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Nice: 1 in 8 areas scoring double-digit growth

Property, growth, economy, Australia

Economists may be warning of Australia’s “big problem” in property, but that hasn’t stopped these locations from producing double-digit growth in the last year.

Australia faces four key economic challenges, with property the “biggest wave” in terms of impact, Deloitte Access Economics partner Chris Richardson said in a weekly update this morning.

Despite a generally healthy industry landscape, he said higher global funding costs coupled with tightened credit availability are a “big problem for property” and its linked sectors.

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However, property market research group Propertyology has a more upbeat take on the current climate.

Noting that one in eight city council locations, or 12 per cent of locations over Australia, have delivered double-digit growth in the year ending April 2018, head of research Simon Pressley said there are still “significant” opportunities thanks to improved economic conditions.

“We’ve been saying for quite some time that the outlook for many parts of regional Australia is increasingly better than most capital city markets,” said Mr Pressley, pointing to employment growth in some regional areas.

According to Propertyology’s research, 67 out of 550 locations had double-digit growth, with 45 of these located outside of capital cities.

Mr Pressley noted that double-digit growth isn’t a common occurrence.

“Several capital cities still haven’t seen it since before the GFC. The strongest growth cycle unfolding right now is in strategically-chosen regional locations,” he said.

“The Asian Century is real, it’s having a positive impact in key industries and this is flowing through to certain property markets, including regional Australia. The opportunities are significant, and we are only 19 years in to it.”

These were the top 20:

Location Current price % growth
Hume VIC $566,000 25.0%
Uralla NSW $367,000 24.1%
Whittlesea VIC $625,000 23.0%
Cardinia CIV $535,000 20.9%
Dorset TAS $220,000 20.0%
Nillumbik VIC $780,000 19.3%
Casey VIC $620,000 19.0%
Snowy River NSW $495,000 18.9$
Melton VIC $505,000 18.4%
Cooma-Monaro NSW $320,500 18.4%
Grant SA $275,000 18.0%
Berrigan NSW $238,750 17.7%
Glenorchy TAS $376,000 17.3%
Wyndham VIC $560,000 17.2%
Mitchell VIC $430,000 15.9%
Kingborough TAS $576,600 15.7%
Palerang NSW $727,500 15.6%
Gloucester NSW $286,000 15.5%
Dungog NSW $420,000 15.5%
Wellington NSW $193,750 15.4%
Auburn NSW $985,000 15.0%
Nice: 1 in 8 areas scoring double-digit growth
Property, growth, economy, Australia
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