The latest CoreLogic figures hold few surprises. The boom period is over for Sydney, after five years of ballistic growth, and things are looking up for capitals that were previously in the doldrums. It’s just the predictable cycle that property goes through.
Popular regional areas are proving to be some of the fastest growing hot spots for buyers, especially those with great infrastructure, an alluring lifestyle, and proximity to a major centre. Where the prices of houses have rocketed out of reach for the average buyer, the focus is shifting to more affordable apartments.
So let’s take a look at what’s trending around the country.
ACT top 10 suburbs
In the 12 months to April 2018, Canberra property prices rose 2.6%, with the median price now pushing $600,000, and top suburbs demanding $1m+. Not surprisingly, the popular spots for affordability are mainly located in outlying suburbs.
Canberra’s northernmost town centre, Gungahlin, proved a top performer, boasting three suburbs in the top 10 (Harrison, Amaroo and the new suburb of Moncrieff). Gungahlin’s population has soared in the past 25 years, from around 380 residents in 1991 to an estimated 75,250 in June 2017. The booming satellite town is the fastest growing district of Canberra.
Also figuring prominently is the Belconnen district, further south, with Kaleen, McKellar and Melba making the list. But it’s Dickson units that top the list at a staggering 43.87% growth in the last year, and O’Connor that comes in at the highest median price – the only top 10 suburb that now sits in the post-$1 million median mark.
NSW top 10 suburbs
It’s certainly telling you something when there’s only one Sydney suburb that makes the top 10 in the State! The city’s status as not only the most expensive city in Australia – but among the world’s priciest – for housing is driving buyers to cheaper and sleepier pastures. And at a median price of nearly $1.5 million, in a suburb overwhelmingly made up of apartments, Sydney’s Huntleys Cove soars well above the average price of its rival top performers around the State.
The trend towards regional gems is certainly prominent in NSW, with buyers favouring the north and south coastal areas, where you can still buy property for around the $500,000 mark. And they’ve been going gangbusters over the last 12 months – all reaching above 40% growth levels. A string of suburbs across the Shoalhaven, Illawarra and mid-north coast regions, as well as some Newcastle suburbs, recorded double-digit house-price growth in the year to March, according to the latest Domain Group data.
QLD top 10 Suburbs
The Sunshine Coast’s rising fortunes (it was recently rated the State’s second highest performing regional economy) are reflected in the rosy figures below – with the top three all located in this tourist hot spot – and all three suburbs edging towards 50% growth over the past year. Yandina Creek also made the top 10. A couple of inland spots did well: the small town of Cunnamulla in south-west Queensland and the historic mining town of Collinsville fleshing out the top five, with prices under $100,000.
SA top 10 suburbs
Take out the well-heeled suburbs of Hazelwood Park, Glenelg and North Adelaide, where a million dollars is the average buy-in price for a house – and you realise Adelaide is still an affordable city. In the rejuvenated industrial district of Port Adelaide, the median house price is $455,000, with nearly 36% growth in the past year. The State’s southernmost town of Port MacDonnell – famous as the south’s rock lobster capital – was the only top performer outside of Adelaide.
TAS top 10 Suburbs
Hobart continues to defy the overall national trend of slight “inflation-adjusted” falling dwelling prices; it was the only capital city in which real values increased over the March quarter (+3.0%), according to CoreLogic. Over the past 12 months, only Melbourne (+3.4%), Hobart (+10.9%) and Canberra (+1.0%) have seen dwelling values outpace inflation. So it’s little surprise that coveted Hobart suburbs figure prominently in the top 10. There’s swanky Battery Point, just above Salamanca Place, at number two, with a median unit price of $751,000, attracting nearly 45% growth in the past year. A surprise for top spot is the tiny riverside village of Derby in the north-east of the State, where 10 houses sold at a median price of around $235,000 – up 46.6% over the year. Do we think affordability was a factor?
VIC top 10 Suburbs
No surprises Geelong made the top 10, with all the publicity it’s been receiving lately as a great investment hot spot. It’s one of Victoria’s most prominent regional centres. While Melbourne prices haven’t quite reached Sydney’s heady heights, they are still pushing bargain hunters further afield. Murchison is a genuinely charming and very pretty small town located on the banks of the Goulburn River – and you can buy a house there for under $300,000. And in the little town of Kaniva, in far western Victoria, you part with only around $150,000 for a house. No arguing with that price! Especially with growth rates over 40%.
NT Top 10 suburbs
Not surprisingly, Alice Springs and Darwin suburbs dominate the top 10 performers, but the growth reflects the sluggish pace of the Northern Territory market. Larapinta, in Alice Springs was the star performer, at nearly 20% growth and a median house price of $425,000.
WA top 10 suburbs
Whether you have a positive or negative outlook, one thing for sure is that Western Australia’s property market has had its fair share of highs and lows… and one of the positives right now is you’ll likely be buying at the bottom of the market, and for a rock bottom price. The figures below prove one of the fundamental teachings of the Renovating For Profit course: in any market, you can always find high performers!