They compared median house and unit prices across Australia over the past 10 years and found that nationally, we’ve fallen well short of a doubling in values. In fact we’ve seen about half that, with median house prices growing by 51% and median unit prices growing by 44% over the past decade.
There are, however, some clear pockets of stand-out performance.
Melbourne has seen the strongest performance with house prices doubling in just over half of its suburbs. Despite Sydney’s stellar growth, house prices have doubled in just under half of its suburbs.
Unit markets tell a different story. Darwin out-performed the nation, recording a doubling of unit prices in 42% of its suburbs – far exceeding the next best unit market performance which was in Sydney with 21% of suburbs recording a doubling of unit prices.
How can you double your money? Well timing is everything and a sky-rocketing market is not always sustainable as our friends in the Top End are learning.
“Growth over the decade has been tilted towards Sydney, Melbourne and Darwin,” reports CoreLogic RP Data. “Of course, values are already declining in Darwin while they continue to rise in Sydney and Melbourne.”
If you want to double your money, research your market thoroughly. “The analysis highlights the importance of buying strategically,” CoreLogic RP Data concludes.
Determined to make your next move a strategic one? Contact us for a chat.
Ready to cash in? Talk to us about selling.