Values Double In Leading Growth Areas

Posted on 30/07/2018  
Values Double In Leading Growth Areas

Home-owners in Australia are an average 44% better off than they were 10 years ago, as a result of increases in national dwelling values.

CoreLogic research indicates that the combined capital cities recorded an increase of 53% in dwelling values, and the combined regional markets 17%.

Houses performed better than apartments, with values increasing 47% nationwide, compared with 34% growth for units.

Analyst Cameron Kusher says this is not surprising, given “most people still aspired to own a house rather than a unit”.

The best-performing region in the last ten years was Sydney’s south-west including the suburbs of Preston, Cabramatta, Fairfield and Wattle Grove, where values rose 113%.

Other regions where house values doubled in the past decade were:-

  • Parramatta (107%);
  • Sydney’s inner south west including Padstow, Sandringham, Earlwood and Belfield (106%);
  • Sydney’s outer south west covering Campbelltown, Camden and Picton (103%);
  • Melbourne’s fast-growing south -east including Frankston, Casey, Greater Dandenong and
  • Monash (103%) and Melbourne’s west incorporating Bacchus Marsh, Werribee, Melton and Altona (102%).

No regions of New South Wales, Victoria, Tasmania, the Northern Territory and the Australian Capital Territory recorded a decline in values over the past decade, but most regions in Western Australia recorded a decline, as did a handful of places in South Australia and Queensland.

“Value growth in New South Wales and Victoria has been substantially stronger than growth elsewhere,” Kusher says.

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