A research analyst has found that over the ten years to June 2018 national dwelling values have increased by almost 44%.
The combined capital cities recorded an increase of 52.6% and the combined regional markets recorded a growth of 16.6%, according to CoreLogic’s Cameron Kusher.
Specifically to house values, the region to record the greatest increase over the past decade was the south west region of Sydney where values increased 112.9% over the decade.
Five other regions which more than doubled house values were Parramatta in Sydney, by 107.4%, inner south west of Sydney, 106.6%, outer south west of Sydney, 103.3%, south east of Melbourne, 102.7%, and the west region of Melbourne (102.3%).
Outside of NSW and Victoria, the regions with the strongest value growth across the remaining states and territories were Brisbane-South (30.2%), Adelaide-West (20.3%), Perth-North West (2.2%), South East in Tasmania (43.9%), Outback in NT (35.2%) and ACT (30.3%).
Looking at unit values, nationally throughout the past decade, units increased by 34.2% which is lower than the 46.9% increase in house values.
As well as seeing the highest increase in house values, the south west region of Sydney also saw the biggest increase in unit values at 98%.
According to Kusher, the growth in house and unit values over the past decade has been characterised as very much slanted to strong growth in Sydney and Melbourne and weaker conditions elsewhere.
He said, “While the last 10 years is not predictive of the future, dwelling values are already falling in Sydney and Melbourne and regional markets are currently outperforming capital cities.
“With housing in a downturn in Sydney and Melbourne and affordability stretched, at this point it seems unlikely the returns of the past decade will be replicated over the next 10 years.”
