Welcome back to the show. It’s Great David Company, live from Dubai, where the property market’s going pretty well. It sure is. There’s new insight this morning into the Australian property market as well. A landmark study revealing Adelaide has beaten out Sydney and Melbourne with the largest price growth in the past 20 years. We’re joined now by Australian Property Institute CEO John Winter, live from Sydney. John, good morning to you. So Adelaide and Hobart lead the pack. It’s hard to believe. Break down those numbers for us. Yeah, it’s quite extraordinary, Sarah. When you look at this study, and it was done over a 20-year period. What it shows is that, surprisingly, the regional areas are becoming the really high-performing locations. And so if you look at Adelaide, it’s gone up 175% over the last 20 years, and then Hobart coming up a strong second there in 172%. So outperforming those traditional property behemoths of Sydney and Melbourne quite strongly over that period of time.
Lower bases, though, right, to start with? Yeah, absolutely, Carl. But I guess what you’re seeing is this drift from people who have traditionally lived in Sydney looking for different locations to live. The COVID period definitely drove some of that. But that elevation has still come through very strongly, nonetheless. I mean, they have still grown, right? Every one of those other cities as well, including Sydney and Melbourne, of course. What’s behind that? Absolutely. And I guess as opposed to what’s happened with inflation, inflation’s only grown at about 65% over that same period of time. So this driving force has definitely been people looking for sea change, tree change opportunities. That’s what’s driving them upwards. Sydney and Melbourne have obviously been driven more strongly by being the hubs of immigration. When most immigrants first come to Australia, they look to locate in the two biggest cities. But what we’re seeing is longer-term residents of Sydney and Melbourne are choosing to move, particularly to places like Brisbane, Adelaide and Hobart. There you go. Australian house prices are skyrocketing and according to a new property report, Sydneysiders will need to earn 13 times as much in order to afford a home. Live now to today’s Sydney reporter, Gabrielle Boyle. Gabby, this is a massive jump. Certainly is, Jane. Good morning to you. If your vision of buying a home in Sydney is starting to feel like more of a pipe dream, well, there is very good reason. This latest research revealing just how expensive it is to buy in the Harbour City. The average Sydney home costing 13 times the average salary, an extraordinary amount. In Melbourne, it is 3.5 times the average salary, and in Brisbane, 8.3 times.
And if you’re wondering what things have done around the country in the longer term, well, take a look at these 20-year increases. Adelaide’s gone up by 175%, Hobart 172% and Sydney 171%. The smallest increase, interestingly enough, it comes from Perth. Jane?
