Australia's top growth suburbs of 2023
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Many leading economists predicted a major slump for Australian property prices in 2023. Instead, we saw home values rebound rapidly in markets all over the country.
The year capped off with a new record high for Aussie home prices, and dozens of suburbs from every state delivered outstanding gains.
Here are the standout growth suburbs of 2023 according to PropTrack data.
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Sydney and NSW
Sydney was first out of the gates for the 2023 recovery with prices surging nearly +8 per cent over the year by PropTrack's numbers.
There were some outstanding suburbs around the cities where that rise was more than doubled.
Sydney top performing suburbs 2023
Suburb Area Average home value Annual growth Denistone East Ryde $2,332,000 17% Clontarf Northern Beaches $5,523,000 17% Parklea Blacktown $1,378,000 16% Queens Park Eastern Suburbs $3,381,000 15% Millers Point City and Inner South $2,707,000 15% Banksmeadow City and Inner South $1,002,000 15% Beacon Hill Northern Beaches $2,223,000 15% Kings Langley Blacktown $1,431,000 14% North Balgowlah Northern Beaches $3,123,000 14% Darlington City and Inner South $1,807,000 14% Denistone East and Clontarf topped the list with a huge +17 per cent annual increase apiece with Parklea close behind.
The top 10 represented a wide array of locations around Greater Sydney, covering affluent areas like the Eastern Suburbs and Northern Beaches all the way through the city and west to Blacktown.
Regional NSW had a softer year overall, however there were still plenty of suburbs delivering very substantial growth over 2023.
Regional NSW top performing suburbs 2023
Suburb Area Average home value Annual growth Culcairn Murray $325,000 13% Coolamon Riverina $478,000 11% Grenfell Central West $334,000 11% Leeton Riverina $414,000 10% Springvale Riverina $1,314,000 10% Scone Hunter Valley exc Newcastle $515,000 10% Deniliquin Murray $334,000 9% Calala New England and North West $563,000 9% Tolland Riverina $421,000 9% Junee Riverina $400,000 9% The leading results were generally away from big regional hubs, favouring suburbs in the state's south-west like Culcairn and Coolamon.
Source: PropTrack AVM price growth over 12 months to November 2023
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Melbourne and Victoria
After a strong start to the year, Melbourne's rate of growth broadly eased off as rising interest rates introduced some added downward pressure.
Even so, there was no shortage of suburbs that significantly outperformed.
Melbourne top performing suburbs 2023
Suburb Area Average home value Annual growth Harkaway South East $1,294,000 10% Officer South South East $820,000 10% Balnarring Mornington Peninsula $1,388,000 8% Balwyn Inner East $2,079,000 8% Somers Mornington Peninsula $1,666,000 8% Deepdene Inner East $3,006,000 8% Canterbury Inner East $2,708,000 8% Glen Waverley South East $1,507,000 8% Vermont South Outer East $1,458,000 7% Forest Hill Outer East $1,155,000 7% The top 10 was dominated by the Greater Melbourne's east, from Hawkaway and Officer South (+10 per cent) on the city's eastern fringes down to the Mornington Peninsula and in to more centrally located spots like Balwyn and Deepdene.
Some similar standout results were found across Victoria's regional markets.
Regional VIC top performing suburbs 2023
Suburb Area Average home value Annual growth Rosedale Latrobe - Gippsland $493,000 11% Heyfield Latrobe - Gippsland $404,000 8% Yallourn North Latrobe - Gippsland $348,000 8% Beechworth Hume $753,000 8% Kyabram Shepparton $414,000 8% Orbost Latrobe - Gippsland $349,000 7% Golden Beach Latrobe - Gippsland $388,000 5% Cobram Shepparton $427,000 5% Dimboola North West $251,000 5% Stratford Latrobe - Gippsland $505,000 5% Rosedale, Heyfield and Yallourn North represented the top achievers of a list dominated by suburbs in the Latrobe - Gippsland region.
