17 Oct 2016 By: Greg Hocking 0 Comment
I have spotted one more reason to feel lucky if you own property in Melbourne.
This week CoreLogic asked the question – ‘is it a myth, or is it true, that your property doubles in value every decade?’
Grounding its answer in hard, cold numbers, the national property data expert analysed property sale results back to June 2006 in every state and territory Australia-wide.
Its findings make for riveting reading.
If your property is a house located in Victoria, New South Wales or the Northern Territory, more than 10% of all suburbs have more than doubled in value in 10 years… but here’s the really good news.
Melbourne is the only city in the country that can claim more than 50% of suburbs’ median house values have grown by 100% or more since 2006.
According to researcher Cameron Kusher, these latest figures “highlight just how much the strong growth over the decade” has been tilted towards Melbourne and Sydney.
Nationally, house prices have grown by 51% overall and units by 44% since the middle of 2006.
So, yes, the idea that house values automatically double every decade is a myth – unless, of course, you have the good fortune to buy in an upwardly mobile international city like ours.
Unstoppable demand from a growing population, low interest rates and a whopping $2.7 billion budgetary surplus in 2015/2016 suggest this double-every-10-years growth trend can continue on to 2026.
Call my team today for an obligation-free property appraisal and spring market update.