Suburbs bucking the trend: where are property prices still rising?
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It's no secret that the Australian property market as a whole is entering a period of cooling. But there are always markets within markets, and for many suburbs the heat is still very much there.
Using CoreLogic data we looked at which locations around the country have experienced the highest growth between Q1 and Q2 2022, and some of the results are quite remarkable.
Is your suburb bucking the trend? Take a look at the hottest spots in Australian real estate right now.
Sydney and NSW
Many of the latest real estate headlines are focusing on the drop in Sydney property prices, but there are dozens of suburbs where values are still on the rise.
In fact, some locations have shown massive amounts of growth over the April - June quarter.
State Suburb Type Median price Q1 2022 Median price Q2 2022 Difference ($) Difference (%) NSW Neutral Bay Unit $977,050 $1,342,500 $365,450 37.4% NSW Schofields Unit $560,000 $747,500 $187,500 33.5% NSW Wahroonga Unit $900,000 $1,180,000 $280,000 31.1% NSW Redfern Unit $847,500 $1,100,000 $252,500 29.8% NSW North Richmond House $880,500 $1,100,000 $219,500 24.9% NSW Hinchinbrook House $852,500 $1,050,000 $197,501 23.2% NSW North Parramatta Unit $595,000 $727,000 $132,000 22.2% NSW Denham Court House $960,000 $1,170,000 $210,000 21.9% NSW Leura House $1,250,000 $1,502,500 $252,500 20.2% NSW Guildford Unit $511,500 $597,500 $86,000 16.8% With affordability pressures still a key concern in the Sydney region, units have performed especially well in hotspots around the city. Neutral Bay on the Lower North Shore topped the list with a staggering 37.4% uptick.
Attached housing also soared everywhere from Schofields in the North West and Wahroonga in the Upper North Shore to Redfern in central Sydney, all increasing by around +30 per cent.
Houses in Hinchinbrook, North Paramatta, Denham Court and Leura also delivered strong results of more than +20 per cent for the quarter.
There was plenty of action across regional NSW markets as well.
State Suburb Type Median price Q1 2022 Median price Q2 2022 Difference ($) Difference (%) NSW Hillvue House $469,500 $603,500 $134,000 28.5% NSW Kingscliff House $1,800,000 $2,300,000 $500,000 27.8% NSW Thirlmere House $875,000 $1,087,500 $212,500 24.3% NSW Corowa House $365,500 $450,000 $84,500 23.1% NSW Blayney House $485,000 $590,000 $105,000 21.7% NSW Charlestown Unit $610,000 $735,000 $125,000 20.5% NSW South Grafton House $370,000 $443,000 $73,000 19.7% NSW Griffith House $472,500 $563,000 $90,500 19.2% NSW West Tamworth House $315,000 $375,000 $60,000 19.1% NSW Newcastle West Unit $625,000 $740,000 $115,000 18.4% Houses in Hillvue in Tamworth came out on top, coming close to a +30 per cent rise over the three-month period.
Kingscliff in the desirable Tweed Heads region, Thirlmere in rural Macarthur and Blaney in the state's Central West also experienced boom-like conditions, surging more than +20 per cent apiece.
Melbourne and VIC
Much like Sydney, the overall numbers show Melbourne is one of the cities leading the downward trend at the moment. One suburb in particular turned that trend on its head, though.
State Suburb Type Median price Q1 2022 Median price Q2 2022 Difference ($) Difference (%) VIC St Kilda House $1,070,000 $1,520,500 $450,500 42.1% VIC Mordialloc Unit $702,000 $975,000 $273,000 38.9% VIC North Melbourne Unit $505,000 $662,500 $157,500 31.2% VIC Mentone Unit $631,000 $770,000 $139,000 22.0% VIC Burwood Unit $804,000 $980,000 $176,000 21.9% VIC Mitcham Unit $681,500 $830,000 $148,500 21.8% VIC Glen Huntly Unit $555,000 $672,500 $117,501 21.2% VIC Eltham Unit $690,000 $835,000 $145,000 21.0% VIC Hawthorn East Unit $570,000 $681,000 $111,000 19.5% VIC South Morang Unit $487,500 $580,000 $92,500 19.0% The value of houses in St Kilda rose a whopping +42.1 per cent from Q1 to Q2 2022, pushing the median price above the $1.5 million mark.
