Where in Australia have the prices not increased in two years?

All of the cities and towns in Australia that I can think of have seen 20-40% growth in prices in the last two years albeit it's slowing down now at varying speed. Have there been any towns which haven't seen much of sunshine during the last two years and their prices are still at 2019-2020 levels? Answer could very well be 'NO' but I am just curious to explore.

In other words, is there any city/ town which hasn't started the ride which the rest of the country has been riding till now? It may or may not mean that it will never see the crazy ride the other cities have seen but it doesn't matter. I am just trying to see if the current wave covered the whole country or if any parts of the country were totally left out.

 

Sydney apartments since 2016 have been fairly flat for the most part. Medians have gone up, but newer apartments are the ones generally attracting higher than median prices. Take these out and the rest are pretty flat - little or no gains. My low rise apartment near the city is doing fine though.

 

North Queensland picking up strong now. Has not had the same level of growth as southern and Darwin.

 

Whyalla has managed to go backwards i believe, the funding for the steel plant went a bit iffy for a while there and whilst everywhere else in Australia was booming they were going backwards.
Others that havnt moved are wildman towns such as cooktown, normanton,karumba, coober pedy

everything in wa has boomed, mining towns already doubled
the territory was popular with covid escapees for a while but not sure if its still up
everything in nsw and vic regional boomed

 

Melbourne high rise apartments have been a disaster, this example worse than most:

Unit 6303/568 (2 Beds, 2 Bath) was sold for $515,000 in Feb 2022 and was originally purchased for $745,790 in Oct 2014. Over the holding time of 7 years, the annual growth for this property was -4.91%.

Plus, possibly, the holding costs during this period

https://www.domain.com.au/building-profile/568-collins-street-melbourne-vic-3000

 

does that include docklands / Southbank

I know a while ago Docklands was widely considered a no go area , but it’s soooo central .

it’s time has to come at some time

cliff

 

Great value place to rent to live. Having your $ invested, not so much..

 

Most off the plan in apt have hardly Risen in value in Melbourne in the last 5 years, city or suburbs.
If you add the stamp duty, body corp and other expenses, 90%+ would struggle to break even.

Mine was a lifestyle choice, bought in a suburb I wanted to live. Bought for 650k for a 2 bdr apt in 2016. For a apt, it is quite unique and big, I may be able to get 750k if I sold today.

If I sold it, minus expenses I might be break even. But mine was better than 99% of the apts in my suburb then and now.

I don't regret the purchase. This was the right choice for my quality of life. But as a investment it would have been a terrible choice.

People who bought the apt as off the plan in the same building in 2014, they were small in size, not much light. They sold this year for a loss after keeping it for 8 years.

 

I understand all that , track record for docklands / southbank has been crap …

BUT

In Sydney the closest large scale redevelopment would be around Green Square / Zetland . I don’t know the area well at all , but looking at 2 bedders I could only see one recent sale in 700’s and that had no parking , a scattering in the 800’s but most in 9’s or a mill plus .

To me , the relative value of places in docklands just doesn’t make sense …

not about to buy there , but still . In Sydney , 700 gets you a crappy ex houso in 2770 in the bowels of the western suburbs

cliff

 

I was in Covid isolation this week so did some research to see if any cities/towns in Australia had not risen in price (or had risen by just a little). I did this because my brother wants to buy his first IP and asked me "what areas haven't had huge growth" - the answer is - hardly any. See the attached list i put together. It lists the top 75 cities/towns in Australia (by population) and how much in % terms the median detached house (not units or townhouses) has risen in value from March 2020 to March 2022. This is according to onthehouse.com.au. The numbers are quite extraordinary. I think the standout is Perth on this list considering it's size. It has "only" risen by 13% in this 2 year period. Figures are not compounded. So for example, in March 2020 the median detached house price in Goulburn was $389k and it is now $595k - a rise of 53%.

 

Out of curiousity, was your brother targeting suburbs which hasn't increased to get the ripple effect benefits of neighbouring suburbs which have moved. Or was it more of affordability / limited BC standpoint to get into the market.

 

He just didn't want to buy somewhere where there was already huge growth as thought it was unlikely to continue!

 

A lot of property increased a lot in the last year and still with low price and good rental yield, will keep an eye on it