As property prices continue to rise across the country, it’s clear from recent data that not all suburbs are growing at an equal rate.
So, where are the growth hot spots in your state? Read on to find out…
New South Wales
Byron Bay has been the biggest mover on the NSW property market this year, and you’ll no longer get change from a million dollars if you hope to buy a house there. The median sale price has increased a whopping 54.4% to $1,455,000. Meanwhile, it’s Jindabyne, in regional NSW, which boasts the biggest growth in unit prices over the past twelve months – up 36.2%. If you’re hoping to buy a unit in the Snowy River region, you’ll need to look outside the $200,000 bracket, with prices now reaching $301,000.
Abbotsford, in inner-city Melbourne, saw growth of 39.9% in house prices over the past year, leaping from $940,000 to $1,315,000. To the south-east of the CBD, Elsternwick boasted the highest growth in unit prices, with a jump of 30.7%. Buyers will have to cough up more than three-quarters of a million dollars to secure a piece of this bayside suburb, with the unit median now sitting at $751,000.
Australian Capital Territory
In our nation’s capital, Gordon is the suburb to be when it comes to house price growth. While it’s still an affordable place to buy, with a median of $543,000, it’s enjoyed growth of 16.4% in the past twelve months. For units, leafy Turner in the inner northern suburbs has seen prices increase by 11.8% since last year, and a unit there will now set you back around $520,000.
The sun, sand and surf must be drawing buyers to the Sunshine Coast in droves – over the past year, the suburb of Sunshine Beach has rocketed in value, with houses now worth an average $1,352,500 – up a massive 47%. The top performing suburb for units was Bongaree, in the Moreton Bay region, where properties grew 15.5% to a new median of $335,000.
In Hobart, it’s been the inner-city suburbs that have seen the most dramatic price growth over the past year. In South Hobart, houses have added 26.3% in the past year, with the median price now sitting at $545,000. Savvy investors who’ve bought units in West Hobart in recent years will be delighted to learn units there have leapt a staggering 37.1% in value, up to $426,250.
Despite a recent market downturn in WA, there are still growth corridors to be found in our most remote capital city. For houses, look no further than Narrogin, where prices have jumped 25% in the past year, and will now set you back $250,000. In South Perth, units have grown 23.8% and now sit at a median price of $551,000.
In the top end, growth areas have been few and far between of late, with most suburbs falling victim to a market slump. However, in Darwin there are still gains to be made – units in Coconut Grove have managed to grow 5.5% to a median of $480,000 in the past year. Down in Alice Springs, house prices in Eastside have also increased, to the tune of 4.7%, and now surpass the $500,000 mark.