Property prices are supposed to double every 10 years, the adage goes, but new data shows Sydney house values have risen at a faster rate than units, with apartments in some suburbs taking up to 26 years to double in price.

It took 10.9 years for Sydney’s median house value to double to $1,525,956, according to Cotality data, while units took 16.1 years to double to $868,341.

Cotality economist Kaytlin Ezzy said house values were driven by the land they sat on, which was becoming increasingly scarce.

“Units don’t have a strong correlation to the land,” she said. “You can increase unit supply by building up, without increasing the land size.”

Ezzy said strong unit development over the past decade had put downward pressure on unit values.

“Some investment-grade properties have taken som

See Full Page