Home prices in Sydney and Melbourne have rocketed higher over the past decade, leaving those in Australia’s smaller capitals in their wake.
Indeed, in some parts of Sydney and Melbourne, house and unit prices have not only doubled but near-tripled in some suburbs.
However, despite the price divergence that’s been seen between Australia’s largest and smaller capital city markets over the past 10 years, that’s not to say there haven’t been some pretty significant gains in the likes of Canberra, Brisbane, Adelaide, Perth and Darwin over this period.
These tables from CoreLogic reinforce that point.
They show the suburbs in Australia’s other states and territories that have seen the largest percentage increase in median house and unit prices since May 2008. With the exception of units in Queensland, where the largest gains have concentrated on the Gold Coast, most are located in the capital cities in the more populous locations.
Here’s the list from the ACT.
And for Queensland.
As well as the Northern Territory.
While lagging the gains in Sydney and Melbourne, there’s still been some fairly significant increases over the past 10 years.
Looking ahead, with tighter lending standards and soft household income growth likely to stymie price growth in Sydney and Melbourne, some expect home prices in other parts of Australia to outperform given better levels of affordability.
Earlier this year, Shane Oliver, Chief Economist and Head of Investment Strategy at AMP Capital, said that home prices in Perth and Darwin are either “at or close to the bottom” while growth in Adelaide, Brisbane and Canberra was “likely to be moderate”.
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