Median house prices in Sydney two decades ago were among the most expensive in the country at about $220,000. Sydney’s median house price is now just under $870,000.
“Anyone who bought in a major regional location back then would have paid a fraction of that price and achieved a similar growth rate over the same period,” Pressley said.
Analysts found that median house price of 103 regional cities and towns trebled in price over the past 20 years.
“The research clearly shows that regional real estate has just as much potential as capital cities, which is why smart investors make an objective assessment of every location in Australia before buying.”
According to Propertyology, Australia’s most expensive city to purchase a house is now Byron Bay in northern New South Wales, with its median house price increasing by a whopping 64 per cent over the past five calendar years.
A recent nationwide analysis showed the median Byron house price was more than $987,500, putting it ahead of Sydney, at $950,000, while Melbourne ranks sixth at about $772,000.
“Generally speaking, locations with a more affordable median house price have more upside potential for capital growth. For that potential to be realised, the real skill is being able to identify the locations with positive leading economic indicators,” Pressley said.