Looking to get into the housing market, but not sure where to buy?
CoreLogic have released a list of the top performing housing markets over the last decade to October 2017, and unsurprisingly, Sydney and Melbourne regions have seen the strongest value growth.
The CoreLogic Home Value Index data reviewed suburbs and regions in Australia with a population of more than 20,000.
In analysing this data, they found that the region that has recorded the greatest increase in dwelling values over the past decade is Wyndham in Melbourne, where values are 129.9 per cent higher. This is followed by Pennant Hills – Epping, located in the Hills District of Sydney.
The top ten regions with the greatest value increases are all located in either Sydney or Melbourne. Further, Katherine in the Northern Territory is the only region outside of NSW or VIC to record value growth of more than 50 per cent over the past decade.
The state with the lowest value growth is WA, highlighting a post-mining boom slump for the Perth housing market in the second half of the last decade.
Non-capital city regions with the greatest increase in dwelling values:
For the non-capital city regions, the best performing regions are again based in NSW and VIC. Further, the regions listed above have all recorded higher value growth increases than that of all the capital city regions besides Sydney and Melbourne.
Dapto – Port Kembla recorded the highest value growth over the last decade (89.7 per cent) followed by Wollongong (77.8 per cent). Both regions are located south of Sydney.
This data highlights mounting pressure on Sydney’s housing needs, paired with a bulging population expected to reach 6.42 million people by 2036. The growing demand for housing is pushing buyers further and further away from the city centre.
Recently, RateCity reported that:
Cameron Kusher, CoreLogic Head of Research, also argues that this data details “just how moderate growth has generally been outside of these two cities.”
“Keep in mind that between them, Sydney and Melbourne account for an estimated 40.3 per cent of the national population and 58.3 per cent of the total value of dwellings nationally.
“Given this, it really highlights the extent to which the performance of the Sydney and Melbourne housing markets will drive the national headline growth figures,” said Mr Kusher.