Housings’ 10 years of growth

HOMEOWNERS are still well ahead of the game in Australia despite price falls in recent months, with new research showing property values climbed dramatically in the past decade.

Property research house CoreLogic says that over the 10 years to June, house and unit prices surged by an average of almost 44 per cent nationally.

Analyst Cameron Kusher found that across the capital cities, the average spike was 52.6 per cent, while regional markets managed growth of 16.6 per cent.

Houses performed better than apartments, with house values increasing 46.9 per cent nationwide, compared with 34.2 per cent growth for units.

The best-performing region over the past decade was Sydney’s southwest, where values skyrocketed 112.9 per cent over. In areas of Western Australia and Queensland, however, property values went in the opposite direction.

The biggest falls were in WA’s outback, where values were down 38.3 per cent in the north and 34 per cent in the south, and the Mackay-IsaacWhitsunday area, where they fell 27.3 per cent.

Mr Kusher said Perth was the only capital city where several suburban areas recorded house value declines.