Invest
Property prices double since GFC
The median price in some of Australia’s capital cities have exploded in recent years, with new data showing that values in two cities almost doubled in the last eight years.
Property prices double since GFC
The median price in some of Australia’s capital cities have exploded in recent years, with new data showing that values in two cities almost doubled in the last eight years.
Sydney’s median dwelling price has shot up by 99.4 per cent since 2009 to stand at $850,000, the latest CoreLogic data has revealed.
Not to be outdone, Melbourne’s price growth trails slightly behind, growing by 85 per cent to come in at $640,000.
It’s no secret the two cities have enjoyed spectacular price growth in recent years, but while concerns over housing affordability persist, prices show no signs of abating.
Last year alone, the median house price in Sydney jumped 16 per cent, according to CoreLogic’s data, making it the fastest growth since investment levels surged in September 2015.
Melbourne again showed comparable growth, posing a rise of 11.8 per cent over the same period.
Elsewhere, median dwelling growth was not as strong but was steady nonetheless.
Source: CoreLogic
ING head of Treasury Michael Witts told nestegg.com.au that house prices in the Australia’s largest two cities will continue to strengthen.
“The house market is driven by a whole range of dynamics and I think that market will continue to be well supported,” Mr Witts said.
“We’ve had double digit price increases for the last three or four years now so I think we’ll see a period now where price growth is less than double digit and that may involve some plateauing.”
However, that strong demand for housing means that those looking to get into the market will be unlikely to see much relief.
“I think there have been a number of people, particularly first home buyers that have been shut out of the market so any decrease in the market will probably be fairly well supported by that sector of the market,” Mr Witts said.
“If there’s been abnormally strong price increase in particular areas of the market, that’s most probably been driven by one-off factors, you could well see those prices become more normalised.”
RELATED ARTICLES
Property
North platform adds household reporting feature to boost adviser efficiency
AMP's North platform has launched consolidated household reporting across multiple client accounts, helping financial advisers streamline their client review processes. Read more
Property
What Adds The Most Value To Properties?
Wondering how to up the value of your property? Properties are worth a lot of money in general, but there’s always a way to maximise value. The good news is that most of the things you can do to ...Read more
Property
Centuria reports strong growth in alternative real estate sectors for FY24
Centuria Capital Group has reported significant growth in alternative real estate sectors for the 2024 financial year, driving stable performance and increased guidance for FY25. Read more
Property
How to leverage equity in your home for investment or renovation
Home equity, the value of your property minus any debts owed, is a powerful financial resource many homeowners in Australia can utilize to further their financial goals. Whether you're looking to ...Read more
Property
Exploring REITs: Real estate investment without buying property
Real Estate Investment Trusts (REITs) offer a compelling investment alternative for those interested in the real estate market but may not want to endure the complexities and capital requirements of ...Read more
Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more
Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more
Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more
Property
North platform adds household reporting feature to boost adviser efficiency
AMP's North platform has launched consolidated household reporting across multiple client accounts, helping financial advisers streamline their client review processes. Read more
Property
What Adds The Most Value To Properties?
Wondering how to up the value of your property? Properties are worth a lot of money in general, but there’s always a way to maximise value. The good news is that most of the things you can do to ...Read more
Property
Centuria reports strong growth in alternative real estate sectors for FY24
Centuria Capital Group has reported significant growth in alternative real estate sectors for the 2024 financial year, driving stable performance and increased guidance for FY25. Read more
Property
How to leverage equity in your home for investment or renovation
Home equity, the value of your property minus any debts owed, is a powerful financial resource many homeowners in Australia can utilize to further their financial goals. Whether you're looking to ...Read more
Property
Exploring REITs: Real estate investment without buying property
Real Estate Investment Trusts (REITs) offer a compelling investment alternative for those interested in the real estate market but may not want to endure the complexities and capital requirements of ...Read more
Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more
Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more
Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more
