How much have property prices risen over the past 30 years? | Kate Burke
Property values in Melbourne, Sydney and Hobart have recorded about a five-fold increase over the past 30 years.
It was followed by Sydney and Hobart ; 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. Meanwhile, Sydney’s price growth had been fuelled by population growth, higher levels of investor activity and an undersupply of housing. Hobart’s property prices had been playing catch up after years of being undervalued, as population growth ramped up over the past decade.
Melbourne’s Yarra statistical region, covering suburbs such as Fitzroy, Carlton North and Richmond, recorded the strongest growth as values rose 779 per cent. It was followed by Melbourne City , the Gungahlin region in the ACT , and Melbourne’s Boroondara and Maribyrnong regions. Going forward, he expected price declines to level out as interest rates hit their ceiling, and then grow as rates reduced. He noted the longest downturn across the combined capitals since the early 1980s, lasted 21 months.
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