Australia’s Best Performing Suburbs for Houses and Units
Australia’s top suburbs for house and unit price growth has been identified, thanks to new data from Domain showcasing which areas across the country recorded double digit growth amid the nation’s housing market slump.
Lower interest rates, improved access to credit and the subsequent boost in market confidence are the key drivers supporting the turnaround in housing conditions.
Domain Economist Trent Wiltshire confirmed the property market is turning.
“Lots of indicators point towards Sydney and Melbourne price falls either ending or being very close to the bottom,” Wiltshere told The Urban Developer.
“But we don’t think it’s going to be a big bounce, or a huge turnaround in prices, we’re forecasting modest price growth later this year and into 2020.”
So which suburbs recorded the top growth over the year?
The data ranks Mount Pleasant in Ballarat Victoria as recording the largest median house price growth in Australia for the 12-months to June.
While established blue-chip suburb Chelmer in Brisbane’s west ranked in second place recording 25.2 per cent median house price growth for the period.
As for the unit market, Queensland’s Noosa Heads came in at first place recording 24.8 per cent growth for the year to June and a median price sitting of $830,000.
In the prestige housing market, Sydney’s exclusive Vaucluse recorded a noticeable 19.9 per cent increase for the year, despite the downward trend in values seen in the major capital city.
With borrowing capacities recently increasing thanks to lower mortgage rates, Corelogic’s Tim Lawless says many existing owners may “increasingly be looking to upgrade into more expensive homes”.
“Despite value declines across the board, more expensive housing stock has generally recorded greater declines which may be offering homeowners the opportunity to upgrade into a more expensive property despite the recent value declines.”
While regional markets remain affordable in comparison to capital city markets, their presence in both of Domain’s top suburb lists is noticeable for both house and unit year-on-year growth.
Latest PRDnationwide research says regional markets have recorded positive capital growth throughout the housing market slump.
Regional markets also fared better than capital city and metropolitan markets in the first half of 2019, recording an increase in median house price of 1.7 per cent in the past 12 months according to PRDnationwide.
“There is a higher resilience in regional markets due to increasing infrastructure development, more affordable housing prices and big businesses moving their head offices to regional areas,” PRDnationwide national research manager Asti Mardiasmo said.
Top Performing Suburbs: Houses
| State | Suburb | Median Price | YoY Increase | Region |
|---|---|---|---|---|
| VIC | Mount Pleasant | $366,000 | 26.2% | Country |
| QLD | Chelmer | $1,290,000 | 25.2% | Brisbane West |
| SA | Wallaroo | $295,000 | 25.0% | Country West |
| VIC | Wonthaggi | $365,000 | 21.7% | Country |
| TAS | East Devonport | $237,000 | 20.6% | Mersey Lyell |
| SA | North Adelaide | $961,000 | 20.1% | Adelaide Metro East |
| NSW | Urunga | $540,000 | 20.0% | NSW Country |
| NSW | Temora | $292,000 | 19.9% | NSW Country |
| NSW | Vaucluse | $6,000,000 | 19.9% | City and East |
| QLD | Mount Pleasant | $405,250 | 19.2% | Qld Rural |
| NSW | Tumut | $315,000 | 18.9% | NSW Country |
| VIC | Woodend | $777,000 | 18.6% | Country |
| QLD | Cranbrook | $260,000 | 18.2% | Townsville |
| VIC | Lucas | $425,000 | 18.1% | Country |
| SA | Aldgate | $860,000 | 17.8% | Adelaide Metro East |
Top Performing Suburbs: Units
| State | Suburb | Median Price | YoY Increase | Region |
|---|---|---|---|---|
| QLD | Noosa Heads | $830,000 | 24.8% | Sunshine Coast |
| VIC | Blackburn | $603,168 | 24.4% | Outer East |
| QLD | Broadbeach Waters | $545,000 | 19.8% | Gold Coast Central |
| WA | Claremont | $652,500 | 19.2% | City |
| QLD | Stones Corner | $515,000 | 18.4% | Brisbane West |
| ACT | Campbell | $637,500 | 18.1% | Canberra Central |
| NSW | Fairy Meadow | $565,000 | 17.8% | Wollongong |
| SA | Norwood | $592,500 | 17.3% | Adelaide Metro East |
| NSW | Kirrawee | $756,000 | 17.2% | South |
| NSW | Elizabeth Bay | $1,100,000 | 17.0% | City and East |
| NSW | Woollahra | $1,300,000 | 16.6% | City and East |
| QLD | Coombabah | $442,000 | 16.3% | Gold Coast North |
| QLD | Runaway Bay | $552,000 | 15.0% | Gold Coast North |
| ACT | Phillip | $375,000 | 14.4% | Woden Valley |
