Melbourne and Sydney regions have seen the highest value growth over the last 10 years, with value increases for the rest of the capital cities experiencing comparatively moderate.
In this article, we’re going to take a look at the SA3 regions across the country that have witnessed the largest and most significant value increases over the past 10 years.
SA3s are often the functional areas of regional towns and cities with a population in excess of 20,000 or clusters of related suburbs around urban commercial and transport hubs within the major urban areas.
The region that has seen the highest increase in dwelling values nationally over the last decade is Wyndham in Melbourne, where values have soared by 129.9%. An outer south-western part of Melbourne, Wyndham has played host to a large amount of housing development since 2006.
The second-highest rate of regional value growth was Pennant Hills, with Epping in the Hills District of Sydney.
Taking a look at the regions with the greatest value increases as a whole, Sydney and Melbourne come out top of the pile, whilst the Northern Territory’s Katherine is the only region outside of Victoria or NSW to have seen a value increase of greater than 50% over the last 10 years. If anything, this goes to show just how strong the value growth has been in both Sydney and Melbourne relative to other capital cities around Australia.
Highest Growth Values of SA3 Regions Within Each State
Unsurprisingly, the list of areas with the highest property value growth is dominated by capital city regions, as opposed to their regional counterparts. Of the territories, only Alice Springs and Katherine make the list for the top 5, with 35.4% and 52.4% respectively.
The statistics also bring to mind just how weak the housing market in Perth has been, despite a strong mining economy supporting growth during the first half of the decade. The strongest region for growth in WA has been Serpentine-Jarrahdale at 17.5%, with all of the state’s other regions recording growth of less than 5% over the decade.
Of regions outside of capital cities, the highest performing regions have been NSW and Victoria, with 13 of the 15 top regional markets for value growth lying within their boundaries.
The two top regional markets have been Dapto-Port Kembla and Wollongong, both of which are located directly south of Sydney in the Wollongong region.