What happened in Australian real estate markets after the Global Financial Crisis (GFC) in 2008 could provide information on how they will emerge from the COVID-19 epidemic, study finds joint venture with the Property Investment Professionals of Australia (PIPA). and CoreLogic.
Housing values ??in capital cities three years after the GFC have increased by up to 39%, while in regional areas, values ??have registered even more substantial gains of up to 65%. It is, however, essential to note that most of the growth in regional areas was due to mining areas, which were on the rise at this time.
"Areas such as mining towns, where economic conditions depend on a single industry, are much more likely to experience price rises or falls due to the strength or weakness of their industries dominant, ”said Tim Lawless, research manager at CoreLogic.
Lawless stated that while these regional areas experienced "spectacular" capital gains after the GFC, they, a few years later, saw a collapse in home values ??as the mining boom slowed.
In capital cities, a mixture of central and outskirts of the city became the most successful. Sydney dominated this span, with six of its suburbs ranking among the top 10 performers in the three-year span. The first place, however, belonged to Rosebery of the Northern Territory. Here is the list of the best performing suburbs and their median values ??three years after the GFC.
Top suburbs:
balga
,
Westmead
,
Mortdale
,
wiley park
,
Will Parliamentstown
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