Home News Cheaper properties grew the fastest

Cheaper properties grew the fastest

Font size :

Properties located close to the capital cities and are priced under $500,000 have grown the fastest according to a new report.

RP Data revealed that 62.5% of the top performing suburbs in the list are situated in capital city areas with only 4 mining towns making the cut.

Properties under $500,000 dominated the fastest growing list with a total of 53 suburbs included while the middle to upper range ($500,000 to $1 million) accounted for 20 suburbs listed.

Cameron Kusher, senior research analyst with RP Data said that it's not a surprise to see that growth areas are dominated by suburbs near the capital cities.

"It is surprising to see some of the $1m plus suburbs making the high growth list. However it's important to remember that the data was calculated on an annual basis and in the earlier part of 2008, these areas were still performing very strongly," he said.

In Sydney, McMahons Point saw median house price grow by 47.4% to $1.675 million while units in Greenwich jump by 49.8% to $490,000.
"Greenwich is a tightly-held area and unit prices are still affordable so the spike in growth is likely due to the high demand from first homebuyers because it's within their price range," said Pino Tedesco, director with Metropole Property Investment Strategists.

All the top ranking suburbs for houses in Victoria were found within Melbourne. Houses in Portsea, St Andrews and Eaglemont saw values jumping between 30% and 38% while unit values in Dallas surged by 48.3%.
 
In contrast, Queensland's top performers were dominated by suburbs outside Brisbane. House values in River Heads grew 43.1% while unit prices in North Lakes climbed by $47.3%.

Related: Home Loan Calculator 

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

Mortgage News and Articles

House prices return to more affordable levels in mining towns House prices return to more affordable levels in mining towns

While the end of the mining boom has had a negative impact on property prices, homes in the region have become more affordable Read more

Borrowers should anticipate a possible rate hike Borrowers should anticipate a possible rate hike Some experts advise borrowers to look for a fixed loan that allows extra repayments so that they can whittle down the balance sooner ... Read more

Why choosing the right mortgage is hard for first-home buyers Why choosing the right mortgage is hard for first-home buyers Many feel overwhelmed by the sheer range of products and interest rates on offer, a new survey reveals ... Read more

Mortgage applications drop in second quarter Mortgage applications drop in second quarter This marks the “beginning” of a downward trend, says Equifax executive ... Read more

More mortgage news and articles

Sponsored Links

Thursday, Jul 27, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Whether you're a first homebuyer, looking to refinance, or investing, it's important to have the right loan for your needs. Just fill in a few details below and one of our trusted mortgage advisers will contact you.

A quick & easy way to find the right home loan
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords