The suburbs where home prices have grown most since interest rates were this high

Interest rates in Australia are back to levels not seen since 2011, but the property market that buyers and borrowers are facing today looks markedly different to how it did 15 years ago.Analysis of realestate.com.au data has revealed the suburbs with the largest growth in sale prices over that time, showing what’s changed around the country since interest rates were last as high.Comparing median sale prices today against 2011 paints a picture of a market now characterised by larger mortgages, elevated repayments, tighter affordability and more expensive home prices.Fifteen years ago, Australia’s property market was worth $4.4trn – the latest Australian Bureau of Statistics data shows the total value of property has now almost tripled to $12.7trn as of June.Approximately 20% more households held a mortgage in 2021 compared to in 2011, according to the ABS, while the average new loan size for an owner-occupier has almost doubled.Numbers of home loans have also increased even more in the past five years, thanks in large part to an abundance of schemes targeting first-home buyers.realestate.com.au senior economist Anne Flaherty says buyers and sellers today are contending with a very ...