NSW Apartment by the beach or house further out?

The conventional wisdom says "houses experience better CG than apts" but of course, for almost any given budget there is a trade-off between location and land component. So let's assume the apartment is in a premium Sydney beachside suburb that is built out already and will not experience major increases in supply, but will benefit from a future major infrastructure project meaning that you could live 5-10 min walk or bike to the beach, and commute 15-20 min into the CBD.

Can an apartment ever match house+land for long term total return (ie: CG + rental yield) or would a land component eg: a terrace in an inner city location or a larger land component + bigger house in a less premium location, still be considered preferable?