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Here’s where house prices have risen the most in the past 5 years - featured image

Here’s where house prices have risen the most in the past 5 years

We're in the middle of a property boom, the likes of which we haven't seen in a number of decades.

But it wasn't that long ago that house prices remained flat for a number of years – just looked back at 2017, 18, and 19.

However, according to Domain's House Price Report, property prices have doubled or risen even more over the past five years in a string of sought-after hotspots, often by the beach.Investing Into Property

This stellar growth reveals the effect of the sea-change trend that was gathering steam even before the pandemic restricted our lifestyles but has taken off since the widespread shift to remote working.

There is little doubt that the current low-interest rate environment and long lockdowns have fuelled the demand to move out of capital cities for a more relaxed lifestyle.

Noosa has been drawing southern buyers, sending Sunshine Beach house prices soaring 161.1 per cent in five years to a median of $2.2 million, Domain data shows.

Noosa Heads rose 88.6 per cent over five years to a median of $1.495 million, while along the Sunshine Coast, Minyama jumped 138.1 per cent to $1.375 million.

Suffering more than 230 days of lockdown, Melburnians have been flocking to the Mornington Peninsula.

Prices in sought-after Sorrento are up 94.9 per cent from five years ago to a median of $1.91 million, with Blairgowrie up 85.7 per cent to $1,392,500.

The back beaches have become more popular with buyers seeking seclusion, and Somers house prices rose 135.4 per cent to a median of $1,706,750 in five years.

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House price rises, past five years

State Suburb Median house price Five-year change
QLD Sunshine Beach $2,200,000 161.10%
QLD Minyama $1,375,000 138.10%
VIC Somers $1,706,750 135.40%
TAS Rokeby $434,000 126.00%
NSW Byron Bay $1,960,000 120.20%
NSW Palm Beach $4,362,500 102.90%
VIC Jan Juc $1,287,500 98.10%
NSW Bulli $1,400,000 95.70%
VIC Bright $756,000 95.30%
VIC Sorrento $1,910,000 94.90%
VIC Brown Hill $530,000 91.00%
TAS Moonah $550,000 89.70%
QLD Noosa Heads $1,495,000 88.60%
QLD Hamilton $1,762,500 86.00%
VIC Blairgowrie $1,392,500 85.70%
TAS Dodges Ferry $481,000 85.00%
TAS West Moonah $550,000 84.60%
VIC Daylesford $800,000 82.90%
VIC Norlane $403,000 82.40%
NSW Suffolk Park $1,450,000 81.80%

Data provided by Domain

About Robert Chandra is a Property Strategist at Metropole and has an intrinsic understanding of property markets backed by many years of real estate experience. This coupled with several degrees gives him a holistic perspective with which he can diagnose clients’ circumstances and goals and formulate strategies to bridge the gap.
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