Regional council tops house price growth over last 20 years
New figures have revealed the top council areas for property growth over the last 20 years, and the results are surprising.
Murrumbidgee in regional New South Wales has topped the list of council areas nationwide for median house price increases for the 20 years to December 2016. While the median price in the suburb is a scant $167,000, the council has averaged 13% per annum growth in median prices over the past 20 years.
Queensland’s Isaac council area was the second-highest performing area over the past 20 years, with average per annum median house price growth of 11.5%. This was despite the area’s heavy reliance on the mining boom, which has seen values in the area decline 22.4% over the past five years.
Overall, the list of top-performing council areas was dominated by Victoria and New South Wales, with Sydney and Melbourne area councils heavily featured. CoreLogic researcher Cameron Kusher said the results highlighted “how the increases in prices in Sydney and Melbourne have outstripped those of the rest of the country. In Sydney in particular, this has occurred despite the fact that prices generally fell between 2003 and 2009”.
Top 5 Councils for median price growth
| Council area | Median price | Average growth p.a. (20 years to Dec 16) |
|---|---|---|
| Murrumbidgee, NSW | $167,000 | 13.0% |
| Isaac, QLD | $140,000 | 11.5% |
| Monash, Vic | $1,100,000 | 10.8% |
| Whitehorse, Vic | $1,081,000 | 10.7% |
| Boroondara, Vic | $1,910,000 | 10.6% |
CoreLogic also revealed council areas which had seen the worst median house price growth over the last 20 years. Kusher highlighted the fact that none of the areas were situated in capital cities, and many were regional areas reliant on a single industry, such as mining or agriculture.
2016 property prices in review
Coolgardie in WA had the dubious distinction of being the worst-performing council area for the 20 years to December 2016. The area averaged per annum median house price growth of just 0.4%, with a current median house price of just $87,500. Yilgarn, also in WA, closely followed at 0.5%, with a median house price of just $58,500.
| Council area | Median price | Average growth p.a. (20 years to Dec 16) |
|---|---|---|
| Coolgardie, WA | $87,500 | 0.4% |
| Yilgarn, WA | $58,500 | 0.5% |
| Dundas, WA | $33,000 | 1.0% |
| Paroo, QLD | $50,000 | 1.9% |
| Unincorporated SA, SA | $46,000 | 2.5% |
Image: Shutterstock
