7.5% annual growth since 1961 sale at Enfield
Australian housing prices have surged by a massive 6,556% since 1961 — an average increase of 8.1% every year, the Switzerland-based Bank of International Settlements (BIS) has calculated.
The BIS authors analysed "upswings" and "downswings" across 47 countries.
"The upswings lasted on average 13 years; with the longest one, in Australia, still continuing after half a century," the BIS authors wrote.
The longest downswing was experienced by Japan, for a period of 13 years.
From 1961 to 2016, the report says Australian house prices have grown by an average of 8.1% a year, in "real" or inflation-adjusted terms.
It was done as part of a paper exploring how interest rates affect the price of real estate.
Compared to other advanced economies in the past five decades, Australia had the sixth highest rise in annual property prices.
It was beaten by Spain (+9.9%), UK (+9.3%), New Zealand (+8.8%), Italy (+8.8%) and Ireland (8.7%).
Recently, a $570,000 sale took place at 9/189 Liverpool Road, Enfield.
The ordinary apartment complex, Lindsay Gardens, was the world’s first ever strata-titled building when sold off in 1961.
The apartment first sold at £5200, which equates roughly to $10,400.
It's ensuing price growth reflected 7.5% annual gains.
