Across the country, units in Greenwich in Sydney recorded the strongest annual growth in median price at a fairly hefty 49.8%. Within NSW, only 3 suburbs located in Sydney appeared on the list, and many of the other strong performing suburbs were found in major regional areas. Conversely across Victoria, all of the top performing suburbs for houses were found within the capital, with only units in Irymple found located outside of Melbourne. Across the top performing suburbs, only houses in Portsea and Eaglemont have a median price greater than $1 million and only houses in St Andrews and St Andrews Beach have a median price greater than or equal to $500,000.
Interestingly, the list of top growth suburbs in Queensland was dominated by suburbs outside of Brisbane with just 4 of the 10 suburbs located in Greater Brisbane. All of the suburbs found outside of Brisbane were situated in major regional areas, and the list for this state only features two suburbs with a median price greater than $500,000. (Coolangatta and Tennyson) – this relates back to what I was saying yesterday about regional areas becoming a more and more popular residential choice for many Australians. Similar to previous examples, SA top growth suburbs show a dominance of properties priced below $500,000 and 7 of the 10 suburbs were found within Greater Adelaide. Next door to SA is the one state bucking the trend of a dominance of affordable properties receiving strongest growth. All of the houses within WA detailed on the list, and two of the units, have a median price greater than $500,000 with 3 recording prices greater than $1 million. The similarities it does have with other states is that it is dominated by capital city suburbs on the list, with 7 of the 10 listed located in Perth.It will be interesting to see how this list changes, and which suburbs continue to grow as the market stabilises and investors find their feet again.