PHOTO: While housing prices have significantly risen since the pandemic’s onset, it has taken several years for median prices to double across most regions in the country. FILE
The traditional notion that property prices double every seven to 10 years requires updating, as new data reveals that it now takes 15 years for properties in Australia to double in value. According to PropTrack’s findings at the end of May 2023, the national median house price took 15.4 years to double, while the median unit price took even longer at 17.8 years.
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In terms of geographical variations, houses in capital cities doubled in value more quickly than those in regional areas, with respective time frames of 14.3 years and 16 years. However, regional units (17.5 years) experienced a faster doubling in price compared to their counterparts in capital cities (18.1 years).
The only locations where house prices managed to double in less than 10 years were Hobart and Sydney. Hobart houses experienced the quickest price doubling (6.8 years), followed by Sydney houses (9.6 years). On the other hand, houses in Perth and regional Queensland took the longest time to double in price, both requiring 17.8 years.
Regarding units, Hobart units achieved the fastest doubling in price at just 7.8 years, while units in Perth took the longest at 19.2 years.
Cameron Kusher, the Director of Economic Research at PropTrack, highlighted that despite the common belief that property prices double every seven to 10 years, recent trends have shown very few markets achieving such growth within a decade, despite substantial price gains nationwide during the pandemic.
https://propertynoise.co.nz/au/single-mother-lucy-banks-acquires-her-third-property-in-15-months-funded-by-her-onlyfans-earnings/
While housing prices have significantly risen since the pandemic’s onset, it has taken several years for median prices to double across most regions in the country, indicating a reduction in the percentage gains as housing costs have increased.
Kusher noted that houses have outperformed units throughout the country, with median price increases for houses typically surpassing those for units, especially in capital cities. Furthermore, house prices doubled sooner than unit prices in all capital cities and regional markets.
Although Sydney, Melbourne, and Canberra have the highest housing costs, prices in these cities have doubled faster than in many other cities and regional areas.
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Kusher also emphasized that while certain areas experienced strong growth over the past decade, future prospects of doubling prices may face headwinds as the country returns to a more normal interest rate environment. Factors such as rising interest rates, higher prices, and economic and demographic considerations are likely to impact the doubling of prices in the future.
https://propertynoise.co.nz/au/real-estate-agent-conned-out-of-close-to-330000/