Home prices in a variety of Aussie suburbs are lower than they were a decade ago, despite the strong capital growth in property across much of the country over that time. According to exclusive data provided by PropTrack, this is where you can buy a home today at 2014 prices.
In Sydney, the majority of the 10-year price freezes or falls were in new development hot spots in the northwest, Parramatta region, and St George area. Experts revealed that the lack of major price growth in high-development areas was a timely reminder of why more properties urgently needed to be constructed to end Sydney’s chronic housing crisis. Properties have been selling for lower than 2014 in Sydney Olympic Park, Rose Hill, Box Hill, and Austral. For context, the median house price across Sydney as a whole has nearly doubled in the past 10 years, going from $712,750 in 2014 to the current $1.42m.
Moving on to Melbourne, homebuyers can get apartments today for the same price they would have a decade ago, or even almost $220,000 less. Suburbs like Caulfield East, Werribee South, and Essendon North have seen the largest falls in their median unit prices, dropping almost 40 per cent. Meanwhile, apartment values have basically frozen for the past 10 years in Docklands and South Yarra. PropTrack economic research executive manager Cameron Kusher noted that a high volume of new apartments had been keeping a lid on prices over the past decade.
In Brisbane, a cluster of suburbs where prices have flatlined for a decade has become an unexpected lifeline for priced-out buyers. First-home buyers and investors are swooping on these underperforming suburbs, which include inner-city unit hotspots where new construction has kept a cap on prices. Exclusive PropTrack data has revealed 27 house and unit markets where prices are either lower, or only marginally higher, than ten years ago. For units, the list included seven inner-city Brisbane suburbs, 12 in the Townsville region, and one in Ipswich.
In Adelaide, South Australian property prices have increased significantly over the past 10 years, with most of that growth occurring over the past five years. However, there are five locations in South Australia where you can actually buy for less outlay than in 2014. Hackham units have experienced the greatest drop over the past 10 years, with units offering the best opportunity for househunters to enter the market at potentially a bargain basement price. Hawthorn unit prices are also down on this time a decade ago. PropTrack director of research Cameron Kusher noted that the capital city suburbs where prices were cheaper than in 2014 tended to be areas where there was a high rate of new housing construction, with much of that being high density units.
Overall, the data provided by PropTrack sheds light on the affordability of housing in various Australian suburbs, highlighting areas where prices have remained stagnant or even decreased over the past decade. This information is valuable for prospective homebuyers looking to enter the property market at a more affordable price point.
