1 in 8 areas reach double-digit growth
Doom and gloom? More like property boom! New research indicates that property in Australia is certainly thriving, with double-digit price growth recorded for one in eight locations Australia-wide over the last 12 months.
The research, conducted by Propertyology, saw median house prices rise by 10 per cent or more in 12 per cent of the country over the last year to April 2018.
“The property markets of 550 city councils spread across our eight states and territories is akin to the stock exchange for Australia’s property markets. 67 out of 550 had double-digit growth,” said Pressley, Propertyology’s head of research.
While capital cities are popular for property investing, 45 out of the top 67 locations achieving double-digit price growth were located outside of capital cities. These regional areas offer strong employment growth for tourism, health, agriculture and specialised manufacturing, as well as mining receiving a positive outlook while recovering.
“We’ve been saying for quite some time that the outlook for many parts of regional Australia is increasingly better than most capital city markets,” Mr Pressley said.
Of all the states and territories, Victoria saw the most locations seeing double-digit price growth at 28, followed closely by NSW at 27, then Tasmania with seven, South Australia with four and Western Australia with just one.
These double digit areas should not be passed over so easily however, as despite their abundance, Mr Pressley warned reaching double digit growth is something that is a rarity.
“Several capital cities still haven’t seen it since before the GFC. The strongest growth cycle unfolding right now is in strategically-chosen regional locations.,” he said.
“The Asian Century is real, it’s having a positive impact in key industries and this is flowing through to certain property markets, including regional Australia. The opportunities are significant, and we are only nineteen years into it.
“Local confidence and job growth increases demand for housing. Our buyer’s agents have already seen the positivity within regional communities flow through to property prices.”
Propertyology’s research also revealed out of the 67 locations, the majority at 45 had a median house price under $600,000.
The list of the 67 locations seeing double digit price growth according to Propertyology are:
|
Area |
Median house price
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|
Percentage of price growth over 12 months |
Area |
Median house price |
Percentage of price growth over 12 months |
|
Hume VIC |
$ 566,000 |
25.0% |
Newcastle NSW |
$ 640,000 |
12.6% |
|
Uralla NSW |
$ 367,000 |
24.1% |
Glenelg VIC |
$ 195,000 |
12.5% |
|
Whittlesea VIC |
$ 625,000 |
23.0% |
Wentworth NSW |
$ 272,500 |
12.5% |
|
Cardinia VIC |
$ 535,000 |
20.9% |
Berri & Barmera SA |
$ 191,500 |
12.3% |
|
Dorset TAS |
$ 220,000 |
20.0% |
Eurobodalla NSW |
$ 510,000 |
12.2% |
|
Nillumbik VIC |
$ 780,000 |
19.3% |
Launceston TAS |
$ 307,000 |
12.0% |
|
Casey VIC |
$ 620,000 |
19.0% |
Kyogle NSW |
$ 300,000 |
11.8% |
|
Snowy River NSW |
$ 495,000 |
18.9% |
Bega Valley NSW |
$ 470,000 |
11.8% |
|
Melton VIC |
$ 505,000 |
18.4% |
Burnside SA |
$ 960,000 |
11.7% |
|
Cooma-Monaro NSW |
$ 320,500 |
18.4% |
Lithgow NSW |
$ 342,000 |
11.7% |
|
Grant SA |
$ 275,000 |
18.0% |
Glamorgan TAS |
$ 411,000 |
11.6% |
|
Berrigan NSW |
$ 238,750 |
17.7% |
Port Augusta SA |
$ 195,000 |
11.4% |
|
Glenorchy TAS |
$ 376,000 |
17.3% |
Bass Coast VIC |
$ 418,000 |
11.3% |
|
Wyndham VIC |
$ 560,000 |
17.2% |
Macedon Ranges VIC |
$ 550,000 |
11.2% |
|
Mitchell VIC |
$ 430,000 |
15.9% |
Mornington Peninsula VIC |
$ 781,000 |
11.2% |
|
Kingborough TAS |
$ 576,600 |
15.7% |
Golden Plains VIC |
$ 445,000 |
11.2% |
|
Palerang NSW |
$ 727,500 |
15.6% |
Queanbeyan NSW |
$ 665,000 |
11.2% |
|
Gloucester NSW |
$ 286,000 |
15.5% |
Knox VIC |
$ 801,000 |
11.1% |
|
Dungog NSW |
$ 420,000 |
15.5% |
Tweed NSW |
$ 650,000 |
11.1% |
|
Wellington NSW |
$ 193,750 |
15.4% |
Dandenong VIC |
$ 700,000 |
11.1% |
|
Auburn NSW |
$ 985,000 |
15.0% |
Murrindindi VIC |
$ 980,000 |
11.0% |
|
Forbes NSW |
$ 260,000 |
14.8% |
Coffs Harbour NSW |
$ 342,500 |
11.1% |
|
Sorrell TAS |
$ 357,500 |
14.8% |
Inverell NSW |
$ 270,000 |
11.0% |
|
Moreland VIC |
$ 887,500 |
14.7% |
Colac-Otway VIC |
$ 325,000 |
10.9% |
|
Baw Baw VIC |
$ 405,500 |
14.7% |
Darebin VIC |
$ 997,500 |
10.9% |
|
Melbourne VIC |
$1,180,000 |
14.6% |
Muswellbrook NSW |
$ 300,000 |
10.7% |
|
Yarra Ranges VIC |
$ 685,227 |
14.2% |
Indigo NSW |
$ 307,000 |
10.5% |
|
Brimbank VIC |
$ 654,000 |
14.1% |
Moorabool VIC |
$ 432,250 |
10.5% |
|
Frankston VIC |
$ 625,000 |
13.9% |
Taree NSW |
$ 396,000 |
10.5% |
|
Roebourne WA |
$ 353,000 |
13.5% |
Wyong NSW |
$ 590,000 |
10.2% |
|
Hobart TAS |
$ 690,000 |
13.3% |
Strathbogie VIC |
$ 307,500 |
10.1% |
|
Shoalhaven NSW |
$ 575,000 |
13.2% |
Corangamite VIC |
$ 191,250 |
10.1% |
|
Kiama NSW |
$ 991,000 |
13.1% |
Gosford NSW |
$ 800,000 |
10.0% |
|
Geelong VIC |
$ 522,000 |
13.0% |
|
|
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