Easter being about resurrection and what not, it seems appropriate to explore five key locations around Australia where prices have recently surged, when two years ago they had been trapped in a downward spiral
Nothing lasts forever. Just ask the England cricket team who, after years of losing the Ashes, eventually and regrettably beat an opponent that had eclipsed them in skill for decades.
It’s the same for many property markets too, which, after witnessing major price falls, have steered toward a path of recovery – and ultimately sustained price increases.
Of course, property prices ultimately move in cycles across every market. As the rule of price decreases is not forever, neither is price increases. Some markets currently on a path of seemingly perpetual increase will do the opposite: one day fall.
Astonishingly though, for some areas, the cyclical return to growth has been, for lack of a better word, phenomenal. These include five suburbs where, after experiencing massive declines in 2010 and 2011, property prices climbed way past what could be considered ‘recovery’ over 2012.
These include two suburbs of Mackay, Qld (Andergrove and Grasstree Beach) where a strengthening in the coal industry has helped the local property market find new legs in the aftermath of Queensland floods that dealt much of the state economy a heavy blow.
Darwin suburb Herbert has also had its property fortunes resurrected as cashed up miners move into the city in search of accommodation. The considerable activity from the natural gas industry is clearly having an effect and the suburb’s median house price has grown by more than $200,000 in the last two years.
The 5 suburbs: