Median house prices in Australia have been increasing over the past two decades. Topping the list are Melbourne and Sydney.
Nationally, the median selling prices of residential properties have risen at an annual rate of 7.2 percent. This means that property prices have doubled over 10 years.
Council Areas with Highest House Price Hikes
Over the 20 years through to December 2016, the top council areas that recorded median house price increases were led by Murrumbidgee, Isaac, Monash, Whitehorse and Boroondara. The Murrumbidgee council area is situated in the Riverina areas of New South Wales and has experienced a rise in median house prices at an annual rate of 13.0 percent. Isaac, on the other hand, lies in the Bowen Basin of Queensland and has experienced a mining boom in the past three to four years. The other council areas in the Top 25 list are shown in the table below.
Council Areas With Lowest Annual Increase
Meanwhile, Coolgardie topped the list of council areas with the lowest annual increases in median house prices in the past 25 years. Following behind in the top 5 are Yilgarn, Dundas, Paroo and Unincorporated SA. Most of these council areas are located in the regional markets focusing on either mining or agriculture. The others in the bottom 25 are shown in the list below.
It should be noted that the past experiences are not a measure of an area’s future performance. Experts would point out, though, that economies that have diverse industries and not limited to one or a few are more likely to see a higher housing demand. The high demand for houses also often leads to rising selling prices for residential properties.
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By Wendy Chamberlain
Copyright 2018 | All Rights Reserved
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With a passion for all things real estate spanning 18 years, Wendy loves that her role as a Buyers Advocate gives her buyers an experienced voice they can trust when it comes to negotiating to purchase something as important as their new home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.FollowWendy.com for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.