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A strong rebound in home price growth over the course of 2023 has resulted in some double-digit growth for average home prices in many Australian suburbs.
Despite interest rate rises dampening loan serviceability for many Australians, home buyers are still prepared to push forward with their plans of acquiring property.
Home prices nationally will have fully recovered from the 2022 downturn by the close of this year, while some suburbs have been revealed to have exceeded expectations and climbed in price by over 30 per cent, according to a new report from PropTrack.
Driven by a low supply of homes to buy or rent, Western Australian suburbs saw some of the highest average growth of the year, with Armadale and Brookdale, in Perth’s southeast, tied for the top spot, each recording 34 per cent price growth.
Here are the top suburbs for price growth in each state:
Western Australia
Armadale: 34 per cent price growth; median home value $404,000
Brookdale: 34 per cent price growth; median home value $441,000
Camillo: 33 per cent price growth; median home value $427,000
South Australia
Elizabeth North: 30 per cent price growth; median home value $366,000
Elizabeth Downs: 27 per cent price growth; median home value $407,000
Davoren Park: 27 per cent price growth; median home value $387,000
Queensland
Riverview: 24 per cent price growth; median home value $464,000
Acacia Ridge: 22 per cent price growth; median home value $681,000
Rochedale: 21 per cent price growth; median home value $1,513,000
NSW
Denistone East: 17 per cent price growth; median home value $2,332,000
Clontarf: 17 per cent price growth; median home value $5,523,000
Parklea: 16 per cent price growth; median home value $1,378,000
Northern Territory
Berrimah: 13 per cent price growth; median home value $455,000
Humpty Doo: 6 per cent price growth; median home value $503,000
Muirhead: 4 per cent price growth; median home value $700,000
Victoria
Harkaway: 10 per cent price growth; median home value $1,294,000
Officer South: 10 per cent price growth; median home value $820,000
Balnarring: 8 per cent price growth; median home value $1,388,000
ACT
Aranda: 8 per cent price growth; median home value $1,233,000
Red Hill: 6 per cent price growth; median home value $2,004,000
Ainslie: 5 per cent price growth; median home value $1,454,000
Tasmania
Kingston Beach: 2 per cent price growth; median home value $882,000
Margate: -2 per cent price growth; median home value $733,000
Sandford: -3 per cent price growth; median home value $1,067,000
Australia’s priciest suburbs
In terms of the most expensive suburbs in Australia, Sydney dominated the list, with the NSW capital home to the top three suburbs recording a median home value of over $5.5 million. The most expensive suburbs nationally include:
Longueville, NSW – $5,775,000 median home value
Dover Heights, NSW – $5,553,000 median home value
Clontarf, NSW – $5,523,000 median home value
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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