Melbourne is On the Top for Housing Price Growth in the Past Decade
New home price data is released, that shows that the Australian capital cities housing price growth in the past decade was not up to the mark.
All the capital cities are experience a dip in the home prices except Melbourne, where housing prices are still soaring. CoreLogic RP data released on Thursday shows that the average increase in home values across Australia’s capital cities over the last 10 years is around half the level of growth recorded in the decade between 1996 and 2006. In numbers, the average increase was 72% over the past decade.
If we talk in general, then normally it is expected that the prices should double every decade, but it this case, it doesn’t happened so. In Tasmania the prices rose by only 17.1% in the decade. Melbourne is the only one where prices rose by 100.9% and then comes Sydney with a 78% rise.
CoreLogic RP Data research analyst Cameron Kusher said, “Although combined capital city home values haven’t doubled over the past decade, the previous decade was quite a different story. Between January 1996 and January 2006 combined capital city home values increased by 151.7 per cent, with house values up 159.6 per cent and unit values 110.1 per cent higher. Based on this data, the most recent decade of capital city home value growth has been half that of the previous decade”.