The remainder of the top 10 for the city units, and that may come as no surprise as Melbourne's attached housing market experiences a resurgence of sorts in some areas as buyers look for more affordable options.
Beachside suburbs like Mordialloc and Mentone, central spots North Melbourne and Hawthorn East, and Eastern locations like Burwood and Mitcham all posted gains of between +20 and +40 per cent over the period.
In-demand suburbs around Regional Victoria also powered on with major boosts to home values.
State Suburb Type Median price Q1 2022 Median price Q2 2022 Difference ($) Difference (%) VIC Mount Helen House $617,500 $860,000 $242,500 39.3% VIC Beechworth House $655,000 $910,000 $255,000 38.9% VIC Echuca House $505,000 $645,000 $140,000 27.7% VIC Ararat House $335,000 $421,500 $86,500 25.8% VIC Stawell House $321,500 $390,000 $68,500 21.3% VIC Swan Hill House $371,000 $436,000 $65,000 17.5% VIC Shepparton Unit $334,500 $390,000 $55,500 16.6% VIC Shepparton House $405,000 $470,000 $65,000 16.0% VIC Red Cliffs House $325,000 $375,000 $50,000 15.4% VIC West Wodonga House $473,500 $545,500 $72,000 15.2% Houses in Mount Helen outside of Ballarat and Beechworth in the state's North East were the stars of the show, both coming close to +40 per cent gains for the quarter.
Echuca, Ararat and Stawell also saw a boost in house prices by more than +20 per cent, while both houses and units in Shepparton saw a substantial increase.
Brisbane and QLD
The Brisbane market has held up as one of the strongest capital cities throughout 2022, although signs of price dips are finally beginning to show.
Even so, there were plenty of suburbs that delivered big results throughout the April - June quarter.
State Suburb Type Median price Q1 2022 Median price Q2 2022 Difference ($) Difference (%) QLD Beenleigh Unit $240,500 $300,000 $59,500 24.7% QLD Graceville House $1,325,000 $1,600,000 $275,000 20.8% QLD St Lucia Unit $510,000 $615,000 $105,000 20.6% QLD Oxley House $780,000 $925,500 $145,500 18.7% QLD Scarborough House $850,500 $1,000,000 $149,500 17.6% QLD Redcliffe House $697,500 $815,000 $117,500 16.9% QLD Heritage Park House $625,000 $730,000 $105,000 16.8% QLD Indooroopilly House $1,198,750 $1,400,000 $201,250 16.8% QLD Durack House $575,000 $666,000 $91,000 15.8% QLD Sandstone Point House $627,000 $725,000 $98,000 15.6% The biggest gains were seen with units in Beenleigh on the southern end of Greater Brisbane in Logan with close to +25 per cent growth.
A +20.8 per cent uptick in Graceville on the Brisbane River brought the suburb's median house price up to $1.6 million, while Scarborough up in Redcliffe pushed its way up to a $1 million median.
Other big movers included units in St Lucia (+20.6 per cent) and houses in Oxley (+18.7 per cent) and Indooroopilly (+16.8 per cent)
Outside of Brisbane, plenty of spots in regional Queensland maintained strong momentum.
State Suburb Type Median price Q1 2022 Median price Q2 2022 Difference ($) Difference (%) QLD Main Beach Unit $955,000 $1,292,500 $337,500 35.3% QLD Runaway Bay House $1,200,000 $1,500,000 $300,000 25.0% QLD Palm Beach Unit $720,000 $890,000 $170,000 23.6% QLD Merrimac Unit $470,000 $575,000 $105,000 22.3% QLD Coombabah Unit $475,000 $578,000 $103,000 21.7% QLD Eastern Heights House $399,900 $504,998 $105,098 26.3% QLD South Toowoomba House $456,000 $563,500 $107,500 23.6% QLD Norman Gardens House $440,000 $540,000 $100,000 22.7% QLD Cairns North Unit $267,000 $325,000 $58,000 21.7% QLD Fernvale House $482,500 $585,000 $102,500 21.2% The Gold Coast contained the five strongest suburbs for the quarter, with units in Main Beach besting the lot with a massive +35.3 per cent increase.
Elsewhere, houses in Ipswich's Eastern Heights, South Toowoomba and Norman Gardens in Rockhampton all comfortably broke the +20 per cent growth barrier.
