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By Leanne Spring

Aussie suburbs where home prices have doubled in 5 years

key takeaways

Key takeaways

Amidst uncertainties like rising interest rates and living costs, Australian suburbs, especially in regional areas, have seen a remarkable doubling of median house and unit prices over the past five years.

This real estate surge isn't confined to major urban centers. Various suburbs across different states have experienced substantial growth, showcasing a broad trend across the country.

While these suburbs show impressive growth, not all properties within them are automatically strong investment prospects. Understanding investment-grade properties and aligning them with personal investment goals is crucial.

Forget the allure of Powerball's staggering $200 million jackpot – a group of Australian property owners have already struck gold.

Recent data from PropTrack reveals a fascinating trend: 67 suburbs where median house and unit prices have not just increased but doubled in the past five years.

Where median house and unit prices doubled in 5 years

2023 witnessed an unexpected surge in home prices, defying the odds of rising interest rates and the nationwide squeeze on living costs.

This real estate bonanza isn't limited to the usual urban hotspots.

In fact, out of these 67 suburbs, a mere 10 from Sydney, Adelaide, and Hobart made the cut.

Suburb State Median Property type 5-year growth
1 Teralba NSW $902,500 House 173.50%
2 Gables NSW $1,590,000 House 165.40%
3 Queenstown TAS $190,000 House 160.30%
4 Caddens NSW $1,278,000 House 156.50%
5 Melonba NSW $1,145,000 House 153.20%
6 Casterton VIC $370,000 House 150.80%
7 Glenwood QLD $485,000 House 148.70%
8 Rosebery TAS $185,000 House 146.70%
9 Nulsen WA $225,000 House 146.60%
10 Westbury TAS $710,000 House 136.70%
11 Crystal Brook SA $260,000 House 136.40%
12 Nikenbah QLD $857,500 House 135.70%
13 Kembla Grange NSW $896,250 House 134.00%
14 Mount Morgan QLD $197,500 House 132.40%
15 Dysart QLD $185,000 House 131.30%
16 South Hedland WA $320,000 Unit 122.20%
17 Heywood VIC $380,000 House 121.60%
18 Whyalla Stuart SA $195,500 House 121.50%
19 Dungog NSW $630,000 House 121.10%
20 Sunshine Beach QLD $1,560,000 Unit 119.70%
21 Millicent SA $340,000 House 119.40%
22 George Town TAS $355,000 House 117.80%
23 Cliftleigh NSW $725,000 House 117.10%
24 Myrtleford VIC $637,000 House 115.90%
25 Blackwater QLD $205,000 House 115.80%
26 Spalding WA $272,500 House 115.80%
27 South Hedland WA $420,000 House 115.40%
28 Warracknabeal VIC $232,500 House 114.30%
29 Elizabeth Downs SA $390,000 House 114.30%
30 Barney Point QLD $272,500 House 113.70%
31 Bokarina QLD $1,495,000 House 113.00%
32 Solomontown SA $183,500 House 112.80%
33 Rokeby TAS $585,000 House 112.70%
34 Elizabeth North SA $350,500 House 112.40%
35 Bridport TAS $700,000 House 112.10%
36 South Gladstone QLD $180,000 Unit 111.80%
37 Rangeway WA $190,000 House 111.10%
38 Barraba NSW $263,500 House 110.80%
39 Terang VIC $387,500 House 110.00%
40 Muirhead NT $713,000 House 109.70%
41 Cannon Valley QLD $1,100,000 House 109.50%
42 Orbost VIC $345,000 House 109.10%
43 Bordertown SA $275,000 House 109.10%
44 Broulee NSW $1,150,000 House 108.90%
45 Moura QLD $212,000 House 108.90%
46 Smithton TAS $370,000 House 108.50%
47 Jindabyne NSW $1,350,000 House 108.30%
48 Tocumwal NSW $580,000 House 107.10%
49 Springdale Heights NSW $520,000 House 106.80%
50 Cape Paterson VIC $880,000 House 106.80%
51 Collinsville QLD $160,000 House 106.50%
52 Boolaroo NSW $772,500 House 106.00%
53 Tara QLD $185,000 House 105.60%
54 Peterborough SA $148,000 House 105.60%
55 Kingscliff NSW $1,800,000 House 104.80%
56 Tewantin QLD $807,500 Unit 104.40%
57 Davoren Park SA $365,000 House 102.80%
58 Sellicks Beach SA $683,000 House 102.40%
59 East Devonport TAS $435,000 House 102.30%
60 Worongary QLD $1,180,000 House 101.70%
61 Goolwa South SA $635,000 House 101.60%
62 North Kellyville NSW $1,730,750 House 101.30%
63 Hope Island QLD $1,700,000 House 101.20%
64 Cloncurry QLD $220,000 House 100.00%
65 Port Hedland WA $680,000 House 100.00%
66 Anglesea VIC $1,700,000 House 100.00%
67 Nelly Bay QLD $400,000 Unit 100.00%