Source: PropTrack AVM price growth over 12 months to November 2023
Brisbane and Queensland
2023 was an exceptional year for Brisbane and South East Queensland as a whole, bringing in annual gains comfortably over +10 per cent.
For some locations, that figure more than doubled.
Brisbane top performing suburbs 2023
Suburb Area Average home value Annual growth Riverview Ipswich $464,000 24% Acacia Ridge Brisbane - South $681,000 22% Rochedale Brisbane - South $1,513,000 21% Salisbury Brisbane - South $967,000 21% Leichhardt Ipswich $468,000 20% Browns Plains Logan - Beaudesert $624,000 20% Silkstone Ipswich $545,000 20% Regency Downs Ipswich $655,000 20% Woodridge Logan - Beaudesert $481,000 19% Laidley Heights Ipswich $626,000 19% The general trend within the top 10 was towards affordability, particularly in Brisbane's satellite cities Ipswich and Logan, with Riverview's staggering +24 per cent growth leading the pack.
South Brisbane suburbs Acacia Ridge, Rochedale and Salisbury did take out spots two to four, though, each gaining more than +20 per cent.
Regional Queensland also had a stellar year in property, as evidenced by the runaway successes below.
Regional QLD top performing suburbs 2023
Suburb Area Average home value Annual growth Chinchilla Darling Downs - Maranoa $323,000 20% Main Beach Gold Coast $1,282,000 17% Biloela Central Queensland $387,000 16% Port Douglas Cairns $478,000 16% Surfers Paradise Gold Coast $666,000 16% Blackwater Central Queensland $206,000 16% Wondai Wide Bay $328,000 14% Murgon Wide Bay $256,000 14% Oakey Darling Downs - Maranoa $380,000 14% Roma Darling Downs - Maranoa $381,000 14% From Chinchilla's +20 per cent jump in Queensland's southwest over to Main Beach on the Gold Coast and right up to Port Douglas, strength was found in all pockets of the state over 2023.
Source: PropTrack AVM price growth over 12 months to November 2023
Adelaide and South Australia
South Australia had another especially strong year in 2023, with Adelaide bringing in overall price increases of around +11 per cent.
The city was home to some of the highest-gaining suburbs in the country, and they were all concentrated into one rapidly growing area.
Adelaide top performing suburbs 2023
Suburb Area Average home value Annual growth Elizabeth North Adelaide - North $366,000 30% Elizabeth Downs Adelaide - North $407,000 27% Davoren Park Adelaide - North $387,000 27% Elizabeth South Adelaide - North $404,000 26% Smithfield Plains Adelaide - North $399,000 25% Elizabeth Vale Adelaide - North $489,000 24% Smithfield Adelaide - North $438,000 24% Elizabeth Grove Adelaide - North $435,000 23% Elizabeth Park Adelaide - North $411,000 22% Gawler West Adelaide - North $389,000 22% Every one of Adelaide's top 10 was found in and around Elizabeth in the city's northern outskirts. Properties in Elizabeth North skyrocketed +30 per cent in 12 months alone, with its neighbours not far behind.
South Australia's regions had a similarly strong performance on the whole, with all of the top growth suburbs hitting double-digit growth.
Regional SA top performing suburbs 2023
Suburb Area Average home value Annual growth Murray Bridge South East $400,000 20% Wallaroo Barossa - Yorke - Mid North $413,000 17% Normanville South East $632,000 16% Tailem Bend South East $295,000 15% Angaston Barossa - Yorke - Mid North $532,000 14% New Town Barossa - Yorke - Mid North $437,000 14% Port Hughes Barossa - Yorke - Mid North $532,000 13% Kapunda Barossa - Yorke - Mid North $419,000 13% Moonta Bay Barossa - Yorke - Mid North $465,000 13% Mannum South East $390,000 13% Murray Bridge came out on top with a +20 per cent upswing, with Wallaroo, Normanville and Taliem Bend also delivering standout results.
Source: PropTrack AVM price growth over 12 months to November 2023
Perth and Western Australia
Perth was Australia's number one property hotspot in 2023, breaking new price records month after month.
