyle and your plans. It helps to keep both on your list and compare them at your own pace.
Thinking about buying? Get in touch with our team to talk through what’s available and which type of property could suit you best.
