The best-performing suburbs in Australia have been revealed by new data, with strong gains found throughout the nation. However, some states perform far more consistently than others.
The suburbs with the highest growth rates in the country have been revealed in the latest round of CoreLogic RP Data, with New South Wales, Victoria, Queensland and South Australia emerging as the strongest performing states.
Gwynneville, an inner suburb of Wollongong in NSW, was the best-performing suburb in the country, with unit prices up by 50 per cent over the 12 months to June.
That increase is based on a median unit price of $450,000.
Mark Jackson, principal of Jackson Residential in Gwynneville, explained that the suburb’s location between the University of Wollongong campus and an emerging medical precinct is driving demographic change in the suburb.
“Gwynneville seems to be going through a resurgence, and it’s more to do with demographics than anything else,” he said. “We’ve got the university on the north side of us and on the south is the medical precinct with hospitals and the like.”
The suburb, consisting largely of 1940s and 1950s architecture, is proving popular with two buyer groups in particular, self-funded retirees and families. A popular option is to knock down and rebuild, according to Mr Jackson.
He said increased activity and rising prices in Sydney mean more buyers pushed out of that market are showing interest in the Wollongong area.
“We’re seeing a lot more Sydney buyers in Gwynneville, particularly – they’re finding a particular shock when they hit Gwynneville and see the prices,” Mr Jackson said.
North Batemans Bay was the second highest-growing suburb in the country, with a 48.84 per cent increase in values based on a median house price of $640,000.
East Toowoomba, in Queensland, was ranked third with unit prices, currently sitting on a median of $355,000, rising by 46.39 per cent over the 12 months.
Based on the performance of the top 10 suburbs in each state, NSW was the strongest-performing. Every suburb in the NSW top 10 reported growth above 40 per cent, with the 10th suburb on the list, Elanora Heights, recording a rise of 42.21 per cent based on a median unit price of $867,500.
Queensland, Victoria and South Australia all returned consistently strong results, with the disparity between the top and bottom of the list within the range of 11 per cent.
South Australia’s highest-yielding suburb was New Port, where unit values rose by 43.75 per cent based on a median unit value of $402,500.
The best-performing suburb in Victoria was Cranbourne East, where unit prices grew by 41.99 per cent in 12 months. Currently the median unit value is $292,500.
Victoria’s number 10 suburb was Fitzroy, on 33.78 per cent. Queensland’s was Sandy Creek, 35.57 per cent and South Australia’s was Glenelg (33.11 per cent).
There was greater disparity between the top 10 suburbs in the Northern Territory, ACT, Tasmania and Western Australia.
For example, in the Northern Territory the difference between the number one suburb and number 10 suburb was greater than 25 per cent.
Fannie Bay recorded growth of 39.44 per cent with a current median unit value of $627,500, while Larapinta recorded growth of 12.9 per cent on a median price of $350,000.