Australia's top growth suburbs of 2023 so far
How quickly Australian property markets have returned to price growth in 2023 has been a surprise to many industry experts.
With the market rebound well and truly underway, there are dozens of areas around the country where median prices have risen considerably over the first half of the year.
Here are the top areas leading the recovery effort across the nation.
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Sydney and New South Wales
After a challenging 2022, Sydney was been the city to forge a new path in the new year, delivering strong monthly price growth since February.
At least 20 suburbs have seen median prices surge by +10 per cent or more in just six months.
NSW top 10 growth suburbs in 2023
Suburb Property type 6 month growth Median price Hurlstone Park House 14.4% $2,037,000 Fairlight House 13.4% $3,683,000 Kings Langley House 13.1% $1,417,000 Forest Lodge Unit 12.7% $1,196,00 Kirribilli Unit 12.5% $1,884,000 Haymarket Unit 12.5% $1,015,000 Manly House 12.1% $4,667,000 Alexandria House 12.1% $2,071,000 Willoughby House 12.0% $3,230,000 Millers Point Unit 11.8% $1,840,000 Each of the state's top ten movers sits within Sydney, with houses in the Inner West's Hurlstone Park taking out the number one spot with a huge +14.4 per cent boost.
Houses in affluent Northern Beaches spots Fairlight and Manly, Kings Langley in Blacktown, and the Inner West's Alexandria also enjoyed double-digit growth.
A number of unit markets crossed the +10 per cent threshold too, like Forest Lodge and Kirribilli on the Lower North Shore as well as Haymarket and Millers Point in the centre of Sydney.
Note: the above is taken from PropTrack data, comparing median prices from December 2022 to June 2023. Only suburbs with more than 500 dwellings are included.
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Melbourne and Victoria
Like Sydney, Melbourne was one of the first major markets to turn around in 2023, bringing broader growth in March and April.
That pace of growth has since eased back to a degree, but there are still a collection of suburbs across the state delivering major gains.
VIC top 10 growth suburbs in 2023
Suburb Property type 6 month growth Median price Shepparton Unit 10.5% $400,000 Longford House 9.6% $754,000 Portland Unit 7.5% $351,000 Echuca Unit 7.1% $455,000 Kilmore Unit 7.0% $480,000 Warragul Unit 6.9% $476,000 Warrnambool Unit 6.9% $460,000 Taylors Lakes Unit 6.4% $579,000 Albert Park Unit 6.3% $996,000 Merbein House 5.7% $329,000 Unlike in NSW, the majority of Victoria's top movers are from regional areas, with units also being heavily favoured.
Shepparton in the state's north topped the list, clocking a double-digit increase over the first half of the year.
Houses in the Gippsland suburb of Longford hit +9.6 per cent growth, while units everywhere from Portland and Warrnambool in the west to Echuca up north and Warragul in the east all gave strong performances too.
Looking to Melbourne, Taylors Lakes and Albert Park were the capital's biggest movers for the year so far, with Albert Park units coming within touching distance of a $1 million median price.
Note: the above is taken from PropTrack data, comparing median prices from December 2022 to June 2023. Only suburbs with more than 500 dwellings are included.
Brisbane and Queensland
The downturn hit Queensland later than most markets in 2022 and was relatively short-lived, with very strong growth already coming back to the Sunshine State.
There were a dozen suburbs that managed to breach +10 per cent growth over the first six months of 2023.
QLD top 10 growth suburbs in 2023
Suburb Property type 6 month growth Median price Biggenden House 13.0% $309,000 Palm Cove Unit 12.5% $558,000 Benowa House 11.7% $1,554,000 Albion House 11.3% $1,411,000 Brisbane City Unit 11.0% $596,000 Forest Hill House 10.8% $493,000 Dalby Unit 10.4% $286,000 Nundah House 10.2% $1,200,000 Tully House 10.2% $282,000 Park Ridge Unit 10.2% $610,000 Results were split between metro and regional areas, but houses in rural Biggenden, north of the Sunshine Coast, came out on top with a massive +13 per cent uplift.
Other standout regional spots included Palm Coast in Cairns, Benowa on the Gold Coast, and Forest Hill and Dalby to Brisbane's west.
Inside the capital, houses in Albion pushed past a $1.4m median price, while Brisbane City units enjoyed a +11 per cent uplift.
Note: the above is taken from PropTrack data, comparing median prices from December 2022 to June 2023. Only suburbs with more than 500 dwellings are included.
Perth and Western Australia
Perth has proved one of the most resilient markets in Australia over the past year. The downturn was short and shallow, and prices have already returned to new all-time highs.
