Shopping around for property? We take a look at the trends in property values in major cities around Australia.
Property values vary from city to city; what you pay for a two-bedroom apartment in Melbourne won’t be what you pay for a similar property in Perth. And regardless of where you’re searching, it’s important to understand the fluctuation of average home prices to know what you need to budget for.
The trends in Australia’s housing market have largely been driven by factors such as interest rates, population growth, employment figures and rising developments. Over the past three decades, prices in Australia have increased on average by 7.25% annually, and much of this is down to inflation, deregulation, housing demand and the cyclical nature of property prices.
According to the latest data from CoreLogic, the median house price is currently sitting at $1.079 million while the average price for an apartment is just over $734,000.
In terms of the most popular suburbs, the Urban Living Index ranks neighbourhoods according to the most liveable, naming suburbs in the immediate north and south of Sydney CBD on top, as well as a number of inner-city areas such as Darlinghurst, Waterloo and Erskineville.
While still set to see stronger growth, the latest figures are showing the median house price in Melbourne as $852,000, while the median apartment price is $528,000. According to Real Estate Victoria President, Geoff White, the best performing suburbs are situated in outer Melbourne, including Epping, Caroline Springs and Werribee, a signal that homebuyers are looking for better value further from the CBD.
And then there’s the transport upgrades, including freeway expansions, the Melbourne Metro railway and the upgrade to Flinders St station which will also likely affect things in the future.
Currently, Brisbane’s median house price is just over $560,000 and the median unit price is just under $400,000. While the year has started slowly in terms of growth, property market predictions are suggesting improvements as the year progresses.
Terry Ryder’s latest Price Predictor Index shows that the Gold Coast, with 25 suburbs, is Australia’s top location for growth overall, while the Moreton Bay region, Logan city and Beenleigh should also perform well.
How are prices and values changing in your local area? Leave your comments below.