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Urban Areas with the Biggest Property Value Changes – COVID’s Impact
The property market never stands still. Some regions experience booming growth, while others struggle to keep pace. The past few years, particularly since March 2020, have demonstrated just how varied these changes can be across urban areas in Australia.
A Tale of Two Markets
During the pandemic, record-low interest rates ignited property booms in several urban areas. Some locations saw sharp increases early on, while others experienced delayed surges even as interest rates climbed. This divergence in growth trends has shaped the current real estate landscape, with some cities emerging as clear winners.
Murray Bridge: The Standout Performer
Leading the charge in property value growth is Murray Bridge in Adelaide, the only major urban area to witness over 100% price growth. This remarkable surge highlights the increasing appeal of affordable yet well-connected locations, where demand has skyrocketed as buyers seek value beyond the capital cities.
Affordable Growth Hubs
Interestingly, many of the fastest-growing urban areas had lower median property prices before the boom. Even today, five of the top ten fastest-growing regions still maintain median property values below $500,000. These areas continue to attract buyers looking for affordability and investment potential, reinforcing the trend of migration toward regional and suburban markets.
Lifestyle Destinations Break the Million-Dollar Mark
Not all high-growth areas were once considered cheap. The Sunshine Coast and Gold Coast/Tweed Heads were already popular lifestyle destinations before COVID-19. However, the pandemic-driven demand for spacious, scenic, and commutable locations sent their prices soaring. As a result, these two regions now boast median property values exceeding $1 million, cementing their status as premium real estate markets.
The Markets That Struggled
While most regions rode the housing demand wave, not all benefited. Alice Springs (-5.6%) and Mount Isa (-3.6%) are the only two significant urban areas where property values have declined. These locations missed out on the broader demand surge, highlighting that not all real estate markets are created equal.
Key Property Market Data
The following table highlights the significant urban areas with the biggest property value changes since COVID:
This data shows how property markets across different states have evolved, with some areas seeing dramatic increases in median values.
The Fast-Moving Market: Are You Ready?
Real estate is dynamic, and those who act decisively reap the rewards. With property values shifting rapidly, the key question remains—are you watching from the sidelines, or are you making the right moves? Whether you’re an investor or a homebuyer, staying informed and acting strategically can make all the difference in navigating the ever-evolving property market.
For expert guidance on navigating the evolving property market, contact Ash Buyers Agency, the Best Buyers Agent in Sydney. Our team is here to help you make informed real estate decisions. Call us at +61 434 111 200 today!
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