Regions surrounding Sydney and Melbourne have experienced marked property market growth compared with similar areas around other Australian cities, according to research by CoreLogic.
The data looked at markets serviced by major transport and commercial hubs with populations between 30,000 and 130,000 people.
CoreLogic found that the top 10 regions, when analysing the increases in value over the past 10 years, were solely in NSW and Victoria.
Research analyst Cameron Kusher said Katherine in the Northern Territory was the only region outside of NSW or Victoria to have recorded value growth in excess of 50 per cent over the past decade.
Within the decade's timeframe, the region of Wyndham in Melbourne’s outer south-western was the biggest value bloomer, climbing in value by 129.9 per cent, to $540,644.
The region with the second highest rate of value growth was Pennant Hills-Epping located in the Hills District of Sydney.
The data showed that even regional areas in NSW and Victoria that were not close to cities still outperformed the country.
The top 15 regions outside the confines of the capital cities recorded value increases over the past decade in excess of all of the capital city regions outside of Sydney and Melbourne.
Thirteen of the top 15 regional markets for value growth over the past decade are located in either NSW or Victoria.
"This highlights how much stronger value growth has been in Sydney and Melbourne relative to other capital cities over the past decade," Kusher said.
“It’s important to keep in mind that between them, Sydney and Melbourne account for an estimated 40.3 pre cent of the national population and 58.3 per cent of the total value of dwellings nationally.
"Given this, it really highlights the extent to which the performance of the Sydney and Melbourne housing markets will drive the national headline growth figures," he said.
For each state and territory, none of the top five listed areas were regional housing markets. In fact, only Katherine and Alice Springs make the list for the top five in each state and territory outside of a capital city.
Despite the capital gains felt by the mining boom, Perth's regional housing market produced the least amount of growth in the past 10 years.
The best they produced was Serpentine-Jarrahdale with 17.5 per cent growth, while every other region of the state recorded a growth of less than five per cent.
The top two regional markets for value growth over the past decade, Dapto-Port Kembla (89.7 per cent) and Wollongong (77.8 per cent) are both located in the Wollongong region directly south of Sydney.
