The housing downturn in Australia seemed to have already abated, but some suburbs managed to escape the slump unscathed — they even reported robust price growths over the year, industry figures show.
What's surprising is the strong performance of regional markets, which continued to shine amid the downturn. A recent study by the PRDNationwide revealed that regional housing markets performed better than the capital city and metropolitan markets during the first six months of 2019. In fact, suburbs in regional markets recorded an overall median house price growth of 1.7%.
"There is a higher resilience in regional markets due to increasing infrastructure development, more affordable housing prices and big businesses moving their head offices to regional areas," said Asti Mardiasmo, national research manager at PRDNationwide.
Recent market events such as the back-to-back rate cuts and the changes in mortgage rates could help improve prices further, even in capital cities.
Also read: These suburbs offer the cheapest homes in Australia
"But we don't think it's going to be a big bounce or a huge turnaround in prices, we're forecasting modest price growth later this year and into 2020," said Domain economist Trent Wiltshire in a report in The Urban Developer.
The tables below show the top-performing suburbs for houses and units over the past year to June 2019.
Top-performing suburbs for houses |
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Suburb |
Median Price |
YoY Increase |
Region |
|
Mount Pleasant, VIC |
$366,000 |
26.2% |
Country |
|
Chelmer, QLD |
$1,290,000 |
25.2% |
Brisbane West |
|
Wallaroo, SA |
$295,000 |
25.0% |
Country West |
|
Wonthaggi, VIC |
$365,000 |
21.7% |
Country |
|
East Devonport, TAS |
$237,000 |
20.6% |
Mersey Lyell |
|
North Adelaide, SA |
$961,000 |
20.1% |
Adelaide Metro East |
|
Urunga, NSW |
$540,000 |
20.0% |
NSW Country |
|
Temora, NSW |
$292,000 |
19.9% |
NSW Country |
|
Vaucluse, NSW |
$6,000,000 |
19.9% |
City and East |
|
Mount Pleasant, QLD |
$405,250 |
19.2% |
Qld Rural |
|
Tumut, NSW |
$315,000 |
18.9% |
NSW Country |
|
Woodend, VIC |
$777,000 |
18.6% |
Country |
|
Cranbrook, QLD |
$260,000 |
18.2% |
Townsville |
|
Lucas, VIC |
$425,000 |
18.1% |
Country |
|
Aldgate, SA |
$860,000 |
17.8% |
Adelaide Metro East |
|
Source: Domain, PRDNationwide, The Urban Developer |
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Top-performing suburbs for units |
|||
Suburb |
Median Price |
YoY Increase |
Region |
|
Noosa Heads, QLD |
$830,000 |
24.8% |
Sunshine Coast |
|
Blackburn, VIC |
$603,168 |
24.4% |
Outer East |
|
Broadbeach Waters, QLD |
$545,000 |
19.8% |
Gold Coast Central |
|
Claremont, WA |
$652,500 |
19.2% |
City |
|
Stones Corner, QLD |
$515,000 |
18.4% |
Brisbane West |
|
Campbell, ACT |
$637,500 |
18.1% |
Canberra Central |
|
Fairy Meadow, NSW |
$565,000 |
17.8% |
Wollongong |
|
Norwood, SA |
$592,500 |
17.3% |
Adelaide Metro East |
|
Kirrawee, NSW |
$756,000 |
17.2% |
South |
|
Elizabeth Bay, NSW |
$1,100,000 |
17.0% |
City and East |
|
Woollahra, NSW |
$1,300,000 |
16.6% |
City and East |
|
Coombabah, QLD |
$442,000 |
16.3% |
Gold Coast North |
|
Runaway Bay, QLD |
$552,000 |
15.0% |
Gold Coast North |
|
Phillip, ACT |
$375,000 |
14.4% |
Woden Valley |
|
Source: Domain, PRDNationwide, The Urban Developer |
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Collections: Mortgage News
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