While headlines are talking about a national property slowdown in Australia in 2023, the downturn isn’t universal. Some postcodes are bucking the trend and holding steady or even rising in value.
Here’s a quick look at some current suburbs in cities and regions that have experienced growth over the last twelve months.
Property in Australia
If you’re planning to sell or looking to invest, it’s important to do some research. These are some of the suburbs that have delivered impressive results over the last twelve months.
• NSW
In Sydney, the two suburbs to look out for are Austral and Melonba.
Melonba near Riverstone and Marsden Park has gone up by more than 25 per cent over the last year, while Austral showed a 36% change and is experiencing some of the highest growth for any postcode in the nation.
In regional NSW, look to places like Hunterview in the Hunter region to the north of Sydney, with 28% growth and Narrandera in the state’s west, with 21% for houses in Muswellbrook, with 20.5% and Armidale, with 20.2%.
• VIC
The strongest Melbourne suburbs for house prices over the last twelve months were Elwood, with a 14.7% rise over the last six months, and Rockbank which rose 7.3%, bringing the average for the suburb to $615,000.
Regionally, growth areas included Gippsland’s Leongatha (+13.5%) and Lucas in the west of the state (+12.6%) for houses. Shepparton in the north east saw good growth in unit value (+30.5%).
• QLD
In Brisbane, some of the top suburbs for house price growth were the Logan City suburb of Greenbank (+21.5%), Upper Caboolture (+53.6%) and Eight Mile Plains (+30.5%). For units, Stones Corner grew by 12.5% and Beenleigh rose by 26.1%, pushing values close to the $300,000 mark.
In regional Queensland Port Douglas (+10.4%) experienced strong growth for house prices. For units, the Gold Coast’s Ashmore (+15.1%) and Main Beach (+33.3%) were top performers.
• SA
The best Adelaide postcodes for house price growth over the last twelve months were Munno Para (+15.1%) in Murraylands, Davoren Park (+32.6%), and Salisbury (+28.0%).
In the regions, South Australia’s best-performing suburbs were Mannum (+37.7%) and Goolwa Beach (+35.4%) for houses and Port Lincoln (+11.9% for units.
• WA
South Guildford (+13.3%) is performing well for house price growth. Unit price growth has been high in suburbs close to the city including Mount Pleasant (+12.5%) and Wembley (+11.5%).
‘Winners’ in regional WA are Jurien Bay (+19.6%) and Eglinton (+5.3%) for houses, and South Bunbury towards the Margaret River region (+22.0%) for units.
• TAS
In Tasmania, Penguin (+21.4%) and Trevallyn (+13.0%) have been high performers for house value.
• ACT
In the ACT, suburbs that are performing well include Taylor (+19.0%) and Watson (+6.3%). For unit,s look to Campbell (+15.7%) and Coombs (+19.8%).
Keeping perspective
The long list of suburbs and postcodes bucking any downturn trend is good news for property owners and investors in these areas.
However, if you’re in a suburb that has decreased in value, take a look at its long term performance. Chances are there was a significant jump during the pandemic, which will put you ahead if you bought prior to 2020.
Consider that national growth over the last ten years is extremely positive, with overall value increase of more than 70 per cent.
If you’re looking to sell your home or invest in a growth area, what’s most important is to have quality advice and to work with someone local who can help you understand the value of your home and make decisions that will work for you.
Reach out today at teresa@teresaberger.com.au .
