Stanwell Park has been named one of Australia’s real estate hot spots.
New CoreLogic Home Value Index Results reveal property prices have increased by more than 54% in the last 12 months- placing it second on the list of highest growth areas within 50km of a CBD.
The median house price is now $1,485,000.
The analysis of Australia’s greater metropolitan growth suburbs looked at CoreLogic figures for areas with at least 10 house sales over the 12 months to 31 June 2016 compared to the 12 months to 31 June 2017. The data was limited to areas found within 50km of the CBD.
REA Group Chief Economist Nerida Conisbee says growth rates reflect the strong capital growth seen in both Melbourne and Sydney, but it’s t not likely to go on forever.
“People are prepared to commute quite some distance, particularly in NSW.,” she says. ” If they can get the home that they want, they are quite prepared to be very far from the city and that’s showing in these numbers,” she says. “When you are buying you do consider that past growth isn’t necessarily indicative of future growth.
“If an area has seen very, very strong price growth you shouldn’t be buying assuming that the price growth will continue. I think that’s really, really important for buyers,” she says.