I would not consider apartments penny stocks of property. Apartments fair well in NSW and VIC, as people there don't seem to mind living on top of each other. I find people in other states don't like the idea of living in apartments, myself included.
I own a house and apartment and both have been great investments. My apartment in Sydney has been a dream. I did get in at a good price, but I don't hear a peep out of the apartment. You pay your rates and strata, all tax deductible, and it just takes care of itself.
The house is a bit more maintenance and work in my opinion. I think both serve their purpose. But for a set and forget investment the apartment does have some good selling points.
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