Amid the doom and gloom of the media hype surrounding the current property market, you’d be forgiven for thinking double-digit growth was a thing of the past.
However, while some suburbs are flat-lining and dragging the national average down with them, there’s still plenty of spots around the country where capital growth remains strong.
Which suburbs are experiencing the best capital growth around Australia so far in 2018? Let’s take a look…
Coming off the boil, they say? Tell that to these Sydney suburbs, where the market is still very much running hot! Units in Leichhardt have almost doubled in value in the past year, from $714,000 to $1.065 million. Bronte has seen similar growth, with unit values up 42.3 per cent to $1.38 million. In Freshwater, houses values have increased by 32.3 per cent since 2017, with the current median an eye-watering $2.585 million!
You certainly can’t escape the fact that the last 12 months have seen property prices in Melbourne skyrocket. Units in Carlton are now fetching $315,000, up a staggering 36.7 per cent from the $230,500 they commanded just one year ago, while in Ivanhoe you’ll now need a cool $852,500 to buy a unit, compared to just $630,000 last year. In 2017, houses in Broadmeadows were selling for well under half a million dollars, but today the median is $570,000 – a cool increase of 31 percent.
There’s plenty of good news for property investors in sunny Brisvegas, with unit prices in Carina Heights are up 7.9 per cent to $457,500. In Auchenflower, the median house price has cracked the $1 million mark, with a median of $1.095 million, up 25.1 per cent from $875,000 a year ago. Seven Hills isn’t far behind with a median of $958,000, an annual increase of 27.6 percent =.
With the market in WA finally bouncing back, some pockets of Perth are enjoying good growth. Units are still struggling to achieve double-digit increases, but houses seem to have shaken off the slump of the past few years. House values in Applecross have soared 24.3 per cent, and now sit at a median of $1.553 million, compared to just $1.25 million this time last year. In Bicton, the median house price is now $1.002 million, up 20.3 per cent from 12 months ago, when you could have snapped up a similar home for around $833,000.
In Hobart, the housing boom is rolling on, unaffected by the cooling conditions in the mainland states. Units in Sandy Bay have grown in value by 12.2 per cent in the past 12 months, to a new median of $460,000. That two-bedroom unit you had your eye on last year, listed at $397,500? It could now be worth $457,525! In South Hobart, house prices are up 24.6 percent, with the median now $629,000, while in Moonah, 19.5 per cent growth has seen the median house price rise to $382,500.