Population growth, dwelling construction volumes, detached houses versus apartments, overseas versus internal migration, capital growth rates and homeownership rates…
Using official statistics and powerful graphics, this 2-part report contains a snapshot of the last 10-years for eight (8) very different cities.
In Part 1 we covered the Sydney municipality of Parramatta, the South Australian regional city of Victor Harbor, Bunbury in Western Australia and the grossly misunderstood capital city of Darwin.
This final part of the report contains Snapshots of the Melbourne municipality of Moonee Valley, the border city of Albury-Wodonga, Glenorchy in Hobart and the biggest city in the top half of Australia, Townsville.
When reading this report, pay attention to the homeownership rates, contrasting housing density rates and the capital growth rates of the each of the eight (8) cities.
MOONEE VALLEY, VIC
Melbourne’s middle-west municipality of Mooney Valley includes suburbs such as Kensington, Flemington, Keilor East and Essendon.
Home to 132,000 people, it has a sensible ratio of detached houses to apartments and a solid homeownership rate of 65 percent.
Mirroring the property market performance of Greater-Melbourne, real estate boomed during the first 2 of the last 10 years. Since then, poor management of Victoria’s economy anchored Melbourne’s property market to the bottom of the ladder.
Moonee Valley’s current median house value of $1,250,000 is only 11 percent higher than 8-years earlier.
ALBURY-WODONGA
Easily accessed by air, road or rail, the border city of Albury-Wodonga is our 25th largest city. It boasts a fantastic collection of everything great about Australia.
The region is rich with recreation opportunities, an abundance of natural attractions and local wineries, the local economy is among the most diverse in all of Australia, and it continues to thrive.
Home to 103,000 people, 90 percent of homes in this great regional city are freestanding detached houses within neighbourhoods that are surrounding by parklands, sports fields, sealed pedestrian pathways and natural landscapes.
These are the community core values that attract Australians away from big cities year after year.
86 percent capital growth produced by Albury-Wodonga’s property market over the last 10-years sits alongside the best performed capital cities.
GLENORCHY, TAS
Situated just 8-kilometres north of Hobart’s CBD is Glenorchy – Tasmania’s 4th largest municipality. Throughout its 200+ year existence, this jurisdiction has never been a nation-leader for population growth, but has always been an incredibly stable property market.
The local government responsibly resists high density housing, meaning that 82 percent of the municipalities 22,000 homes are detached houses with a yard and the rest are small blocks of flats and low-rise apartments.
Glenorchy real estate produced 120 percent capital growth over the last 10-years, ranking it among the very best in Australia (superior to every capital city).
TOWNSVILLE, QLD
It’s no coincidence that the common denominator within the Snapshot of each the eight (8) cities in this report is that the performance of their respective local economies is a precursor of their city’s property market performance.
Propertyology identified Townsville’s enormous pipeline of economic development initiatives during the early part of this decade and became active investors for our clients prior to this current real estate growth cycle kicking off, and well before the ‘herd’ followed.
Already with 94 percent cumulative capital growth over the last 6-years, the combination of significant upstream job creation and Townsville’s incredibly tight housing supply is likely to keep driving solid growth for quite some time.
Invest with the best: CONTACT US
Whether it’s owned or rented, we all live in a property.
But almost no one will spend their entire 85 years or so of existence living in the same property.
Changes in relationships, employment and financial circumstances at different stages of one’s life will trigger a decision to move – either within the same jurisdiction or to a completely different city.
While the world will constantly change, housing will never go out of fashion.
As they say: safe as houses [check out this Case Study].
Propertyology are national buyer’s agents and Australia’s premier property market analyst. Every capital city and every non-capital city, Propertyology analyse fundamentals in every market, every day. We use this valuable research to help everyday Aussies to invest in strategically-chosen locations (literally) all over Australia. Like to know more? Contact us here.
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