Do property prices double every 10 years?

From CoreLogic’s Cameron Kusher comes an interesting analysis of the common myth that Australian property doubles in value every 10 years:

A decade ago, the national median house price was recorded at $330,000 and the median unit price was $310,000. Ten years later, the median selling prices were recorded at $499,000 and $445,000 respectively. Based on these figures, selling prices nationally have increased by 51% for houses over the decade and by 44% for units. Clearly, based on broad averages, in most areas of the country median prices have not doubled over the past decade.

Across the individual capital cities the results diverge significantly, however none of the capital cities have seen the city-wide median house or unit prices double over the past decade…