Values in suburbs spanning three states have grown in excess of 45 per cent over the last 12 months, according to new data.
Suburbs spanning Queensland, NSW and Victoria were home to the fastest growing suburbs in Australia in the 12 months to November 2015, according to CoreLogic RP Data.
Of the 14 suburbs returning a growth rate above 45 per cent, Mundabbera, 405 kilometres north-west of Brisbane, Queensland took out the number one spot, with house values skyrocketing by 49.9 per cent.
The current median house price in Mundabbera is $166,750.
Suburbs in Wollongong, NSW featured prominently in the count, with Wombarra, Mount Kembla and Port Kembla all recording value growth in excess of 45 per cent.
Wombarra houses grew by 48.8 per cent to sit on a current median of $1.25 million – making the suburb the second highest-growing in the country. Mount Kembla houses grew by 46.6 per cent to a current value of $835,000.
Port Kembla unit values rose by 45.5 per cent to sit on $320,000.
Other strong performers in NSW included the Central Coast suburb of Bar Point, where house values grew by 48.7 per cent to sit on a median value of $435,000.
Changes to zoning in the outer-western Sydney suburb of Austral look to have continued inflating values through to November, with house values growing by 46.4 per cent to sit on a current median of $1.9 million.
The suburb has featured prominently in the 12-month growth figures reported on by Which Investment Property during 2015 – consistently recording growth in the 40 – 50 per cent bracket.
John Pierobon, principal of Grandland Real Estate, recently explained the extent of the transition current underway in the area.
“Over the years it’s just been an area where people have done small farming or it’s been a lifestyle place to live basically on the edge of Sydney, which has been mainly three-acre parcels… now, with the rezoning, it’s going to be a very different place,” he said.
“You’ve got areas which have been rezoned residential, which will be minimum of about 15 dwellings per hectare, so where you used to have one little country homestead, or something like that on three acres, now you probably have the potential for 18 to 25 residential homes.”
In Victoria, Portsea (on the Mornington Peninsula) and St Kilda West returned the strongest performance.
Portsea house values grew by 47.5 per cent to a current median of $1.8 million, and St Kilda West houses by 45.3 per cent to $1,961,250.