Ten years ago, when people spoke about ‘the cloud’ they generally were referring to the fluffy white things we see in the sky. The social media platforms Facebook and Twitter were in their infancy and no one had heard of Instagram or Snapchat.
We had to watch television programmes when they were broadcast and head to the DVD shop to hire films, and most of us were still trying to navigate our way through towns using a paper road map.
And property was a lot cheaper a decade ago.
CoreLogic (formerly RP Data) the leading property data, information, analytics and services provider in Australia and New Zealand recently released the changes in house values over the past 10 years.
The data shows over the 10 years to June 2018, national dwelling values have increased by a cumulative 43.9% with the combined capital cities recording an increase of 52.6% and the combined regional markets recording growth of 16.6%.
Focusing on houses, values have increased by 46.9 per cent nationally over the past decade with combined capital city values growing at a faster pace (56.2 per cent) than the combined regional markets (20.0 per cent).
Newcastle and Lake Macquarie have beaten the national average over the last decade, enjoying a 68.6 per cent change in house values.
Fast forward to last year, and as reported in The Herald, according to Fairfax Domain Group data, Newcastle recorded year on year increases of 7.9 per cent, Lake Macquarie 6 per cent and Maitland 5.9 per cent.
Throughout the past decade, unit values nationally are lower than houses, increasing by 34.2 per cent. Unit value growth in the combined capital cities (42.0 per cent) and combined regional housing markets (0.4 per cent) was similarly lower than that for houses (56.2 per cent and 20.0 per cent respectively).
For our area, once again, we’ve smashed the national average, with the change in unit values in Newcastle and Lake Macquarie over the decade to June 2018 sitting at a 45.6% increase.
All good news if you’re thinking of selling!
While we cannot predict the future, with Sydney prices rapidly increasing out of most people’s reach, and Newcastle’s infrastructure improvements, the revitalisation of inner Newcastle and the expansion of Newcastle Airport, we believe property prices will continue to rise.
Do you want to know more about house prices in a specific suburb? As we’ve been successfully operating in the area for over 40 years, we have lots of data available for suburbs in the Cardiff, Newcastle and Lake Macquarie region.
As one of Newcastle’s longest established real estate offices, we know property. Whether it is from an investment or homeowner’s point of view, we’re always looking at innovative ways to help you get the best from your asset.
Drop into the Cardiff office or give us a call on 02 4954 8833. Or send us an email to: firstname.lastname@example.org – we’d love to hear from you.