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House Prices in Australia Over the Last 10 Years

CEO Khai Intela
When it comes to buying an investment property, you want to make sure you’re putting your money into an investment-grade property in a growth suburb. One way to gauge the potential of an investment property...

When it comes to buying an investment property, you want to make sure you’re putting your money into an investment-grade property in a growth suburb. One way to gauge the potential of an investment property is by looking at the average house price growth over a significant period, such as 10 years. This gives you a solid indicator of what to expect in the future.

Investors often wonder how long it will take for the value of their property to double. After all, capital growth is one of the main reasons people invest in real estate. It has been said that the average yearly increase for top-tier properties in major cities is generally around 7%, meaning that these properties would double in value within 10 years.

To provide a clearer picture, let's dive into the house prices over the last 10 years in each Australian state.

Sydney House Price Growth Over the Last 10 Years

According to data on Sydney’s house price growth over the last 10 years, values in Australia’s harbour city have doubled. In January 2013, the average asking price for a house was $866,162 or $777,312 for a 3-bedroom house. As of July 18, 2023, those figures have skyrocketed to an average of $1,797,872 for all houses or $1,595,583 for a 3-bedroom house.

Sydney Weekly Asking Property Prices 26 April Sydney's Asking Property Prices

Melbourne House Price Growth Over the Last 10 Years

According to data on Melbourne’s house price growth over the last 10 years, values in Australia’s southern city have also almost doubled. In January 2013, the average asking price for a house was $628,610 or $630,697 for a 3-bedroom house. As of July 18, 2023, those figures have jumped to an average of $1,185,352 for all houses or $1,077,135 for a 3-bedroom house.

Melbourne Asking Property Prices Melbourne's Asking Property Prices

Brisbane House Price Growth Over the Last 10 Years

According to data on Brisbane’s house price growth over the last 10 years, values in Queensland’s largest city have also doubled. In January 2013, the average asking price for a house was $517,051 or $450,392 for a 3-bedroom house. As of July 18, 2023, those figures have surged to an average of $979,509 for all houses or $822,982 for a 3-bedroom house.

Asking Property Prices Brisbane Brisbane's Asking Property Prices

Adelaide House Price Growth Over the Last 10 Years

According to data on Adelaide’s house price growth over the last 10 years, values in the South Australian capital have grown strongly. In January 2013, the average asking price for a house was $464,379 or $435,460 for a 3-bedroom house. As of July 18, 2023, those figures have risen to an average of $776,252 for all houses or $717,468 for a 3-bedroom house.

Adelaide Property Asking Prices Adelaide's Asking Property Prices

Perth House Price Growth Over the Last 10 Years

According to data on Perth’s house price growth over the last 10 years, values in Western Australia's major city have also enjoyed some, albeit smaller, growth. In January 2013, the average asking price for a house was $703,425 or $613,704 for a 3-bedroom house. As of July 18, 2023, those figures have increased slightly to an average of $830,884 for all houses or $734,017 for a 3-bedroom house.

Perth Asking Property Prices Perth’s Asking Property Prices

Which Australian City Has the Best Result?

The data reveals that in Sydney, Melbourne, Brisbane, and Adelaide, house prices have increased by an impressive 40-50%. Perth has enjoyed a lower but equally stable growth rate of 13.23% over the 10-year period.

However, it's important to remember that not all properties perform equally in terms of capital growth. Some properties can outperform others by as much as 50-100%. With strategic property investments, it is possible to see your property's value double within the next 7 to 10 years.

It’s also worth noting that property cycles vary within each city and state. To make informed decisions, it's crucial to consider each city's individual property cycle.

If you're wondering how to navigate the current phase of the property cycle, the team at Metropole can provide you with direction, guidance, and results. Their holistic approach to wealth creation includes strategic property advice, buyer's agency services, wealth advisory, and stress-free property management.

Investing in property requires careful consideration and expert guidance. Let the experienced team at Metropole help you make informed decisions that align with your investment goals.

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