The Rise of the Walk Up: Why Old Apartments Are Outsmarting Houses in Victoria Words: Melly Shute
Who knew that the slightly shabby, no lift, 1960s and 1970s walk up apartment would become the star of Victoria’s property market? While everyone has been chasing houses with white picket fences, these old flats are quietly outperforming detached homes in price growth, proving that sometimes smaller, simpler, and cheaper to run really does win.
Recent data shows unit prices in Victoria have been climbing faster than houses in many suburbs. Some forecasts predict apartment prices could rise by seven per cent this year, slightly ahead of house price growth. For first home buyers, the maths is simple. House prices have risen nearly seventy per cent over five years while units have grown about thirty per cent, meaning entry level buyers can get a foot in the door far sooner with an apartment.
And not just any apartment. The old walk ups are enjoying a renaissance thanks to low ongoing costs, spacious floor plans, and minimal maintenance. Unlike new towers with huge owner corporation fees, these classics are affordable to run, making them attractive for budget conscious buyers and young families alike.
The appeal goes beyond first home buyers. Boomers looking to downsize are drawn to the convenience and low maintenance, while investors love them for steady rental returns. Many of these apartments are already set up for tenants, with functional layouts and inner city locations that remain highly desirable.
Agents and developers say demand is rising because buyers want inner city convenience without the house price headache. Even regional markets such as Ballarat are seeing unit prices outperform houses as affordability pressures mount.
So is this a bubble or the start of a long term shift? Opinions differ. Optimists cite strong fundamentals and steady buyer interest. Skeptics worry about potential oversupply and economic cooling. Either way, for now, these old apartments are proving that charm, space, and a low bill can beat fancy facades and sprawling lawns.
For buyers who dismissed apartments, the message is clear: sometimes the smarter path to property ownership is up a few flights of stairs.
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