The end of the year, and the decade, is fast approaching. Property is a long-term investment, so it’s a great time to see how it’s performed over the last ten years in major markets across Australia. According to the Australian Bureau of Statistics, median house prices in Australian capital cities ten years ago were as follows: Sydney $595,000, Melbourne $480,000, Brisbane $455,000, Perth $505,000, Canberra $525,000, Adelaide $397,500 and Darwin $520,000.
Current median house prices (along with the percentage growth or decline in market value over the last decade in brackets) are as follows: Sydney $867,000 (+45.7%), Melbourne $740,000 (+54.1%), Brisbane $555,000 (+22%), Perth $504,000 (0%), Canberra $650,000 (+23.8%), Adelaide $482,000 (+21.3%) and Darwin $450,000 (-13.5%).
As you can see, property owners in Sydney and Melbourne have been the big winners in terms of capital growth. Darwin and Perth owners have been the big losers, largely due to the end of the mining boom significantly decreasing property demand in both markets.
A comparative analysis of the All Ordinaries Index reveals that share prices have increased by 42% over the decade.
Download and read the full Market Essentials – December 2019 Report.