Want to know the top performing suburbs.
Recently On The House published a report outlining the top performing suburbs for houses and also for apartments based on capital growth over the past decade.
Here are the findings:
In ACT, the top performing suburb over the last ten years was Mawson (where units grew 73.6%, lifting the average median value from $288,983 to $501,556).
The next best performer was houses in O’Connor, with a 70.8% ten year change in values, from $620,447 to $1,059.701 (which also represents ACT’s top median value in 2018).
Third place went to houses in Downer (60.7% growth).
Looking beyond the percentages, while the top median value in May 2018 for ACT went to O’Connor’s houses, the highest median value for ACT’s units were in Canberra city ($569,598 from $426,135 ten years beforehand).
The top performing NSW suburb over ten years was Sydney’s Rushcutters Bay (where units grew 180%, lifting the average median value from $286,824 to $802,981).
Second place goes to Sydney’s Warwick Farm (Liverpool), where units enjoyed a 176.6% ten year change in values, to $454,546 (from $164,318).
Strathfield came in third, with median value for houses climbing 172.6% over ten years to reach $3,015,932 (from $1,106,358).
This also represented the top median value for NSW houses.
NSW’s top median value units are found in Sydney’s Bondi Junction ($1,287,022 from $507,503 ten years beforehand).
With relatively passive ten year growth compared to larger markets, a minimal number of suburbs met the criteria for analysis.
But of those that did, the top performing NT suburb over ten years was Gillen in Alice Springs (where houses grew 43%, lifting the average median value from $319,154 to $456,233).
Durack’s houses came second, with a 21.9% ten year change in values, to $612,756 (from $420,597).
This also represented the top median value for NT houses. Units in Larrakeyah came in third, with median value of $477,736 climbing 18.6% over ten years, and also representing NT’s top median value units.
All of Queensland’s top 10 performing suburbs for houses were in the Brisbane main capital city region, but just one of the capital suburbs made the top 10 list for units, which was completely dominated by The Gold Coast.
The top QLD performer over the last decade was Underwood in Brisbane’s Logan, where houses grew 65.6% in median value to reach $601,345 (from $363,048).
- Also read:Latest Asking Prices State by State | Listings and asking prices steady in lead up to market hiatus
- Also read:Latest property price forecasts for 2024 revealed. What’s ahead in our housing markets in the next year or two?
- Also read:Here’s how to avoid these 12 common reasons property investors fail to build a Multi Million Dollar Property Portfolio
- Also read:Heat comes out of the housing market as values across Melbourne dip and Sydney slows | Corelogic Home Value Index
- Also read:Sydney property market forecast for 2024
Houses in Brisbane’s Ashgrove came second with 53.4% in median value to reach $1,019,808 (from $664,792).
The top median value for QLD’s houses is in Hawthorne with a median value of $1,274,810.
The top median value for QLD’s units is in The Gold Coast’s Paradise Point, where the median value grew 44% to reach $576,240 (from $400,142 ten years beforehand).
In South Australia, houses were the best performer — with Grange topping the list at 49.4% growth in median value to reach $732,554 (up from $490,309).
This is also the top median value for houses.
For units, the top performer was Norwood, with 35% growth to reach $517,731 (from $383,483) — also the top median value for units.
In a result that won’t surprise anyone, all of Victoria’s top house and unit suburbs were in the Melbourne Capital City region, where Derrimut houses topped the list with the highest growth over ten years (257.9% - Australia’s highest growth rate).
The top median value for houses is at Ashburton in Boroonda where values grew 153.9% to reach $1,905,114.
Units in Altona North came in at second place with 164% growth to reach a median value of $655,491.
Houses in Perth’s suburb of Wattle Grove recorded the highest growth of 89.7% to reach a median value of $506,235.
The aptly named suburb of ‘Success’ (also in the capital city) reached second place with 83.7% to achieve a median value of $514,263.
But top median value for houses goes to Darch in Wanneroo at $574,909 (resulting from 68.3% growth).
The top performing suburb for units was West Leederville, with 48% growth resulting in a May 2018 median value of $470,316.
The top median value for WA units can be found in South Perth ($575,287).