For home buyers and investors looking to cash in on a consistent capital growth, Victoria’s Wallan may be the best location to look for a property.
Wallan rose to be the best performing suburb in Australia, recording a 36.8% median value growth in the past year to $533,062. Over the past three years, the suburb has seen a 55.2% median value appreciation.
Victoria dominated the 50 best performing suburbs list by CoreLogic, taking up 41 of the slots. Wallan led the pack, followed by the Tasmanian suburb South Hobart, and other Victorian suburbs Hastings, Cockatoo, and Coolaroo.
South Hobart, the only Tasmanian suburb in the list, has a median value of $623,094, showing a 35.3% increase in median value over the past 12 months, a 46.7% rise over the past three years, and gains of 64.1% in the past five years.
The list was rounded out by six New South Wales and two Queensland suburbs. Every suburb that made the list had a median value growth higher than 18% – the range of growth for 12 months performance was between 22.9% and 36.8% while the extent of growth across 5 years was 105.9% and 18.7%.
"These results are in alignment with the performance of the housing market generally being a two speed market of Victoria and NSW performing more strongly than the rest of the country," CoreLogic research director Tim Lawless said.
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