Melbourne property owners have a lot to be happy about, particularly those who have owned their properties for a long period of time.
As the chart from CoreLogic RP Data shows below, the median Melbourne house price has doubled over the past decade, adding to the even larger 168% increase recorded in the decade before. That’s a 438% increase in just two decades.
In comparison, consumer prices increased by 64% over the same period according to the ABS while Victorian wages growth – since September 1997 – rose by just 81.2%.
According to the RBA’s latest financial aggregates data, the level of outstanding national housing credit increased by $1.3519 trillion, or 821%, over the same time period.