Source: PropTrack

Paul Ryan, PropTrack's senior economist, sheds light on this phenomenon.

The pandemic has reshaped our residential choices, driving a mass migration from bustling capitals to regional gems.

"People are venturing beyond the usual suspects, and it's paying off – especially in regional Australia," he observes.

Take Teralba in NSW's greater Newcastle, for instance.

This suburb has witnessed a meteoric rise in median house prices – a whopping 173% jump to $902,500 from $333,000 just five years ago.

Teralba's unique appeal is affordability coupled with serene lakeside living.

This combination attracts families and downsizers alike, seeking tranquillity without breaking the bank.

The success stories don't end there.

In Sydney's Gables and Tasmania's Queenstown, house prices have soared by 165% and 160%, respectively.

NSW's Caddens and Melonba are not far behind, with jumps of 156% and 153%.

Other notable mentions include Casterton in Victoria, Glenwood in Queensland, and Rosebery in Tasmania, all witnessing price hikes in the 146%-150% range.

The unit market also has its winners, with South Hedland in WA leading with a 122% increase.

Queensland's Sunshine Beach, South Gladstone, and Tewantin follow closely.

Overall, national home prices rose 5.52% in 2023, with signs of a slowdown towards the year's end.

"Affordability is starting to bite," says Ryan. "Despite the upward trend in interest rates, the relentless rise in home prices is meeting resistance."

Investment-grade properties are key

These suburbs have all been identified as being big movers, but that doesn’t necessarily mean properties in these locations are automatically a strong investment prospect.

There are more than 11 million dwellings in Australia, and they’re not all created equal.

In fact, in my mind, fewer than 4% of the properties on the market at any given time are what I would call “investment grade”.

We’ve written plenty of articles and voiced many podcasts over time to share what I consider an investment-grade property is (more here and here if you’d like to explore), so I won’t go into the characteristics of a great investment, or the type of properties that fit these criteria.

As you consider your investment journey and the types of assets you’d like to add to your portfolio, I encourage you to consider:

  • What are your long-term investment goals?
  • Why do you want to invest in property as opposed to other investments?
  • How long do you plan to own your investment portfolio?
  • What kind of budget are you working with?

These are all the kinds of questions we encourage our clients at Metropole to consider when we work together to build their investment portfolio.

Whether you plan to own one investment property or 5 (or more!), the ideal investment strategy for you will be personal, as it’s based on your own unique risk profile, income, expenses and goals.

When you take all of these things into consideration, you can work out your long-term “goal”, and break it down into smaller, more achievable goals that you aim to tick off one year to the next.

Having unclear goals can cost you a small fortune, so getting super clear on what it is you want to achieve is the first step towards building real and lasting wealth in your life.

Attaining wealth doesn’t just happen, it’s the result of a well-executed Strategic Property Plan.

Planning is bringing the future into the present so you can do something about it now!

Why not get the team at Metropole on your side to help you – we’re more than just another buyers’ agent - we help our clients safely grow intergenerational wealth through strategic property advice.

We are big enough to tip the scales in your favour, but still small enough to care.

Click here to organise a free complimentary wealth discovery chat with one of our wealth strategists.

About Leanne Spring Leanne is a highly experienced Buyers Agent in the Brisbane Real Estate market. Leanne became a passionate lover of property in 2001. Since then, both professionally and personally, she has been involved in all aspects of property including purchasing, negotiating, renovating, and selling.
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