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For first home buyers, the decision between a house and an apartment often comes down to budget. The median price gap varies significantly by city:Sydney: Median house $1.4M vs median unit $800K - a $600K gap. For many FHBs, an apartment is the only realistic entry point.Melbourn
It depends on your market and time horizon. If a house is within your budget and you plan to stay 7+ years, houses typically build more wealth through higher capital growth. But if affordability is the barrier, an apartment gets you on the property ladder sooner - and time in the market usually beats waiting for the "perfect" property.
Expect $800–$1,500 per quarter for a basic low-rise apartment without amenities, $1,500–$2,500 for mid-rise with a pool or gym, and $2,500–$3,500+ for luxury high-rises with concierge, pools, and extensive facilities. Always check the strata report for the actual levies and any planned increases.
If the lower apartment price lets you reach a 20% deposit, yes. For example, a $600K apartment needs $120K deposit to avoid LMI, while a $920K house needs $184K. Alternatively, eligible first home buyers can use the Home Guarantee Scheme to buy with 5% deposit and no LMI.
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