Key takeaways
Recent PropTrack data reveals the Australian suburbs with the strongest growth in house prices over the past 12 months.
In many regions, top growth suburbs rose in value by more than 20%, but in some regions, the highest growth suburbs grew slower than the top performers in the capitals, with annual growth rates of around 0-4%.
Perth, Adelaide and Brisbane had the strongest home price growth throughout 2023, and are still expected to outperform in 2024.
New data reveals the Australian suburbs in each State where house price growth has outperformed the rest over the past 12 months.
PropTrack data highlights suburbs with the strongest growth in values over the past year in each statistical area 4 (SA4) region, which are geographical areas defined by the Australian Bureau of Statistics with a minimum population of 100,000 persons.
In total, 87 suburbs make the nationwide list.
Prices lifted by more than 20% in the top growth suburbs in many regions, with the strongest gains concentrated in Perth, Adelaide, and southeast Queensland.
Sydney’s overachieving suburbs jumped in value by 10-20%, while most of the top growth suburbs in each Melbourne region lifted around 4-8%.
But in some regional areas, particularly in New South Wales and Victoria, many of the highest-growth suburbs grew slower than the top performers in the capitals, with annual growth rates of around 0-4%.
Interestingly, many of these outperforming suburbs were at the more affordable end of the market.
This most likely reflects the stretched affordability of buyers amid high interest rates and constrained borrowing creating more demand for the lower end of the market.
“Perth, Adelaide, and Brisbane had the strongest home price growth throughout 2023, and while price growth could slow this year, these cities are still expected to outperform in 2024,” PropTrack senior economist Eleanor Creagh said.
“Population growth, limited stock on market and relatively affordability have seen both these capitals recording continued strong price growth.”
Here’s a breakdown of the outperforming suburbs in each Australian state.
Outperforming suburbs in Victoria
| Suburb | Area | Median price | Annual change |
|---|---|---|---|
| South Yarra | Melbourne - Inner | $2,034,000 | 4.30% |
| Doncaster East | Melbourne - Inner East | $1,537,000 | 6.90% |
| Waterways | Melbourne - Inner South | $1,545,000 | 7.90% |
| Watsonia North | Melbourne - North East | $906,000 | 4.90% |
| Attwood | Melbourne - North West | $924,000 | 4.60% |
| Wantirna South | Melbourne - Outer East | $1,203,000 | 6.60% |
| Notting Hill | Melbourne - South East | $1,152,000 | 8.50% |
| Mount Cottrell | Melbourne - West | $688,000 | 3.80% |
| Frankston North | Mornington Peninsula | $578,000 | 2.30% |
| Rosedale | Latrobe - Gippsland | $487,000 | 9.70% |
| Cohuna | North West | $361,000 | 6.70% |
| Tongala | Shepparton | $380,000 | 6.70% |
| Beechworth | Hume | $774,000 | 6.40% |
| Mortlake | Warrnambool and South West | $329,000 | 4.30% |
| Wandana Heights | Geelong | $1,046,000 | 3.20% |
| Epsom | Bendigo | $581,000 | 2.50% |
| Lake Wendouree | Ballarat | $1,096,000 | 0.90% |
Source: PropTrack
While a few pricey suburbs had the biggest gains in their area, many of the top-growth suburbs in each region of the capitals were at the affordable end of their local market.
The trend towards higher price growth in affordable suburbs wasn’t as clear in Melbourne, where price growth has been more subdued than in much of the country.
However, relatively affordable suburbs like Mount Cottrell, Watsonia North, and Attwood had some of the highest growth in their respective regions.
