Homeowners in some suburbs in Australia were able to witness substantial gains in property values over the past two years despite the series of rate hikes in the last 12 months.
According to PropTrack’s latest report, while home prices fell throughout much of last year, some suburbs were supported by strong demand and limited stock.
The biggest winners were homeowners in Boat Harbour in New South Wales — in just 16 months to May 2023, the suburb’s median home value rose to $1.7m from $846,250.
Proston in Queensland also recorded a massive gain in just 20 months, with median prices rising from $117,500 to $235,000.
Here’s the list of the top 10 suburbs that defied the downturn and reported substantial gains in over two years to May 2023:
|
Suburb |
GCCSA |
Months to double |
Reference median |
Median Value -May 2023 |
|
Boat Harbour, NSW |
Rest of NSW |
16 |
$846,250 |
$1,707,500 |
|
Proston, Qld |
Rest of Qld |
20 |
$117,500 |
$235,000 |
|
Humpty Doo, NT |
Greater Darwin |
20 |
$300,000 |
$600,000 |
|
Nirimba Fields, NSW |
Greater Sydney |
20 |
$541,000 |
$1,130,100 |
|
Box Hill, NSW |
Greater Sydney |
21 |
$600,000 |
$1,225,000 |
|
Murrays Beach, NSW |
Rest of NSW |
22 |
$625,000 |
$1,250,000 |
|
Melonba, NSW |
Greater Sydney |
24 |
$544,950 |
$1,160,000 |
|
Wy Yung, Vic |
Rest of Vic. |
24 |
$417,500 |
$840,000 |
|
Vineyard, NSW |
Greater Sydney |
24 |
$2,417,500 |
$5,000,000 |
|
Grantham Farm, NSW |
Greater Sydney |
25 |
$514,000 |
$1,050,000 |
A recent report from Domain showed that many capital cities are bound to each new record highs by the end of the financial year 2024, with Sydney leading the housing and unit segments.
The main drivers will be the anticipated population growth, which will likely boost housing demand.
Domain chief of research and economics Dr Nicola Powell said nearly 130,000 extra dwellings are needed to accommodate the growth in overseas arrival in the next 12 months.
“When you combine this with unprecedented headwinds in the construction industry and unseasonably weak listings, this has contributed to a forecast of continued tight housing supply that drives up market competition,” she said.
“While prices are expected to rise, affordability will contain the pace of growth, as the likes of rapidly rising interest rates and ongoing mortgage serviceability challenges continue to play out in a complex and dynamic market.”
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Photo by penfold on Canva.
Collections: Mortgage News Property News
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