Adelaide and SA
While markets across the rest of the country appear to be well beyond their peak growth levels, the whole of South Australia has bucked the trend and continues to deliver incredibly strong results.
Adelaide had another extremely strong quarter and that's evident in CoreLogic's latest numbers.
State Suburb Type Median price Q1 2022 Median price Q2 2022 Difference ($) Difference (%) SA Toorak Gardens House $1,650,000 $2,285,000 $635,000 38.5% SA Kilburn House $542,550 $750,000 $207,450 38.2% SA Highbury House $661,000 $875,000 $214,000 32.4% SA Pennington House $517,500 $680,500 $163,000 31.5% SA St Clair Unit $366,125 $480,000 $113,875 31.1% SA Dernancourt House $620,000 $803,500 $183,500 29.6% SA Somerton Park House $1,176,500 $1,500,000 $323,500 27.5% SA Modbury House $525,000 $654,500 $129,500 24.7% SA Grange House $980,000 $1,220,000 $240,000 24.5% SA Plympton House $669,300 $820,000 $150,700 22.5% Houses in the inner suburb of Toorak Gardens stormed through the $2 million mark, gaining +38.5 per cent, with Kilburn hot on its heels at +38.2 per cent.
A bit farther out from the CBD, Highbury, Pennington and Dernancourt also saw house prices shoot up by more than +30 per cent.
The only unit market to compete in the top ten was that of St Clair in Adelaide's North West.
It's not just the capital that's still going through a major growth spurt, though: Regional South Australia is also seeing prices continue to go through the roof.
State Suburb Type Median price Q1 2022 Median price Q2 2022 Difference ($) Difference (%) SA Port Lincoln Unit $242,000 $335,000 $93,000 38.43% SA Risdon Park House $200,000 $276,000 $76,000 38.00% SA Mount Gambier Unit $200,000 $260,000 $60,000 30.00% SA Kapunda House $294,500 $372,000 $77,500 26.32% SA Wallaroo House $287,500 $360,000 $72,500 25.22% SA Mannum House $315,000 $381,000 $66,000 20.95% SA Loxton House $275,000 $331,250 $56,250 20.45% SA Port Pirie South House $206,250 $248,000 $41,750 20.24% SA Normanville House $515,000 $618,000 $103,000 20.00% SA Goolwa Beach House $503,250 $587,500 $84,250 16.74% Units in coastal Port Lincoln and houses in the Port Pirie suburb of Risdon Park also hit the +38 per cent gain level for the quarter.
Other big winners included units in Mount Gambier (+30 per cent) and houses in wine country spots Kapunda and Mannum.
Perth and WA
Perth's latest market resurgence has seen values lift across the city, but in some suburbs they've absolutely soared.
State Suburb Type Median price Q1 2022 Median price Q2 2022 Difference ($) Difference (%) WA North Fremantle Unit $835,000 $1,200,000 $365,000 43.7% WA Lesmurdie House $679,500 $871,500 $192,000 28.3% WA Mount Pleasant House $1,200,000 $1,525,000 $325,000 27.1% WA Wembley Unit $239,000 $300,000 $61,000 25.5% WA South Perth Unit $526,500 $640,000 $113,500 21.6% WA Kelmscott House $340,000 $412,500 $72,500 21.3% WA Hammond Park House $502,500 $609,500 $107,000 21.3% WA Mount Lawley Unit $416,500 $504,000 $87,500 21.01% WA Tuart Hill House $437,500 $520,000 $82,500 18.86% WA Padbury Unit $362,500 $428,000 $65,500 18.07% Units in North Fremantle took the prize for Q2, gaining a staggering +43.7 per cent in value and cracking the $1.2 million dollar median value mark.
Houses in the outer eastern suburb of Lesmurdie and the coveted riverside Mount Pleasant also grew by +28.3 and +27.1 per cent over the three-month period, while units in Wembley and South Perth delivered strong performance above +20 per cent.
Big gains were had in regional areas across Western Australia, too.