Outperforming suburbs in New South Wales
| Suburb | Area | Median price | Annual change |
|---|---|---|---|
| Cherrybrook | Sydney - Baulkham Hills and Hawkesbury | $2,209,000 | 11.50% |
| Acacia Gardens | Sydney - Blacktown | $1,285,000 | 13.10% |
| Erskineville | Sydney - City and Inner South | $1,702,000 | 11.70% |
| Vaucluse | Sydney - Eastern Suburbs | $9,096,000 | 15.20% |
| Belmore | Sydney - Inner South West | $1,458,000 | 15.80% |
| Dulwich Hill | Sydney - Inner West | $2,006,000 | 13.70% |
| Normanhurst | Sydney - North Sydney and Hornsby | $1,912,000 | 13.60% |
| Cromer | Sydney - Northern Beaches | $2,238,000 | 11.80% |
| Macquarie Links | Sydney - Outer South West | $1,391,000 | 8.60% |
| Caddens | Sydney - Outer West and Blue Mountains | $1,105,000 | 10.10% |
| North Parramatta | Sydney - Parramatta | $1,567,000 | 17.00% |
| West Ryde | Sydney - Ryde | $2,152,000 | 12.60% |
| Elizabeth Hills | Sydney - South West | $1,183,000 | 10.70% |
| Oyster Bay | Sydney - Sutherland | $1,640,000 | 10.40% |
| Kariong | Central Coast | $906,000 | 17.70% |
| Moree | New England and North West | $411,000 | 25.30% |
| Junee | Riverina | $410,000 | 9.90% |
| Nyngan | Far West and Orana | $262,000 | 8.90% |
| Finley | Murray | $307,000 | 8.80% |
| Muswellbrook | Hunter Valley, exc. Newcastle | $475,000 | 8.10% |
| Blacksmiths | Newcastle and Lake Macquarie | $1,078,000 | 5.80% |
| Kembla Grange | Illawarra | $839,000 | 5.70% |
| Forbes | Central West | $430,000 | 4.50% |
| Broulee | Capital Region | $1,042,000 | 3.90% |
| Terranora | Richmond - Tweed | $1,138,000 | 3.50% |
| Junction Hill | Coffs Harbour - Grafton | $562,000 | 2.40% |
| Valla Beach | Mid North Coast | $899,000 | 2.00% |
| Old Erowal Bay | Southern Highlands and Shoalhaven | $676,000 | 1.70% |
Source: PropTrack
Even in pricier areas like Sydney’s inner west and northern beaches, suburbs offering better value for money relative to surrounding regions recorded strong house price growth, including Dulwich Hill and Cromer.
Despite its $2 million median house value, Cromer is the 5th cheapest suburb on the Northern Beaches and attracts both young families and downsizers seeking a beachside lifestyle without the price tag of neighbouring suburbs, a local real estate agent told realestate.com.au.
But in more affordable markets of Sydney, such as the southwest, outer west, and Blacktown, the suburbs with the highest growth in their area had higher prices relative to their region, including Elizabeth Hills, Caddens, and Acacia Gardens.
Outperforming suburbs in Queensland
| Suburb | Area | Median price | Annual change |
|---|---|---|---|
| Hemmant | Brisbane - East | $876,000 | 17.40% |
| Nudgee | Brisbane - North | $998,000 | 15.70% |
| Runcorn | Brisbane - South | $938,000 | 23.40% |
| Riverhills | Brisbane - West | $821,000 | 11.90% |
| Wooloowin | Brisbane Inner City | $1,300,000 | 18.20% |
| Bundamba | Ipswich | $532,000 | 13.80% |
| Woodridge | Logan - Beaudesert | $535,000 | 24.50% |
| Caboolture South | Moreton Bay - North | $599,000 | 22.30% |
| Bunya | Moreton Bay - South | $1,592,000 | 14.00% |
| East Innisfail | Cairns | $280,000 | 22.40% |
| Moura | Central Queensland | $232,000 | 26.30% |
| Miles | Darling Downs - Maranoa | $302,000 | 17.30% |
| Willow Vale | Gold Coast | $729,000 | 15.00% |
| Cannonvale | Mackay - Isaac - Whitsunday | $698,000 | 15.90% |
| Longreach | Queensland - Outback | $248,000 | 7.80% |
| Coolum Beach | Sunshine Coast | $1,284,000 | 10.20% |
| Helidon | Toowoomba | $453,000 | 14.50% |
| Nelly Bay | Townsville | $541,000 | 16.30% |
| Murgon | Wide Bay | $265,000 | 17.80% |
Source: PropTrack
Queensland’s outperforming suburbs are spread across the state.
