Australia’s house prices are highly variable by region, but its latest slew of best-performing suburbs represents a surprising cross section of markets.
For the 12 months to January 2019, five states and territories feature in the top 10 suburbs for percentage price growth: South Australia, Victoria, Tasmania, New South Wales and Western Australia.
All of the 10 high-achievers recorded double-digit growth for the period, with the leafy Adelaide suburb of Leabrook taking top spot with 86.4% median price growth.
Nerida Conisbee, realestate.com.au’s Chief Economist, says factors contributing to the price rises include increased housing supply and appealing lifestyle offerings.
New Darwin suburb Muirhead – which came in at number two with 49.7% price growth – and rapidly growing new Melbourne area, Clyde North, are examples of suburbs with high development, expansion potential and subsequent shifts in supply and demand.
“Price growth can be driven by a number of things and adding a lot of new homes to a suburb will push up the median,” Conisbee says.
“But many of these [suburbs] are also great places to live.”