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Home prices in a variety of Aussie suburbs are lower than they were a decade ago. Picture: Justin Lloyd.
Home prices in a variety of Aussie suburbs are lower than they were a decade ago, despite the strong capital growth in property across much of the country over that time.
And plenty of areas have seen only marginal price growth of less than 10 per cent since 2014 on the back of larger volumes of newly built homes easing pressure on price growth.
According to exclusive data provided by PropTrack, this is where you can buy a home today at 2014 prices.
WHERE SYDNEY HOMES ARE CHEAPER THAN A DECADE AGO
The majority of the 10-year price freezes or falls in Sydney were in new development hot spots in the northwest, Parramatta region and St George area, the analysis of PropTrack data showed.
Experts revealed the lack of major price growth in high-development areas was a timely reminder of why more properties urgently needed to be constructed to end Sydney’s chronic housing crisis.
Home prices in Rose Hill are at 2014 levels.
“Development is needed to slow price growth. We need to replicate some of what has been going on in these markets and build more in other areas,” said PropTrack director of research Cameron Kusher.
Properties have been selling for lower than 2014 in Sydney Olympic Park, Rose Hill, Box Hill and Austral.
For context, the median house price across Sydney as a whole has nearly doubled in the past 10 years, going from $712,750 in 2014 to the current $1.42m.
MORE: On where you can buy a home in Sydney at 2014 prices
WHERE MELBOURNE HOMES ARE CHEAPER THAN A DECADE AGO
Melbourne homebuyers who just want a roof over their head can get apartments today for the same price they would have a decade ago, or even almost $220,000 less.
New PropTrack analysis has revealed Caulfield East, Werribee South and Essendon North were suburbs with the largest falls in their median unit prices, dropping almost 40 per cent.
Meanwhile, apartment values have basically frozen for the past 10 years in Docklands and South Yarra.
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Prices in Caulfield East have dropped almost 40 per cent.
PropTrack economic research executive manager Cameron Kusher said a high volume of new apartments had been keeping a lid on prices over the past decade.
“Prices rise because there is too much demand and not enough supply – when it’s the opposite, it can moderate prices,” Mr Kusher said.
“But the risk of delivering a high volume of housing stock is some of it could end up being of low quality.”
MORE: On where you can buy a home in Melbourne at 2014 prices
WHERE BRISBANE HOMES ARE CHEAPER THAN A DECADE AGO
A cluster of suburbs the Brisbane housing boom forgot — where prices have flatlined for a decade — has become an unexpected lifeline for priced-out buyers.
While national home values have soared since 2014, hitting a fresh record high of $853,000 across all dwellings in Brisbane in August, a shift in housing preferences and subsequent drop in demand has created a market stalemate in pockets of the capital city and regions.
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Seven inner city Brisbane suburbs are at 2014 prices. Picture: Lyndon Mechielsen/Courier Mail
First-home buyers and investors are swooping on these underperforming suburbs, which include inner-city unit hotspots where new construction has kept a cap on prices.
Exclusive PropTrack data has revealed 27 house and unit markets where prices are either lower, or only marginally higher, than ten years ago.
For units, the list included seven inner-city Brisbane suburbs, 12 in the Townsville region, and one in Ipswich.
MORE: On where you can buy a home in Brisbane at 2014 prices
WHERE ADELAIDE HOMES ARE CHEAPER THAN A DECADE AGO
South Australian property prices have increased significantly over the past 10 years, with most of that growth occurring over the past five years.
However, new data shows there are five locations in South Australia where you can actually buy for less outlay than in 2014.
According to PropTrack data, Hackham units have experienced the greatest drop over the past 10 years, with units offering the best opportunity for househunters to enter the market at potentially a bargain basement price.
The median unit price in Adelaide’s southern suburbs sits at $200,250, some 22.1 per cent or $56,750 on the $257,000 recorded in July 2014.
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Suburbs where prices were cheaper than in 2014 tended to be areas where there was a high rate of new housing construction. Picture Simon Cross
Also in metropolitan Adelaide, Hawthorn unit prices are down on this time a decade ago.
A median-priced unit will set you back $327,5000, however this time in July 2014, you would have been paying some 3.3 per cent, or $11,275 more.
PropTrack director of research Cameron Kusher said the capital city suburbs where prices were cheaper than in 2014 tended to be areas where there was a high
rate of new housing construction, with much of that being high density units.
MORE: On where you can buy a home in Adelaide, South Australia at 2014 prices