An analysis of Australian dwelling values has highlighted the strong growth Australia’s property market has achieved in the past 16 years, with dwelling values increasing at an average rate of 8 per cent per annum.
In the 16 years since 1993 value growth of Australian dwellings has varied, but there were 12 occasions when dwellings recorded growth of at least 5 per cent, RP Data has found.
In some instances dwelling values increased by as much as 18 per cent, while the year to March 2009 recorded the largest decline – just 0.6 per cent.
The median national dwelling value now sits at $458,908, compared to $134,544 in March 1993.
Taking inflation into consideration, RP Data research analyst Cameron Kusher, said property values had in fact increased by 12 per cent per annum – or 198 per cent.
