Australia's top growth suburbs leading us out of the downturn
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How quickly Australian property markets have returned to price growth in 2023 has been a surprise to many industry experts.
While it may still be too early to call a full-blown market rebound, there are dozens of areas around the country where median prices have risen considerably this 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 has been the city to forge a new path in the new year, delivering strong price growth for three consecutive months.
So far, at least ten suburbs have seen median prices surge by +10 per cent or more.
Sydney top 10 growth suburbs in 2023
| Suburb | Property type | 2022 median price | 2023 median price | % change |
|---|---|---|---|---|
| Schofields | Unit | $610,000 | $769,495 | 26.2% |
| Potts Point | Unit | $797,500 | $918,500 | 15.2% |
| Harrington Park | House | $1,400,000 | $1,600,000 | 14.3% |
| Greystanes | House | $1,050,000 | $1,190,000 | 13.3% |
| Strathfield | House | $3,280,000 | $3,700,000 | 12.8% |
| Rhodes | Unit | $848,000 | $955,000 | 12.6% |
| Sydney City | Unit | $1,050,000 | $1,165,000 | 11.0% |
| West Pennant Hills | House | $2,210,000 | $2,450,000 | 10.9% |
| Alexandria | Unit | $812,500 | $900,000 | 10.8% |
| North Kellyville | House | $1,480,000 | $1,627,500 | 10.0% |
The two biggest movers have been units in the north-western suburb of Schofields and the CBD-adjacent Potts Point.
Houses in Harrington Park, Greystanes and the Inner West's Strathfield also saw substantial rises in the double digits.
Regional NSW has experienced a softer turnaround, but there are still a number of standout locations.
Regional NSW top 10 growth suburbs in 2023
| Suburb | Property type | 2022 median price | 2023 median price | % change |
|---|---|---|---|---|
| Merewether | House | $1,655,000 | $2,000,000 | 20.9% |
| Medowie | House | $790,000 | $905,000 | 14.6% |
| Moama | House | $661,000 | $755,000 | 14.2% |
| Corlette | House | $1,022,500 | $1,161,500 | 13.6% |
| Coffs Harbour | Unit | $505,000 | $562,500 | 11.4% |
| Nelson Bay | Unit | $680,000 | $750,500 | 10.4% |
| Scone | House | $530,000 | $580,000 | 9.4% |
| Woonona | House | $1,350,000 | $1,437,500 | 6.5% |
| Port Macquarie | Unit | $590,000 | $625,000 | 5.9% |
| Forster | Unit | $615,000 | $651,250 | 5.9% |
Mereweather in Newcastle saw median house prices rocket up by more than +20 per cent, while units in popular coastal destinations Coffs Harbour and Nelson Bay both went up by over +10 per cent.
Note: the above is taken from CoreLogic data, comparing median prices from September 2021 - December 2022 to January 2023 - April 2023. Suburbs are only included if at least 30 sales for the same property type occurred during both four-month periods
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.
In a number of locations that growth has been especially apparent.
Melbourne top 10 growth suburbs in 2023
| Suburb | Property type | 2022 median price | 2023 median price | % change |
|---|---|---|---|---|
| Carlton | Unit | $300,000 | $399,000 | 33.0% |
| Doncaster East | Unit | $795,000 | $1,020,000 | 28.3% |
| Wantirna South | House | $1,014,500 | $1,194,000 | 17.7% |
| Glen Waverley | House | $1,500,000 | $1,701,000 | 13.4% |
| Templestowe | House | $1,515,000 | $1,718,000 | 13.4% |
| Mornington | Unit | $735,000 | $832,500 | 13.3% |
| South Melbourne | Unit | $580,000 | $645,000 | 11.2% |
| Toorak | Unit | $832,673 | $925,500 | 11.2% |
| Mount Waverley | House | $1,469,500 | $1,610,000 | 9.6% |
| Blackburn South | House | $1,211,061 | $1,325,000 | 9.4% |
The median unit price in Carlton shot up +33 per cent over the first four months of the year. That shift was an equally impressive +28.3 for units in Doncaster East.
Houses in eastern suburbs Wantirna South, Glen Waverley and Templestowe all saw an upshift of well over +10 per cent, too.
The momentum change has been milder in regional Victoria, however, there are still some standout locations demonstrating significant growth.
Regional VIC top 10 growth suburbs in 2023
| Suburb | Property type | 2022 median price | 2023 median price | % change |
|---|---|---|---|---|
| Maryborough | House | $355,000 | $420,000 | 18.3% |
| Hamilton | House | $365,903 | $397,000 | 8.5% |
| Shepparton | House | $430,000 | $458,000 | 6.5% |
| West Wodonga | House | $509,500 | $540,500 | 6.1% |
| Kilmore | House | $567,500 | $600,000 | 5.7% |
| Echuca | House | $582,000 | $600,000 | 3.1% |
| Golden Square | House | $510,000 | $520,000 | 2.0% |
| Drouin | House | $620,000 | $631,000 | 1.8% |
| Bairnsdale | House | $438,600 | $446,200 | 1.7% |
| Inverloch | House | $985,000 | $1,000,000 | 1.5% |
In Maryborough, just north of Ballarat, the median house price shot up more than +18 per cent in 2023. Houses in Hamilton, Shepparton and West Wodonga also showed strength, posting changes of more than +5 per cent.
