Australia's booming suburbs in 2023
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Property prices are either at or nearing peak levels in many parts of the country after a breathtaking market recovery in 2023.
Dozens of Australian suburbs saw gains of more than +15 per cent in the first nine months of the year alone according to PropTrack's latest data.
Find out which areas have undergone the biggest price booms in each state.
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Sydney and New South Wales
After the Sydney market was hit hard by rising interest rates in 2022, the Harbour City is already well on the way to hitting a new peak median price.
A growing number of suburbs have comfortably broken through +15 per cent growth since January 2023, with some going well beyond.
NSW top 10 growth suburbs in 2023
| Suburb | Region | Property type | YTD growth | Median price |
|---|---|---|---|---|
| Avoca Beach | Central Coast | Unit | 25.9% | $1,393,319 |
| Stanhope Gardens | Sydney - Blacktown | Unit | 25.5% | $632,762 |
| Kariong | Central Coast | House | 23.1% | $938,101 |
| Pagewood | Sydney - City and Inner South | House | 19.6% | $2,671,575 |
| Beaconsfield | Sydney - City and Inner South | House | 19.0% | $1,794,632 |
| Moore Creek | New England and North West | House | 18.4% | $1,025,946 |
| Forestville | Sydney - Northern Beaches | Unit | 18.2% | $1,255,259 |
| Millers Point | Sydney - City and Inner South | Unit | 17.5% | $2,157,267 |
| Cromer | Sydney - Northern Beaches | House | 17.4% | $2,361,886 |
| Beacon Hill | Sydney - Northern Beaches | House | 17.3% | $2,278,897 |
The strongest gains were seen with Avoca Beach units on the Central Coast after prices increased nearly +26 per cent.
The remainder of the state's top 10 growth suburbs were mostly scattered across the wider Sydney region including Stanhope Gardens in the West, Pagewood and Beaconsfield in the Inner South, and Forestville and Cromer on the Northern Beaches.
Houses and units featured fairly equally over the state's fastest movers in 2023.
Note: the above is taken from PropTrack data, comparing median Automated Valuation Model (AVM) prices from January 2023 to September 2023. Only includes suburbs with a minimum of 200 properties with medium / high confidence AVM values.
Melbourne and Victoria
Melbourne hasn't broadly seen the same level of explosive growth as Sydney, but there's no shortage of suburbs forging ahead and clocking up massive gains.
Outside of the city, one regional area in particular has been delivering some incredibly strong performances throughout 2023.
VIC top 10 growth suburbs in 2023
| Suburb | Region | Property type | YTD growth | Median price |
|---|---|---|---|---|
| Sale | Latrobe - Gippsland | Unit | 15.2% | $358,627 |
| Deepdene | Melbourne - Inner East | House | 11.3% | $3,682,172 |
| Leongatha | Latrobe - Gippsland | Unit | 10.1% | $425,958 |
| Forest Hill | Melbourne - Outer East | House | 9.5% | $1,222,650 |
| Glen Waverley | Melbourne - South East | House | 9.4% | $1,619,708 |
| Mount Waverley | Melbourne - South East | House | 9.4% | $1,598,762 |
| Doncaster East | Melbourne - Inner East | Unit | 9.2% | $969,164 |
| Carlton North | Melbourne - Inner | Unit | 9.2% | $663,671 |
| Golden Beach | Latrobe - Gippsland | House | 9.1% | $390,077 |
| Traralgon | Latrobe - Gippsland | Unit | 9.0% | $346,527 |
Units in Sale, part of the wider Latrobe / Gippsland region in Eastern Victoria, shot up in value by over +15 per cent since the year began.
Other hotspots in the region included Leongatha, Golden Beach and Traralgon.
Back in Melbourne, houses in affluent Deepdene came out on top with gains of +11.3 per cent, with Forest Hill, Glen Waverley, Doncaster East and Carlton North also featuring in the state's top 10 movers for the year so far.
Note: the above is taken from PropTrack data, comparing median Automated Valuation Model (AVM) prices from January 2023 to September 2023. Only includes suburbs with a minimum of 200 properties with medium / high confidence AVM values.
Brisbane and Queensland
After a relatively subdued start to the year, Brisbane has been blazing ahead in recent months, with CoreLogic predicting a new median price record would be set in October.
The top growth suburbs in the state represent some incredibly strong markets benefiting from an ever-growing population, particularly across South East Queensland.
QLD top 10 growth suburbs in 2023
| Suburb | Region | Property type | YTD growth | Median price |
|---|---|---|---|---|
| Riverview | Ipswich | House | 23.7% | $445,902 |
| Bundamba | Ipswich | Unit | 20.3% | $385,914 |
| Raceview | Ipswich | Unit | 19.9% | $406,417 |
| Waterford West | Logan - Beaudesert | Unit | 19.5% | $316,707 |
| Acacia Ridge | Brisbane - South | House | 17.5% | $660,458 |
| Nathan | Brisbane - South | House | 17.4% | $986,648 |
| Sunnybank Hills | Brisbane - South | House | 17.4% | $1,057,383 |
| Brassall | Ipswich | Unit | 17.4% | $494,561 |
| Thorneside | Brisbane - East | House | 17.0% | $505,453 |
| Slacks Creek | Logan - Beaudesert | Unit | 17.0% | $322,150 |
Six of the top 10 movers were in greater Brisbane's satellite cities Ipswich and Logan. Houses in Riverview gained nearly +24 per cent in just nine months, with Bundamba units rising over +20 per cent.
