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By Brett Warren

Aussie suburbs in each state where house price growth outperformed

key takeaways

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

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

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.

About Brett Warren Brett Warren is National Director of Metropole Properties and uses his two decades of property investment experience to advise clients how to grow, protect and pass on their wealth through strategic property advice.
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