Most of the locations identified are outside of capital cities, new research found
One out of eight locations across Australia saw median house prices increase by 10% to 12% over the last 12 months ending in April 2018, according to research conducted by property market analyst and buyer’s agency Propertyology.
“The property markets of 550 city councils spread across our eight states and territories is akin to the stock exchange for Australia’s property markets. Sixty-seven out of 550 had double-digit growth,” Propertyology head of research Simon Pressley said in a statement. Of the 67 locations that produced double-digit growth, 45 are located outside of Australia’s capital cities.
Out of greater Melbourne’s 31 city councils, 16 property markets experienced double-digit price growth. These were predominantly in the city’s outer parts where housing is more affordable.
Pressley said that “the outlook for many parts of regional Australia is increasingly better than most capital city markets”. He also pointed out that employment in some Australian regions is also showing strength, particularly in tourism, health, agriculture, specialised manufacturing, and mining.
Most locations don’t experience double-digit growth very often, he said. Several cities haven’t shown it since before the GFC, according to Pressley.
For him, the Asian century is real, and it’s having a positive impact on key industries, directly affecting certain property markets, including regional Australia.
“The opportunities are significant, and we are only nineteen years into it,” Pressley said. “Local confidence and job growth increases demand for housing. Our buyer’s agents have already seen the positivity within regional communities flow through to property prices.”
Apart from significantly improved economic conditions, data shows that people moving away from capital cities contribute to the housing price growth in regional locations.
Double-Digit Price Growth [YE April 2018] |
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Hume VIC * |
$ 566,000 |
25.0% |
Newcastle NSW |
$ 640,000 |
12.6% |
Uralla NSW |
$ 367,000 |
24.1% |
Glenelg VIC |
$ 195,000 |
12.5% |
Whittlesea VIC * |
$ 625,000 |
23.0% |
Wentworth NSW |
$ 272,500 |
12.5% |
Cardinia VIC * |
$ 535,000 |
20.9% |
Berri & Barmera SA |
$ 191,500 |
12.3% |
Dorset TAS |
$ 220,000 |
20.0% |
Eurobodalla NSW |
$ 510,000 |
12.2% |
Nillumbik VIC * |
$ 780,000 |
19.3% |
Launceston TAS |
$ 307,000 |
12.0% |
Casey VIC * |
$ 620,000 |
19.0% |
Kyogle NSW |
$ 300,000 |
11.8% |
Snowy River NSW |
$ 495,000 |
18.9% |
Bega Valley NSW |
$ 470,000 |
11.8% |
Melton VIC * |
$ 505,000 |
18.4% |
Burnside SA * |
$ 960,000 |
11.7% |
Cooma-Monaro NSW |
$ 320,500 |
18.4% |
Lithgow NSW |
$ 342,000 |
11.7% |
Grant SA |
$ 275,000 |
18.0% |
Glamorgan TAS |
$ 411,000 |
11.6% |
Berrigan NSW |
$ 238,750 |
17.7% |
Port Augusta SA |
$ 195,000 |
11.4% |
Glenorchy TAS * |
$ 376,000 |
17.3% |
Bass Coast VIC |
$ 418,000 |
11.3% |
Wyndham VIC * |
$ 560,000 |
17.2% |
Macedon Ranges VIC |
$ 550,000 |
11.2% |
Mitchell VIC |
$ 430,000 |
15.9% |
Mornington Peninsula VIC * |
$ 781,000 |
11.2% |
Kingborough TAS * |
$ 576,600 |
15.7% |
Golden Plains VIC |
$ 445,000 |
11.2% |
Palerang NSW |
$ 727,500 |
15.6% |
Queanbeyan NSW |
$ 665,000 |
11.2% |
Gloucester NSW |
$ 286,000 |
15.5% |
Knox VIC * |
$ 801,000 |
11.1% |
Dungog NSW |
$ 420,000 |
15.5% |
Tweed NSW |
$ 650,000 |
11.1% |
Wellington NSW |
$ 193,750 |
15.4% |
Dandenong VIC * |
$ 700,000 |
11.1% |
Auburn NSW * |
$ 985,000 |
15.0% |
Murrindindi VIC |
$ 980,000 |
11.0% |
Forbes NSW |
$ 260,000 |
14.8% |
Coffs Harbour NSW |
$ 342,500 |
11.1% |
Sorrell TAS * |
$ 357,500 |
14.8% |
Inverell NSW |
$ 270,000 |
11.0% |
Moreland VIC * |
$ 887,500 |
14.7% |
Colac-Otway VIC |
$ 325,000 |
10.9% |
Baw Baw VIC |
$ 405,500 |
14.7% |
Darebin VIC * |
$ 997,500 |
10.9% |
Melbourne VIC * |
$1,180,000 |
14.6% |
Muswellbrook NSW |
$ 300,000 |
10.7% |
Yarra Ranges VIC * |
$ 685,227 |
14.2% |
Indigo NSW |
$ 307,000 |
10.5% |
Brimbank VIC * |
$ 654,000 |
14.1% |
Moorabool VIC |
$ 432,250 |
10.5% |
Frankston VIC * |
$ 625,000 |
13.9% |
Taree NSW |
$ 396,000 |
10.5% |
Roebourne WA |
$ 353,000 |
13.5% |
Wyong NSW * |
$ 590,000 |
10.2% |
Hobart TAS * |
$ 690,000 |
13.3% |
Strathbogie VIC |
$ 307,500 |
10.1% |
Shoalhaven NSW |
$ 575,000 |
13.2% |
Corangamite VIC |
$ 191,250 |
10.1% |
Kiama NSW |
$ 991,000 |
13.1% |
Gosford NSW * |
$ 800,000 |
10.0% |
Geelong VIC |
$ 522,000 |
13.0% |
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SOURCE: CoreLogic. Analysis of Australia’s 550 city councils as at end of April 2018 (more than 100 dwellings sold over 12 months) |