How Much has your SUBURB [ CHANGED in 10 YEARS.? ]

21 Apr

With ANZAC Day approaching, we're heading into another short week. This time of year is known for its frequent public holidays. Now, here's the scoop on the latest:

Over the past four years, Australia's property market has experienced dramatic shifts, yet PropTrack data reveals that prices have climbed in nearly every suburb, fueled by a pandemic-driven boom and surprising growth over the last year. These increases have largely counteracted the impact of rising interest rates.

The analysis indicates that property price growth in most suburbs has significantly outstripped previous periods. Especially in regional Australia and affordable areas near major cities, homeowners have seen substantial value increases due to increased demand.

According to PropTrack economist Anne Flaherty, the exceptional growth during the pandemic was spurred by low borrowing costs and significant lifestyle changes, marking the fastest price growth in three decades. Despite higher interest rates altering market dynamics, buyers are not deterred. Instead, they're gravitating towards more affordable suburbs, boosting demand and prices.

Despite initial concerns that the pandemic might crash the market, property prices soared as interest rates were reduced to record lows. This allowed people more financial freedom to upgrade their living arrangements and spurred a significant shift towards regional living as remote work became more feasible.

With interest rates rising since May 2022, the market has cooled slightly, but ongoing population growth and housing shortages have kept prices climbing, pushing Australia’s median house price to a new record by late 2023.

In Melbourne’s Mornington Peninsula, suburbs like Blairgowrie, Somers, and Rye have seen prices surge by 72%, 67%, and 60% respectively. The high cost of building has also tilted buyer preferences towards premium, turnkey homes, sustaining strong demand for quality new constructions.

This vibrant period of growth stands in stark contrast to the quieter years leading up to 2020, which were characterized by regulatory adjustments and economic uncertainties. However, post-mid-2019 changes have revitalised the market, paving the way for the ongoing boom.

To see how your suburb sits, use the interactive below to see how prices have changed in your suburb. Simply CLICK HERE or the IMAGE below

Reach out for a complimentary property PRICE CHECK or to explore your selling options further, CLICK H ERE

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