It's no surprise that the country's top growth suburb was found in the Western Australian capital.
Perth top performing suburbs 2023
Suburb Area Average home value Annual growth Armadale Perth - South East $404,000 34% Brookdale Perth - South East $441,000 34% Camillo Perth - South East $427,000 33% Hilbert Perth - South East $533,000 32% Gosnells Perth - South East $468,000 31% Haynes Perth - South East $528,000 31% Champion Lakes Perth - South East $604,000 30% Orelia Perth - South West $429,000 30% Parmelia Perth - South West $437,000 30% Kwinana Town Centre Perth - South West $436,000 29% Both Armadale and Brookdale in Perth's southeast each surged by a massive +34 per cent. Nearby suburbs like Camillo, Hilbert and Gosnells also posted outstanding performances in excess of +30 per cent over the year.
Regional WA also had a strong 2023, especially in one particular region of the state.
Regional WA top performing suburbs 2023
Suburb Area Average home value Annual growth Withers Bunbury $347,000 23% Carey Park Bunbury $361,000 22% College Grove Bunbury $502,000 20% Usher Bunbury $409,000 19% Waroona Bunbury $405,000 17% Collie Bunbury $304,000 17% Glen Iris Bunbury $438,000 16% Augusta Bunbury $728,000 15% Eaton Bunbury $463,000 15% East Bunbury Bunbury $445,000 14% The top 10 growth suburbs of regional WA were all south of Perth in coastal Bunbury, with a +23 per cent uplift in Withers taking out the top spot.
Source: PropTrack AVM price growth over 12 months to November 2023
Tasmania, NT and ACT
2023 was a tougher year for Tasmania — only one Hobart suburb, Kingston Beach, saw positive growth over the 12-month period.
There were, however, some shining lights elsewhere in the state that brought solid gains.
Tasmania top performing suburbs 2023
Suburb Area Average home value Annual growth Westbury Launceston and North East $501,000 8% Devonport West and North West $457,000 5% Smithton West and North West $390,000 5% Deloraine Launceston and North East $477,000 4% Perth Launceston and North East $536,000 4% Ulverstone West and North West $473,000 4% Turners Beach West and North West $612,000 3% East Devonport West and North West $396,000 3% Youngtown Launceston and North East $528,000 3% Port Sorell West and North West $611,000 3% Westbury, just west of Launceston, had the strongest performance with +8 per cent added to home values, followed by Devonport and Smithton on the state's north coast.
The NT was a bit of a mixed bag over the year, although Darwin still produced some strong successes.
Northern Territory top performing suburbs 2023
Suburb Area Average home value Annual growth Berrimah Darwin $455,000 13% Humpty Doo Darwin $503,000 6% Muirhead Darwin $700,000 4% Bayview Darwin $687,000 4% Rapid Creek Darwin $456,000 3% The Gardens Darwin $446,000 3% Coconut Grove Darwin $373,000 2% Larrakeyah Darwin $441,000 2% Johnston Darwin $489,000 1% Woolner Darwin $466,000 1% By far the top mover was Berrimah with a standout +13 per cent uplift. Humpty Doo, Muirhead and Bayview were also among the suburbs that significantly outperformed the average.
Canberra's housing market ended 2023 more-or-less where it began with prices holding just about flat across the capital.
ACT top performing suburbs 2023
Suburb Average home value Annual growth Aranda $1,233,000 8% Red Hill $2,004,000 6% Ainslie $1,454,000 5% Pearce $1,062,000 4% Torrens $1,065,000 4% O'Connor $1,211,000 4% Cook $900,000 3% Throsby $981,000 3% Gordon $791,000 3% McKellar $967,000 3% Suburbs like Aranda, Red Hill and Ainslie all bucked the trend by lifting home values by +5 per cent or more.
Source: PropTrack AVM price growth over 12 months to November 2023
Thinking of selling your property?
On the whole, 2023 delivered some amazing growth for homeowners around Australia despite the high interest rate environment, as evidenced by the numbers above.
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.
Making use of a free online estimation tool, 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.
