Boom conditions in Sydney and Melbourne have concealed price falls in the rest of Australia during the past five years.
A new research paper from the Housing Industry Association has taken a big-picture view of Australia’s housing markets and emphasised the different conditions in each capital city.
Sydney prices have grown by 19.3 per cent in real terms between 2010 and 2014 – however, they have grown by only 16.0 per cent in real terms between 2005 and 2014.
Melbourne values have increased by 6.7 per cent over five years and by 41.6 per cent over 10 years.
Prices have fallen in real terms in Australia’s other capital cities during the past five years, although Hobart has been the only city to have recorded a fall during the past 10 years.
Brisbane prices have fallen 12.3 per cent since 2010 but risen 7.6 per cent since 2005.
Perth values have declined 5.4 per cent since 2010 but jumped 43.6 per cent since 2005.
Adelaide has experienced a 6.7 per cent drop in real terms during the past five years although that has been offset by an 11.6 per cent gain in real terms during the past decade.
Hobart prices have slipped 18.0 per cent since 2010 but only 7.0 per cent since 2005.
Darwin values have fallen 6.6 per cent during the past five years but surged 57.0 per cent since 2005.
Canberra is down 2.8 per cent during the past five years but up 8.6 per cent during the past decade.
The Housing Industry Association said the statistics show that there is more to Australia than just its two biggest cities and that it is misleading to talk about a national price boom.