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Australia's top growth suburbs of 2023

Profile photo of Andy Webb,  Editorial Writer at OpenAgent

Written by 

Andy Webb.

Learn more about our editorial guidelines.

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

    SuburbAreaAverage home valueAnnual growth
    Denistone EastRyde$2,332,00017%
    ClontarfNorthern Beaches$5,523,00017%
    ParkleaBlacktown$1,378,00016%
    Queens ParkEastern Suburbs$3,381,00015%
    Millers PointCity and Inner South$2,707,00015%
    BanksmeadowCity and Inner South$1,002,00015%
    Beacon HillNorthern Beaches$2,223,00015%
    Kings LangleyBlacktown$1,431,00014%
    North BalgowlahNorthern Beaches$3,123,00014%
    DarlingtonCity and Inner South$1,807,00014%

    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

    SuburbAreaAverage home valueAnnual growth
    CulcairnMurray$325,00013%
    CoolamonRiverina$478,00011%
    GrenfellCentral West$334,00011%
    LeetonRiverina$414,00010%
    SpringvaleRiverina$1,314,00010%
    SconeHunter Valley exc Newcastle$515,00010%
    DeniliquinMurray$334,0009%
    CalalaNew England and North West$563,0009%
    TollandRiverina$421,0009%
    JuneeRiverina$400,0009%

    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

    Down Pointer
  • 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

    SuburbAreaAverage home valueAnnual growth
    HarkawaySouth East$1,294,00010%
    Officer SouthSouth East$820,00010%
    BalnarringMornington Peninsula$1,388,0008%
    BalwynInner East$2,079,0008%
    SomersMornington Peninsula$1,666,0008%
    DeepdeneInner East$3,006,0008%
    CanterburyInner East$2,708,0008%
    Glen WaverleySouth East$1,507,0008%
    Vermont SouthOuter East$1,458,0007%
    Forest HillOuter East$1,155,0007%

    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

    SuburbAreaAverage home valueAnnual growth
    RosedaleLatrobe - Gippsland$493,00011%
    HeyfieldLatrobe - Gippsland$404,0008%
    Yallourn NorthLatrobe - Gippsland$348,0008%
    BeechworthHume$753,0008%
    KyabramShepparton$414,0008%
    OrbostLatrobe - Gippsland$349,0007%
    Golden BeachLatrobe - Gippsland$388,0005%
    CobramShepparton$427,0005%
    DimboolaNorth West$251,0005%
    StratfordLatrobe - Gippsland$505,0005%

    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

    Down Pointer
  • 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

    SuburbAreaAverage home valueAnnual growth
    RiverviewIpswich$464,00024%
    Acacia RidgeBrisbane - South$681,00022%
    RochedaleBrisbane - South$1,513,00021%
    SalisburyBrisbane - South$967,00021%
    LeichhardtIpswich$468,00020%
    Browns PlainsLogan - Beaudesert$624,00020%
    SilkstoneIpswich$545,00020%
    Regency DownsIpswich$655,00020%
    WoodridgeLogan - Beaudesert$481,00019%
    Laidley HeightsIpswich$626,00019%

    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

    SuburbAreaAverage home valueAnnual growth
    ChinchillaDarling Downs - Maranoa$323,00020%
    Main BeachGold Coast$1,282,00017%
    BiloelaCentral Queensland$387,00016%
    Port DouglasCairns$478,00016%
    Surfers ParadiseGold Coast$666,00016%
    BlackwaterCentral Queensland$206,00016%
    WondaiWide Bay$328,00014%
    MurgonWide Bay$256,00014%
    OakeyDarling Downs - Maranoa$380,00014%
    RomaDarling Downs - Maranoa$381,00014%

    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

    Down Pointer
  • 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

    SuburbAreaAverage home valueAnnual growth
    Elizabeth NorthAdelaide - North$366,00030%
    Elizabeth DownsAdelaide - North$407,00027%
    Davoren ParkAdelaide - North$387,00027%
    Elizabeth SouthAdelaide - North$404,00026%
    Smithfield PlainsAdelaide - North$399,00025%
    Elizabeth ValeAdelaide - North$489,00024%
    SmithfieldAdelaide - North$438,00024%
    Elizabeth GroveAdelaide - North$435,00023%
    Elizabeth ParkAdelaide - North$411,00022%
    Gawler WestAdelaide - North$389,00022%

    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

    SuburbAreaAverage home valueAnnual growth
    Murray BridgeSouth East$400,00020%
    WallarooBarossa - Yorke - Mid North$413,00017%
    NormanvilleSouth East$632,00016%
    Tailem BendSouth East$295,00015%
    AngastonBarossa - Yorke - Mid North$532,00014%
    New TownBarossa - Yorke - Mid North$437,00014%
    Port HughesBarossa - Yorke - Mid North$532,00013%
    KapundaBarossa - Yorke - Mid North$419,00013%
    Moonta BayBarossa - Yorke - Mid North$465,00013%
    MannumSouth East$390,00013%

    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

    Down Pointer
  • 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

    SuburbAreaAverage home valueAnnual growth
    ArmadalePerth - South East$404,00034%
    BrookdalePerth - South East$441,00034%
    CamilloPerth - South East$427,00033%
    HilbertPerth - South East$533,00032%
    GosnellsPerth - South East$468,00031%
    HaynesPerth - South East$528,00031%
    Champion LakesPerth - South East$604,00030%
    OreliaPerth - South West$429,00030%
    ParmeliaPerth - South West$437,00030%
    Kwinana Town CentrePerth - South West$436,00029%

    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

    SuburbAreaAverage home valueAnnual growth
    WithersBunbury$347,00023%
    Carey ParkBunbury$361,00022%
    College GroveBunbury$502,00020%
    UsherBunbury$409,00019%
    WaroonaBunbury$405,00017%
    CollieBunbury$304,00017%
    Glen IrisBunbury$438,00016%
    AugustaBunbury$728,00015%
    EatonBunbury$463,00015%
    East BunburyBunbury$445,00014%

    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

    Down Pointer
  • 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

    SuburbAreaAverage home valueAnnual growth
    WestburyLaunceston and North East$501,0008%
    DevonportWest and North West$457,0005%
    SmithtonWest and North West$390,0005%
    DeloraineLaunceston and North East$477,0004%
    PerthLaunceston and North East$536,0004%
    UlverstoneWest and North West$473,0004%
    Turners BeachWest and North West$612,0003%
    East DevonportWest and North West$396,0003%
    YoungtownLaunceston and North East$528,0003%
    Port SorellWest and North West$611,0003%

    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

    SuburbAreaAverage home valueAnnual growth
    BerrimahDarwin$455,00013%
    Humpty DooDarwin$503,0006%
    MuirheadDarwin$700,0004%
    BayviewDarwin$687,0004%
    Rapid CreekDarwin$456,0003%
    The GardensDarwin$446,0003%
    Coconut GroveDarwin$373,0002%
    LarrakeyahDarwin$441,0002%
    JohnstonDarwin$489,0001%
    WoolnerDarwin$466,0001%

    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

    SuburbAverage home valueAnnual growth
    Aranda$1,233,0008%
    Red Hill$2,004,0006%
    Ainslie$1,454,0005%
    Pearce$1,062,0004%
    Torrens$1,065,0004%
    O'Connor$1,211,0004%
    Cook$900,0003%
    Throsby$981,0003%
    Gordon$791,0003%
    McKellar$967,0003%

    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

    Down Pointer

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. 

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