Many banks shy away from supplying lending for apartments. A 50% deposit is often required therefore making it incredibly difficult for a first home buyer. It means that the deposit required for a $400,000 apartment is equal to that of a house costing $800,000.

However some banks have been bucking the trend and ANZ, for example have lowered their deposit to 20% for apartments larger than 38sqm. Capital gain for apartments at 17% is not that far behind houses at 28%. This gap is getting smaller.

There was some unease and talk of values plummeting once the borders closed but this has not come to be.

Parliament is currently in the process of passing the unit title amendment bill which will provide further hope for first time buyers.