House prices in Sydney and Melbourne have grown by as much as 1,400% and 1,600% respectively over the last 20 years, according to new analysis done by News Corp Australia.
Furthermore, house prices in all major capital cities across Australia have all increased at least 1,100% since 1980.
The Real Institute of Australia (REIA) reports that anybody who bought and held a property in any Australian capital cities 20 years ago, has already doubled their money several times over.
For REIA president Neville Sanders, this new research highlights the fact that property investing is ideally a long-term proposition.
“Property is a long-term investment – it’s not about buying now and selling in two or three years to take a profit. Some do that if they hit the right cycle at the right time, but it’s luck,” he said.
“Things just keep ticking along. If you hold through a cycle, and through the next one, you get to benefit from that consistent long-term growth.”
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