The latest Corelogic report looks at the what markets in Australia have performed best over the past decade.
Unsurprisingly, Sydney and Melbourne topped the list and have experienced the strongest value growth since October 2007. In fact, Corelogic’s analysis shows the top 10 regions nationally are all located in either Sydney or Melbourne. The other capital cities saw more moderate growth over the last 10 years.
The region that recorded the greatest increase in property values is Wyndham in Melbourne’s south west where values are 129.9% higher. Wyndham was followed closely by the Pennant Hills – Epping region located in the Hills District of Sydney at 126.2% growth.
Over the past decade, Katherine in the Northern Territory is the only region outside of NSW or Victoria to have recorded value growth in excess of 50% - at 52.4%. For Queensland, the highest performing suburb was Sunnybank with 39.4% growth and in South Australia, Prospect - Walkerville topped the list with 40.1% growth.
Tasmania’s best performing region is Hobart Inner with 34.2% growth and in Western Australia, Serpentine - Jarrahdale saw the highest growth at 17.5%.
Overall, this latest data from Corelogic reiterates the strength of the Sydney and Melbourne markets over recent years. When you consider that these two cities account for an estimated 40.3% of the national population and 58.3% of the total value of property nationally, it really highlights the extent to which the performance of Sydney and Melbourne will drive the national headline growth figures.