WHERE YOU SHOULD HAVE BOUGHT ?
Most of us have regrets when it comes to where we should have bought property . Perhaps it was that beach house in Byron Bay , the inner city terrace in North Fitzroy or the house in Bellerive ( those are mine ). House prices across Australia have grown 210 per cent over the past 20 years but some suburbs and towns have substantially eclipsed that . When it comes to the highest growth areas across Australia over the long term , there is one clear trend . It ’ s close to water , particularly beaches , that has seen the most growth . The second trend is Hobart .
Within our capital cities , there are two locations that dominate the top 10 list for strongest growth suburbs - Hobart and the Mornington Peninsula in Melbourne . Both areas have seen substantive shifts in popularity since 2001 .
Twenty years ago , the Mornington Peninsula was a popular holiday destination and it was possible to get affordable homes . All five of the suburbs on the list of strongest growth suburbs were priced well under $ 200,000 in 2001 and now three of them are priced well over $ 1 million . There are a number of things that changed over this time . The first was government investment in the region , particularly the Peninsula Link which provided quicker access into central Melbourne . The second was the increasing popularity of beachside locations with more people wanting to live permanently by the beach . The third was COVID which changed the way people work and increased demand for second homes . All of these shifted the Mornington Peninsula from being relatively affordable to one of the most expensive locations in Melbourne .
Hobart meanwhile was driven by the dramatic economic change that went on in Tasmania over the past 20 years . Previously the Tasmanian economy was primarily government and agricultural driven . The opening of the Museum of Old and New Art ( MONA ) in 2011 catapulted Hobart into a global tourism destination . Alongside this , the international student market also gained traction . Hobart went from being the most affordable capital city in Australia to now having a median price almost on par with Brisbane .
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