News & Insights
Australia’s property market has recorded phenomenal growth over the past three decades, but new figures dispel the myth that prices always double every 10 years.
Home values nationally jumped 382 per cent over the past 30 years, and about 72 per cent in the decade to July, CoreLogic figures show. However, homeowners banking on similar future gains could be left disappointed.
Melbourne recorded the largest jump over the past three decades. The median value rose 459 per cent, or 5.9 per cent per annum in annual compounding terms, and prices in some inner suburbs increased more than 700 per cent.
It was followed by Sydney (449 per cent) and Hobart (399 per cent); prices in both these cities almost doubled over the past 10 years. This eclipsed Melbourne in the past decade, when prices in the Victorian capital rose only 69 per cent.