Australian house price growth the most sustained in the world
If you’ve owned your home since the 1960s, you might be surprised to hear that house prices have risen on average by a whopping 6,556 per cent since then.
Yes, you read that correctly – the sizeable figure has earnt Australia the top spot in the world for sustained house price growth in recent decades.
Researchers at the Bank for International Settlements analysed long-term house price trends across 47 countries. Across the board, it found that globally, periods of price rises occurred more often than falls. What’s more, Australia had the longest period of house price roses globally – in fact, from 1961 to 2016, the report showed Aussie house prices have risen by 8.1 percent each year.
In Melbourne, we’ve seen this rise first-hand, with the median price jumping by more than $100,000 over the past year to $880,902. It’s been well documented that population growth in the city has been a key driver, as buyer demand outstrips supply.
Overall, the report shows that for anyone considering buying here in Melbourne, it’s more than likely that you’ll see generous capital growth on your home.