A pocket of suburbs in Brisbane's south — Acacia Ridge, Nathan and Sunnybank Hills — also delivered extremely strong growth of around +17.5 per cent, with houses in waterfront Thorneside not far behind.
Note: the above is taken from PropTrack data, comparing median Automated Valuation Model (AVM) prices from January 2023 to September 2023. Only includes suburbs with a minimum of 200 properties with medium / high confidence AVM values.
Perth and Western Australia
Perth has proved to be one of the most resilient markets in Australia over the past year. The downturn in 2022 was short and shallow, and prices have already returned to new all-time highs.
Western Australia currently has the highest rate of population growth of any state, so it's no surprise that strong demand has led to strong growth many suburbs.
WA top 10 growth suburbs in 2023
| Suburb | Region | Property type | YTD growth | Median price |
|---|---|---|---|---|
| Armadale | Perth - South East | House | 22.9% | $388,284 |
| Brookdale | Perth - South East | House | 22.5% | $411,863 |
| Armadale | Perth - South East | Unit | 22.0% | $329,627 |
| Orelia | Perth - South West | Unit | 21.3% | $213,587 |
| Hilbert | Perth - South East | House | 20.8% | $502,895 |
| Gosnells | Perth - South East | House | 20.5% | $452,548 |
| Camillo | Perth - South East | House | 20.4% | $395,257 |
| Seville Grove | Perth - South East | House | 19.9% | $489,940 |
| Kelmscott | Perth - South East | Unit | 19.6% | $341,095 |
| Gosnells | Perth - South East | Unit | 19.5% | $340,886 |
Of the 10 top gainers for 2023 so far, nine suburbs were located in and around Armadale in Perth's southeast, an area that tends to represent better affordability.
Both houses and units in Armadale itself saw prices shoot up by at least +22 per cent, with a range of nearby locations returning similarly strong results.
Note: the above is taken from PropTrack data, comparing median Automated Valuation Model (AVM) prices from January 2023 to September 2023. Only includes suburbs with a minimum of 200 properties with medium / high confidence AVM values.
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Adelaide and South Australia
Adelaide was the star performer of the 2021-22 boom, delivering trough-to-peak growth of more than +44 per cent.
With very little in the way of 2022 price corrections for the South Australian capital, prices have recently been hitting new peaks over consecutive months.
SA top 10 growth suburbs in 2023
| Suburb | Region | Property type | YTD growth | Median price |
|---|---|---|---|---|
| Elizabeth North | Adelaide - North | House | 19.9% | $359,906 |
| Elizabeth South | Adelaide - North | House | 19.5% | $394,169 |
| Aberfoyle Park | Adelaide - South | Unit | 19.1% | $517,271 |
| Smithfield | Adelaide - North | House | 18.3% | $426,737 |
| Fisherman Bay | Barossa - Yorke - Mid North | House | 18.0% | $82,297 |
| Elizabeth Downs | Adelaide - North | House | 17.8% | $393,381 |
| Para Hills West | Adelaide - North | Unit | 17.8% | $432,292 |
| Elizabeth Grove | Adelaide - North | Unit | 17.6% | $423,517 |
| Murray Bridge | SA - South East | Unit | 17.6% | $296,961 |
| Salisbury East | Adelaide - North | Unit | 17.2% | $381,338 |
Overall, Adelaide's star performer has been Elizabeth and its surrounding suburbs in the city's north. Elizabeth North has seen growth of nearly +20 per cent since January, with many of its neighbours close behind.
Aberfoyle Park units in Adelaide's south saw similarly massive gains. Outside of the capital, units in Murray Bridge got a huge bump of +17.6 per cent, landing a spot in the state's top 10.
Note: the above is taken from PropTrack data, comparing median Automated Valuation Model (AVM) prices from January 2023 to September 2023. Only includes suburbs with a minimum of 200 properties with medium / high confidence AVM values.
Thinking of selling your property?
Market conditions have vastly improved for sellers when compared to 2022. A severe shortage of listings combined with increased buyer demand has helped to support property prices through the rising interest rate environment.
It's key to consider, however, that if the median sale price in your suburb has jumped by +20 per cent, that doesn't necessarily mean that your home has grown +20 per cent in value. It may just reflect that more valuable homes have been sold in your market recently.
Getting a more accurate understanding of how properties like yours are performing in your area will require some research. Look at how similar sold homes have performed in your area to get a better sense of where your property sits in the market.
Getting an online estimate to better understand the current value of your home, getting a free property report, or speaking to a top local agent to get an appraisal are great ways to get a more tailored view of how your home should be valued in current local conditions.
