Long-term property investors can purchase a mix of affordable and prestigious places, with new research showing the different ends of the spectrum topped the property market for decade growth.
The research commissioned by the Property Investment Professionals of Australia (PIPA) and CoreLogic showed, despite popular belief, a mixture of metropolitan and rural areas topped the list.
CoreLogic head of research Tim Lawless said investors were likely to find that, over the next 10 years, the best-performing markets are quite different.
“Just as they were over the earlier decade where, for example, mining regions and regional coastal markets were some of the strongest performing areas,” he said.
Prices in Lakemba have grown by 8.4 per cent annually, with median house values doubling over the period growing to about $881,000.
The second placer was also in Sydney, this time in the Dundas Valley region of Carlingford, where house values grew by an average 8.1 per cent each year over the past decade. Its median house value has soared from $662,000 to $1.41 million over the past decade, according to the data.-
PIPA chairman Peter Koulizos said the research also showed that locations within markets that were deemed subdued continued to record robust house value growth.
“Even though Adelaide only recorded average annual growth of 1.3 per cent over the past decade, its top-performing location of saw prices increase by 3.4 per cent per year over the period,” Mr Koulizos said.
“Likewise, in Darwin, where prices reduced on average 1.9 per cent annually, in -Bellamack median house values increased by 3.2 per cent at the same time.
“This is actually quite common, because there are submarkets within markets which operate to the beat of their own drums, usually because of consistently strong demand from buyers keen to live or invest in those locations.”