The property market has outperformed the expectations of many industry commentators throughout 2009, but some suburbs in particular have enjoying stellar growth over the last 12 months.
Berwick in south-eastern Melbourne topped the list of sales volumes, with an unprecedented 805 house sales occurring in the suburb over the past year.
RP Data yesterday announced the top performing suburbs across Australia for 2009.
Peppermint Grove in Perth topped the most expensive suburb list, recording a median house price of $5.1 million.
Dawes Point in Sydney was the most expensive suburb for units, with an average unit selling for $1.34 million.
The company’s research director Cameron Kusher said the last 12 months had been incredibly positive for the property market and this attitude was expected to continue into 2010.
“Twelve months back we were expecting that 2009 would see minimal value growth and that yields and rents would ramp up,” Mr Kusher said.
“However, with the onset of aggressive interest rate cuts and the First Home Buyers Grant Boost, the opposite has occurred and market activity was significantly stimulated as values rose by 10 per cent during the first 10 months of the year.
“Rents and yields improved during the early part of the year but both have fallen in recent months as value growth ramped up and rental growth failed to keep pace.”
Kusher said the top growth suburbs nationally were in the regional areas.
“Only three suburbs (Mount Torrens, Tarragindi and Woodville Gardens) are found in a capital city. The NT regional outpost of Tennant Creek is the top performer for houses with growth of 43.4 per cent while the Brisbane suburb of Tarragindi experienced the greatest jump in unit prices boosted by some higher quality new stock in the suburb,” Mr Kusher said.
The regional centres also topped the list of highest rental yields.
According to Mr Kusher, the best gross rental yields were found exclusively within regional and mining resource areas.
“It’s not surprising to see this result across the housing market due to these areas enjoying continuing strong demand and in many instances being hampered by little scope to provide additional housing,” he said.