Fact or fiction: do property values double every 10 years?
It’s a common belief that real estate values double every decade. But is this true? New research reveals how much home values have increased over the past ten years.
It’s no surprise that something as big as Australia’s $11 trillion housing market has generated its fair share of myths and misconceptions.
Chances are you’ve come across a few yourself – maybe along the lines of ‘great houses sell themselves’, ‘the listing price is non-negotiable’, or ‘you need a 20% deposit to buy a home’.
One comment we often hear wheeled out at social gatherings is that property prices double every 10 years.
But how accurate is this? Here’s the latest research.
How has the property market performed recently?
Looking back over the past year, home values have climbed 3.2% nationally to $825,000, adding about $25,000 in value to the average Aussie home.
Stretching the lens out further, CoreLogic says that in the past five years, property prices have increased 39.1% – an upswing that’s added around $230,000 to Australia’s median home value.
So do values double every 10 years?
It turns out that over the decade to April 2025, home values have, broadly speaking, fallen short of doubling.
Data from CoreLogic shows that on a national basis, property prices have climbed 67.3% in the past 10 years (certainly nothing to sneeze at, though!).
Here are the gains each capital city has made over the past decade:
– Adelaide: 93.6% (the capital city closest to doubling)
– Brisbane: 91.2%
– Hobart: 86.4%
– Sydney: 61.6%
– Canberra: 60.7%
– Perth: 55.6%
– Melbourne: 43.8%
Only one city – Darwin – saw a decline in values (-0.5%) over the past 10 years.
Bear in mind that in some cities with average higher property prices, such as Sydney and Melbourne, some home owners may have pocketed bigger gains in dollar terms as a result of price rises over time, despite the smaller percentage gains.
Time to dispel another myth
The same CoreLogic data seemingly busts another myth – the one about home values across our major cities being more likely to notch up bigger gains than regional properties.
Since 2015, home prices have come closest to doubling in country New South Wales (up 97.5%), regional Tasmania (96.1% higher) and regional Queensland (up 91.5%).
All told, property prices across the nation’s combined regional markets are 87.5% higher than they were 10 years ago, compared to 61.7% gains across our combined capital cities.
Once again, though, keep in mind that capital city properties ($905,000 median value) are often worth more than regional properties ($673,000 median value), and therefore could realise higher gains in dollar terms, despite smaller percentage gains.
The bottom line
Generalisations may make for great barbecue conversations.
But when it comes to major financial commitments such as buying a home, it pays to stick to the facts.
Many locations and individual properties haven’t – and quite possibly never will – double in value every ten years.
That doesn’t mean that your home won’t enjoy significant gains in value over time.
Add in a home loan that’s right for your needs, and home ownership can make a valuable difference to your personal wealth.
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