Huge growth have seen in property prices of Southwest Sydney over the past decade

Australian property prices have nearly doubled over the past decade, with many tree change suburbs recording exceptional growth thanks to the COVID-driven boom.

New PropTrack data shows how much each suburb’s median property price has grown in just a decade – and regional areas account for some of the biggest increases.

Use the interactive to see how your suburb’s median property price has changed over the past decade and how it compares to five years and one year ago

According to realestate.com.au,  the pandemic has sped up a population shift to regional areas.

“Certain parts of regional Australia, mainly those adjacent to capital cities, have been seeing price growth for many years, but the flexible work arrangements predicated by COVID, and people reassessing their lifestyle due to the pandemic, have accelerated the shift of people out of capital cities,” Mr Kusher said.

“It isn’t just a shift permanently out of the capital city, but people also seeking second homes and investment properties in these lifestyle markets that have all contributed to the rapid increases in prices.”

National dwelling prices have surged by 89% over the past 10 years, according to PropTrack data. Overall prices in the capital cities have risen 92%, compared to 82% in regional areas. PropTrack director of economic research Mr. Kusher noted that before the coronavirus pandemic hit, the property market was beginning to recover from price falls experienced from 2017 on the back of macroprudential tightening of credit rules.

He said the strongest increase in prices over the past decade had occurred since COVID.

“The combination of the lowest mortgage rates in history, a lack of stock for sale and supply continuing to reduce, fewer alternative options for households to spend their money on due to border closures, remote working and lockdowns along with targeted government support which limited the economic fallout from COVID, has contributed to a very rapid increase in prices since the pandemic hit.”

Source: RealEstate.com.au

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Note: This is not a financial advice

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