Which hotspots saw double-digit property price growth?

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]

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%

SOURCE: CoreLogic. Analysis of Australia’s 550 city councils as at end of April 2018 (more than 100 dwellings sold over 12 months)

 

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