House prices in 111 Australian locations have trebled over the past two decades, according to research from Propertyology.

Analysis was conducted over the 20 years to the end of 2018 on 180 Australian towns and cities, all with populations over 10,000 people. The research shows that regional markets have been competitive with capital cities on long-term capital growth.

“Whether someone purchased in any of our eight capital cities 20 years ago or in most of Australia’s non-capital locations, today it’s worth at least three times what they paid for it,” Propertyology’s Simon Pressley says.

Pressley says the median house price in Sydney 20 years ago was the most expensive in the country at $220,000 – however, anyone who bought in a major regional location back then would have paid a fraction of that price and achieved a similar growth rate.

“Locations with a more affordable median house price have more upside potential for capital growth,” he says. “The real skill is being able to identify the locations with positive leading economic indicators.”