In almost every Brisbane region, the top growth suburb had some of the cheapest house prices in the area, such as Runcorn in the south (where prices rose 23.4%), Hemmant in the east (where prices were 17.4% higher), and Wooloowin in the inner city (which has enjoyed an 18% increase in prices).
Property prices in Brisbane overall rose almost 11% over the past year.
Outperforming suburbs in Western Australia
| Suburb | Area | Median price | Annual change |
|---|---|---|---|
| Warnbro | Perth - South West | $548,000 | 27.70% |
| Kelmscott | Perth - South East | $493,000 | 28.60% |
| Girrawheen | Perth - North West | $505,000 | 26.90% |
| Stratton | Perth - North East | $455,000 | 24.70% |
| Mosman Park | Perth - Inner | $1,938,000 | 12.50% |
| Greenfields | Mandurah | $473,000 | 29.50% |
| Carey Park | Bunbury | $380,000 | 24.80% |
| Lower Chittering | Western Australia - Wheat Belt | $934,000 | 13.80% |
| West Beach | Western Australia - Outback (South) | $592,000 | 12.80% |
| South Hedland | Western Australia - Outback (North) | $440,000 | 4.20% |
Source: PropTrack
Affordable suburbs also outperformed in every region of Perth except Perth’s inner suburbs – here, Mosman Park came out on top.
Perth house prices grew by about 16% over the past year, but values in some high-achieving suburbs grew almost twice as fast.
Huge house price growth figures were recorded in Perth’s affordable suburbs such as Greenfields (up 29.5%), Kelmscott (up 28.6%), and Warnbro (up 27.7%).
Outperforming suburbs in South Australia
| Suburb | Area | Median price | Annual change |
|---|---|---|---|
| Lobethal | Adelaide - Central and Hills | $616,000 | 19.60% |
| Elizabeth North | Adelaide - North | $383,000 | 26.70% |
| Hackham West | Adelaide - South | $543,000 | 21.80% |
| Woodville Gardens | Adelaide - West | $667,000 | 12.60% |
| Nuriootpa | Barossa - Yorke - Mid North | $528,000 | 16.30% |
| Port Lincoln | South Australia - Outback | $445,000 | 12.50% |
| Murray Bridge | South Australia - South East | $397,000 | 17.40% |
Source: PropTrack
In Adelaide, where prices grew almost 11% in the past year, prices jumped highest in the city’s affordable suburbs of Elizabeth North (26.7%) and Hackham West (21.8%).
Outperforming suburbs in Tasmania, NT and ACT
| Suburb | Area | Median price | Annual change |
|---|---|---|---|
| Campbell | Australian Capital Territory | $2,048,000 | 13.30% |
| Humpty Doo | Darwin | $627,000 | 10.70% |
| Katherine East | Northern Territory - Outback | $359,000 | 0.20% |
| Westbury | Launceston and North East | $551,000 | 8.00% |
| Smithton | West and North West | $389,000 | 6.80% |
| Ranelagh | South East | $678,000 | 1.30% |
Source: PropTrack
Smaller capitals such as Darwin, Hobart, and Canberra aren’t as straightforward to compare at the regional level, given one SA4 region encompasses each city.
However, the highest-growth suburbs in Darwin and Canberra tended to be pricier, while Hobart had no suburbs where median values rose over the past year.
A key takeaway for investors
- Also read:How much of your income should you spend on a mortgage?
- Also read:Pre-settlement inspection guide: what to inspect, why and when
- Also read:The offer and acceptance process when buying a property
- Also read:Caveats – The Red Flags of Real Estate
- Also read:How much you need for a house deposit in each Aussie city
These suburbs have all been identified as being big movers in the short term, but that doesn’t necessarily mean properties in these locations automatically make for a good investment prospect.
There are more than 11 million dwellings in Australia, and as we know, 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 portfolios.
Whether you plan to own one investment property or 5 (or more), your ideal investment strategy will be personal and 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.
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.
