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It has become a bit of a myth that property values double every ten years – except in these suburbs

by | Oct 10, 2016 | property

This article was first published by Michelle Hele network online real estate editor for News Corp Australia Network on the 7th Oct 2016

 

GENERALLY the old adage that property values double every ten years has been busted, but new analysis reveals it still holds true in some suburbs – in fact more than 600 suburbs.

 

The median house price ten years ago was $330,000 while the median unit price was $310,000.

 

Now the median house price is $499,000 and unit price is $445,000.

 

According to Cameron Kusher of CoreLogic based on these broad national figures it didn’t come close to doubling.

 

“What we’re seeing here is a selling price increase of 51 per cent for houses over the decade and by 44 per cent for units,’’ he said.

 

None of the capital cities have a citywide median house or unit price that has doubled, although Sydney and Melbourne came close.

 

But he said as the property market was fairly diverse across individual capital cities the results varied significantly.

 

Mr Kusher said from all the suburbs in Australia only 573 doubled their median house price and 159 doubled their median unit price between June 2006 and June 2016.

 

That equated to about 10 per cent of suburbs doubling their median in the past decade.

 

New South Wales had the highest number of suburbs where property values doubled in the past decade, 302 for houses and 75 for units.

 

In Victoria medians doubled in 205 suburbs for houses and 50 suburbs for units.

 

In Queensland values doubled more in unit market suburbs – 12 compared with 11 suburbs for houses.

 

South Australia had nine suburbs where the median house price doubled and eight suburbs where the median unit price doubled.

 

In Western Australia prices doubled in 32 suburbs for houses and three for units. Tasmania only had one suburb where values for houses doubled, Northern Territory had 10 plus eight suburbs where unit values doubled.

 

In the ACT there were three suburbs where median house prices and unit prices doubled.

 

TOP 5 SUBURBS WHERE MEDIAN HOUSE PRICES DOUBLED

Median 2006 vs median 2016 and % increase

 

SYDNEY

Burwood $705,000 – $2,300,000 – 226%

 

Pemulwuy $309,500 – $913,000 – 195%

 

Vineyards $497,500 – $1,415,000 – 184%

 

Darlington $562,500 – $1,550,000 – 176%

 

Ropes Crossing $225,000 – $620,000 – 176%

 

MELBOURNE

Glen Waverley $437,000 – $1,267,000 – 190%

 

Box Hill South – $418,000 – $1,201,400 187%

 

Clayton – $348,500 – $1,000,000 – 187%

 

Glen Huntly – $492,500 – $1,410,000 – 186%

 

Mount Waverley $440,000 – $1,253,500 – 185%

 

BRISBANE

Heathwood – $203,000 – $575,000 – 183%

 

Nudgee – $282,500 – $599,000 – 112%

 

Cannon Hill – $350,000 – $726,875 108%

 

West End – $520,000 – $1,070,000 – 106%

 

New Farm – $771,250 – $1,580,000 – 105%

 

ADELAIDE
College Park $626,250 – $2,084,000 – 233%

 

Heathfield $335,750 – $795,000 – 137%

 

Saint Peters $644,000 – $1,350,000 – 110%

 

North Adelaide $622,500 – $1,300,000 – 109%

 

Forestville $321,000 – $662,500 – 106%

 

PERTH
Tapping $156,000 – $530,000 – 240%

 

Aubin Groves $180,000 – $580,000 – 222%

 

Piara Waters $168,000 – $537,500 – 220%

 

Sinagra $155,000 – $469,000 – 203%

 

Byford $142,375 – $430,000 – 202%

 

DARWIN

Rosebery $95,000 – $590,000 – 521%

 

Farrar $100,320 – $590,000 – 488%

 

Herberts $145,000 – $570,000 – 293%

 

Girraween $284,000 – $750,000 – 164%

 

Marlow Lagoon $335,000 – $835,000 – 149%

 

CANBERRA

Turner $650,000 – $1,362,000 – 110%

 

O’Connor $470,000 – $960,000 – 104%

 

Ainslie $460,000 – $925,000 – 101%