Its often said that Australian residential property doubles every 10 years. Today CoreLogic RP data released some data to challenge this myth based on median house and unit sales from June 2006 to June 2016. They have done this nationally and by state.
Nationally median houses have increase 51% from $330k in 2006 to $449k in 2016.
Nationally median unit prices have increased 44% from $310k in 2006 to $445k in 2016.
If we look at how at how the states have compared we can see that most of the growth over the past 10 years has been around 3 capital cities, Sydney, Melbourne and Darwin.
The graph below shows percentage change in median selling prices from June 2006 to June 2016.
The table below shows the number of suburbs that where the median selling prices have double and haven’t double between June 2006 to June 2016 by state and territory.
What is really evident is of the suburbs that have double NSW and VIC have been the stand out performs.
Will this trend likely to continue over the next 10 yrs? Time will tell.