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The RBA has recently released their official chart pack for the Australian economy and it has revealed the Australian capital cities that have seen the strongest growth in house prices in the last 8 years.
The Housing Prices chart (as pictured) illustrates that Sydney has seen the strongest house price growth, with average property prices for 2014 about $100,000 above that of the second highest priced capital city, Melbourne.
What is interesting though is that in 2009, Sydney and Perth property prices were on par at $500,000, and while Perth property prices have grown $100,000 in 5 years time, Sydney prices have grown by a much more significant sum of $200,000. So which was the better city to invest in?
Sydney’s housing popularity is likely to continue in the foreseeable future, particularly in the western Sydney area and suburbs like Liverpool where people are turning to for more affordable properties that still offer growth and easy access to major hubs.
For anyone who is interested in buying an investment property in the Liverpool area, feel free to get in touch with one of the Professionals Paradise Realty team on 02 9601 7455.