State Suburb Type Median price Q1 2022 Median price Q2 2022 Difference ($) Difference (%) WA Port Hedland House $649,771 $840,000 $190,229 29.3% WA South Kalgoorlie House $294,500 $365,000 $70,500 23.9% WA Jurien Bay House $437,500 $520,000 $82,500 18.9% WA Cable Beach House $605,000 $685,000 $80,000 13.2% WA South Hedland House $230,000 $260,000 $30,000 13.0% WA Yanchep House $440,000 $495,000 $55,000 12.5% WA Dawesville House $473,500 $525,000 $51,500 10.9% WA Port Kennedy House $435,000 $475,000 $40,000 9.2% WA Djugun House $623,750 $675,000 $51,250 8.2% WA Bunbury Unit $402,500 $418,000 $15,500 3.9% Houses in Port Hedland in the state's north, as well as South Kalgoorlie, brought the best results of +29.3 and +23.9 per cent respectively.
Other standout locations included coastal getaways Jurien Bay and Cable Beach.
Hobart and TAS
Tasmania was one of the clear winners of 2021's property boom with Hobart homes gaining more than +28 per cent for the calendar year.
Although growth has now flattened, there are still suburbs all across the state that are displaying strong resilience to the downward trend.
State Suburb Type Median price Q1 2022 Median price Q2 2022 Difference ($) Difference (%) TAS Trevallyn House $645,000 $760,000 $115,000 17.8% TAS East Devonport House $405,000 $460,000 $55,000 13.6% TAS New Town House $935,000 $1,055,000 $120,000 12.8% TAS Rokeby House $540,000 $599,990 $59,990 11.1% TAS Glenorchy Unit $447,500 $495,500 $48,000 10.7% TAS Glenorchy House $598,000 $650,000 $52,000 8.7% TAS Lindisfarne House $803,250 $870,000 $66,750 8.3% TAS Kings Meadows House $542,500 $585,000 $42,500 7.8% TAS Lenah Valley House $856,250 $915,000 $58,750 6.9% TAS Brighton House $620,000 $660,000 $40,000 6.5% The Launceston suburb of Trevallyn came out on top for Q2 this year, where house prices shot up +17.8 per cent.
East Devonport up north also got a +13.6 per cent boost, New Town in Hobart broke through the $1 million median price barrier, while Rokeby in the capital's east comfortably climbed more than +10 per cent.
ACT and NT
After a colossal 2021, Canberra has been feeling affordability bite much like Sydney and Melbourne Have. Despite this, a number of markets in the nation's capital posted very strong numbers for the April - June 2022 quarter.
State Suburb Type Median price Q1 2022 Median price Q2 2022 Difference ($) Difference (%) ACT Lyneham Unit $440,000 $570,000 $130,000 29.6% ACT City Unit $510,000 $640,000 $130,000 25.5% ACT Campbell Unit $732,500 $852,500 $120,000 16.4% ACT Wanniassa House $890,000 $1,009,000 $119,000 13.4% ACT Bruce Unit $402,000 $450,000 $48,000 11.9% ACT Harrison Unit $495,000 $547,500 $52,500 10.6% ACT Ngunnawal House $811,750 $875,000 $63,250 7.8% ACT Griffith Unit $589,950 $632,500 $42,550 7.2% ACT Florey House $1,158,000 $1,230,000 $72,000 6.2% ACT Holt House $807,500 $844,000 $36,500 4.5% Units appear to be performing the best as the more affordable option for buyers, bringing the value of attached housing in Lyneham up by close to +30 per cent over the three-month period.
Central Canberra units also soared by +25.5 per cent, while Wanniassa and Ngunnawal delivered the highest gains for houses, pushing the Wanniassa median house price up past the $1 million mark.
Up in the NT, the market looks to be having a small resurgence overall, though some locations are properly booming.
State Suburb Type Median price Q1 2022 Median price Q2 2022 Difference ($) Difference (%) NT Tennant Creek House $232,500 $310,000 $77,500 33.3% NT Karama House $467,500 $532,500 $65,000 13.9% NT Woodroffe House $420,000 $476,500 $56,500 13.5% NT Larrakeyah Unit $350,000 $397,000 $47,000 13.4% NT Araluen House $540,000 $595,000 $55,000 10.2% NT Moulden House $355,000 $390,000 $35,000 9.9% NT Zuccoli House $520,000 $562,500 $42,500 8.2% NT Durack House $521,250 $560,000 $38,750 7.4% NT Driver House $465,000 $499,500 $34,500 7.4% NT Lyons House $719,000 $771,500 $52,500 7.3% Houses in the central NT town of Tennant Creek were far and away the highest performers, delivering gains of more than +33 per cent.
In Darwin, Karama, Woodroffe and waterfront Larrakeyah were all the biggest growers for the quarter.