WA top 10 growth suburbs in 2023
Suburb Property type 6 month growth Median price Brookdale House 12.1% $369,000 Cooloongup House 11.5% $421,000 Armadale House 11.5% $348,000 Hilbert House 11.1% $457,000 Gosnells House 10.5% $415,000 Camillo House 10.5% $358,000 Brabham House 10.3% $501,000 Hillman House 10.3% $398,000 Thornlie Unit 10.1% $361,000 Waikiki House 10.0% $503,000 Houses dominated the top 10 list, as did locations in Perth's more affordable outer suburbs.
Brookdale, Armadale and Hilbert, all in the city's outer southeast, hit growth of more than +11 per cent, as did coastal Cooloongup in the outer south.
A bit closer to the city, Gosnells, Camillo and Brabham each achieved double-digit gains. The only unit market to rank on the list was Thornlie, 15km southeast of Perth's centre.
Note: the above is taken from PropTrack data, comparing median prices from December 2022 to June 2023. Only suburbs with more than 500 dwellings are included.
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 terms of price correction for the South Australian capital, prices have returned to peak levels once again.
SA top 10 growth suburbs in 2023
Suburb Property type 6 month growth Median price Smithfield Plains House 13.1% $378,000 Andrews Farm House 12.4% $470,000 Elizabeth North House 12.3% $353,000 Davoren Park House 12.3% $360,000 Christie Downs Unit 11.9% N/A Wilmington House 11.7% N/A Elizabeth Downs House 11.6% $376,000 Craigmore House 11.3% $491,000 Smithfield House 11.1% $412,000 Munno Para House 11.0% $446,000 The Playford LGA in Adelaide's north held a large cluster of the state's biggest growth suburbs, luring in buyers with appealing affordability.
Smithfield Plains, Andrews Farm, Elizabeth North and Davoren Park were all among the highest performers, delivering gains of more than +12 per cent over the six-month period.
Only two locations elsewhere cracked the top 10. Units in the south Adelaide suburb of Christie Downs shot up by +11.9 per cent, with houses in Port Augusta-adjacent Wilmington tracking close behind.
Note: the above is taken from PropTrack data, comparing median prices from December 2022 to June 2023. Only suburbs with more than 500 dwellings are included.
Hobart and Tasmania
The Tasmanian market has had a trickier time than most states over the past 12 months. After such an explosive price boom in 2021, home values wound back in 2022 and have struggled to regain growth so far this year.
Even so, a handful of locations have seen prices begin to rise once more.
TAS top 10 growth suburbs in 2023
Suburb Property type 6 month growth Median price Binalong Bay House 6.5% $803,000 St Helens House 6.4% $579,000 Port Sorell House 5.0% $666,000 Shearwater House 3.5% $649,000 Beauty Point House 1.5% $478,000 South Launceston Unit 1.2% $471,000 Evandale House 0.7% $614,000 Wynyard Unit 0.7% $391,000 Turners Beach House 0.6% $615,000 West Ulverstone House 0.6% $490,000 In terms of the top 10 list, all of the entrants were found outside of Hobart. Houses in Binalong Bay and St Helens on the state's northeast coast both hit around +6.5 per cent in just six months.
Other hotspots along the north coast included Port Sorell, Shearwater and Beauty Point, with the highest unit performances coming from South Launceston and Wynyard.
Note: the above is taken from PropTrack data, comparing median prices from December 2022 to June 2023. Only suburbs with more than 500 dwellings are included.
Canberra and ACT
The nation's capital has also had a more muted 2023 than most other states, however some pockets have bucked the trend and returned strong growth.
ACT top 10 growth suburbs in 2023
Suburb Property type 6 month growth Median price Taylor House 8.8% $982,000 Lawson Unit 5.9% $707,000 Kingston Unit 5.5% $725,000 Harrison Unit 4.7% $554,000 Forrest Unit 4.6% $1,011,000 Dickson Unit 4.4% $611,000 Greenway Unit 4.2% $583,000 Franklin Unit 3.8% $525,000 Mawson Unit 2.9% $644,000 Gungahlin Unit 2.5% $497,000 Houses in Taylor, the northmost suburb in the territory, came away with a standout result, with prices soaring +8.8 per cent in the first six months of the year.
Each of the other nine top movers were unit markets. Northern spots like Lawson and Harrison did particularly well, although more central suburbs like Kingston, Forrest and Dickson also delivered gains of more than +4 per cent.
Note: the above is taken from PropTrack data, comparing median prices from December 2022 to June 2023. Only suburbs with more than 500 dwellings are included.
Thinking of selling in 2023?
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 +10 per cent, that doesn't necessarily mean that your home has grown +10 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.
