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House prices doubled in 4 years – ABS

Average house values around Australia doubled in the four years to 2009, according to the latest figures released by the Australian Bureau of Statistics (ABS).

The National Regional Profiles report shows that the biggest increases were in the WA city of Mosman Park, where the average value of private sector houses rose 210 per cent between 2004-05 and 2008-09 and Melbourne, where house values rose by 145.1 per cent. 
This was followed by Waverley in New South Wales, where the average value of private sector houses rose 137 per cent from $445,600 in 2004-05 to $1,054,200 in 2008-09.

Mosman had the state’s highest average value of $1,373,700 in 2008-09.

In Queensland, the Gold Coast saw the average value of private sector houses increase by 42.1 per cent, from $247,300 in 2004-05 to $351,400 in 2008-09, while the Brisbane suburb of Wynnum had one of the state’s highest growth rates of 107.2 per cent, going from $201,600 to  $417,800.

In South Australia, Burnside had the highest average value of private sector houses in 2008-09
of $418,100, while outside the capital city Wattle Ranges in the south-east had the highest average value of $234,000.

In Western Australia, Peppermint Grove recorded the largest average value of private sector houses in 2008-09,at $2,469,100. This was an increase of 95.1 per cent from 2004-05.

Neighbouring Mosman Park had the second largest average value of private sector houses in 2008-09 at $1,579,600 (up 210 per cent, from $508,200 in 2004-05). These areas also had some of the highest average taxable incomes in WA in 2007-08, at $130,094 (Peppermint Grove) and $116,562 (Mosman Park).

In Tasmania, the Central Highlands had one of the highest increases in average value of private sector houses from 2004-05 to 2008-09, increasing 91.1 per cent from $79,000 to $151,000.

Darwin recorded the highest average house value in the Northern Territory, ($400,200) in 2008-09, followed by Palmerston ($320,800). This was an increase of around 43 per cent from 2004-05 ($224,000), while in the ACT O’Malley had one of the highest average values of private sector houses at $549,100. This compares to the ACT average of $220,000.



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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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