In 2010, the real estate landscape was very different to what we see today, with Darwin coming in second for the most expensive state. The median property price sat at $616,480 which was astonishingly $26,000 more expensive than the median property price in Sydney.
Melbourne and Perth sat on even playing fields in 2010, with their median property prices both being slightly above $550,000.
It is hard to believe that property in Perth was more expensive than that of Adelaide and Brisbane, and Melbourne was more affordable than a property in Canberra.
Now flashforward ten years. Perth and Darwin have become the affordable states, with Melbourne soaring above other median prices. Though, not beating out Sydney who claims the top spot for most expensive city in Australia. A price tag in the capital of NSW will set you back $1 million at an average.
A significant contributor to this shift was the downfall of the mining boom in WA. Many left the state when work began to thin out, and thus the economy balance shifted from the west coast to the east. Though this may be the most notable factor in the changes through the decade, there are plenty of reasons prices fluctuate over time.
We are potentially looking towards a positive future for the West Australian market and we for one, would love to see this change.
Looking for your next property? Ready to make the move? Talk to us today.
Source: https://www.domain.com.au/news/how-has-australias-housing-marking-changed-since-2010-919190/