While they’ve come off the boil in recent months, home prices in Sydney and Melbourne have risen sharply over the past decade, fuelled by falling interest rates, strong population growth, an increase in foreign and local investor activity and, up until the past few years, a slow uptick in new supply.
The gains have been enormous, far outpacing those seen in other Australian markets.
However, some suburbs have seen median values increase faster than others — both in dollar and percentage terms.
That point has been rammed home by the tables below supplied by CoreLogic, revealing the suburbs in New South Wales and Victoria that have seen the largest percentage increase in median values for houses and units over the past decade.
Here are the top 10 in New South Wales.
And in Victoria.
The suburbs included in the lists all had a minimum turnover of 50 properties in the decade to May 2018. Those with fewer property transactions were excluded from the analysis.
While some of the growth has been spectacular in Sydney and Melbourne, with official interest rates already at record lows, at a time when lending standards are being tightened and an abundance of new stock is hitting the market, a repeat performance over the next decade appears unlikely in the absence of an unexpected surge in household income levels.
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