Note: the above is taken from CoreLogic data, comparing median prices from September 2021 - December 2022 to January 2023 - April 2023. Suburbs are only included if at least 30 sales for the same property type occurred during both four-month periods
Brisbane and Queensland
The downturn hit Brisbane later than most markets in 2022, and already there are signs of a shift occurring as growth returned over the past two months.
In terms of prices, there are a few standout locations that have seen a major upswing this year.
Brisbane top 10 growth suburbs in 2023
| Suburb | Property type | 2022 median price | 2023 median price | % change |
|---|---|---|---|---|
| Murrumba Downs | House | $675,000 | $855,500 | 26.7% |
| Wavell Heights | House | $1,055,000 | $1,250,000 | 18.5% |
| Redcliffe | Unit | $477,500 | $557,000 | 16.7% |
| Taringa | Unit | $513,000 | $583,750 | 13.8% |
| Cleveland | House | $870,000 | $989,000 | 13.7% |
| Redcliffe | House | $655,000 | $742,500 | 13.4% |
| Slacks Creek | House | $515,050 | $579,015 | 12.4% |
| Kelvin Grove | Unit | $445,000 | $492,500 | 10.7% |
| Crestmead | House | $485,000 | $535,000 | 10.3% |
| Brisbane City | Unit | $475,000 | $517,500 | 9.0% |
The median house price in Moreton Bay's Murrumba Downs soared by nearly +27 per cent. Wavell Heights in the city's north also saw strong growth, as did units in Redcliffe and Taringa.
Queensland's regional markets also delivered some strong performances.
Regional QLD top 10 growth suburbs in 2023
| Suburb | Property type | 2022 median price | 2023 median price | % change |
|---|---|---|---|---|
| Hope Island | House | $1,300,000 | $1,780,000 | 36.9% |
| Surfers Paradise | House | $790,000 | $1,080,000 | 36.7% |
| Ripley | House | $485,000 | $605,000 | 24.7% |
| Mount Low | House | $425,000 | $477,500 | 12.4% |
| Hope Island | Unit | $718,500 | $801,500 | 11.6% |
| Labrador | Unit | $490,000 | $544,000 | 11.0% |
| Cranbrook | House | $310,000 | $343,500 | 10.8% |
| Coolangatta | Unit | $907,500 | $1,005,000 | 10.7% |
| Elanora | House | $1,050,000 | $1,162,500 | 10.7% |
| Emerald | House | $330,000 | $365,000 | 10.6% |
Gold Coast spots like Surfers Paradise and the luxurious Hope Island brought major increases in the median house price, as did Ripley in Ipswich.
Note: the above is taken from CoreLogic data, comparing median prices from September 2021 - December 2022 to January 2023 - April 2023. Suburbs are only included if at least 30 sales for the same property type occurred during both four-month periods
Perth and Western Australia
Perth has proved one of the most resilient markets in Australia over the past year. Prices are currently at a new all-time high.
Perth top 10 growth suburbs in 2023
| Suburb | Property type | 2022 median price | 2023 median price | % change |
|---|---|---|---|---|
| Wembley | Unit | $247,500 | $306,250 | 23.7% |
| Swan View | House | $432,500 | $520,000 | 20.2% |
| East Victoria Park | Unit | $393,000 | $470,000 | 19.6% |
| Innaloo | Unit | $520,000 | $610,000 | 17.3% |
| Innaloo | House | $600,000 | $700,000 | 16.7% |
| Bassendean | House | $595,000 | $689,000 | 15.8% |
| Brabham | House | $450,000 | $519,750 | 15.5% |
| Hilbert | House | $417,500 | $480,000 | 15.0% |
| Bentley | Unit | $375,000 | $430,000 | 14.7% |
| Jindalee | House | $565,000 | $640,000 | 13.3% |
In terms of the biggest movers, there is a fairly even split between houses and units. In 2023, the median unit price in Wembley has risen by over +23 per cent. Swan View houses have also broken through the +20 per cent growth barrier.
Looking regionally, there are similar signs of strength across dozens of suburbs in wider WA.
Regional WA top 10 growth suburbs in 2023
| Suburb | Property type | 2022 median price | 2023 median price | % change |
|---|---|---|---|---|
| Madora Bay | House | $505,000 | $601,250 | 19.1% |
| Eglinton | House | $412,000 | $475,000 | 15.3% |
| Golden Bay | House | $440,000 | $507,000 | 15.2% |
| South Yunderup | House | $490,000 | $550,000 | 12.2% |
| Quinns Rocks | House | $562,250 | $630,000 | 12.1% |
| Collie | House | $279,000 | $310,000 | 11.1% |
| Australind | House | $447,000 | $495,000 | 10.7% |
| Landsdale | House | $630,000 | $695,000 | 10.3% |
| Wannanup | House | $564,500 | $622,500 | 10.3% |
| Mount Lawley | House | $1,100,000 | $1,200,000 | 9.1% |
From the end of 2022 to now, nine suburbs hit double digit median price growth, with Madora Bay in Mandurah topping the list with a +19.1 per cent uptick.
Note: the above is taken from CoreLogic data, comparing median prices from September 2021 - December 2022 to January 2023 - April 2023. Suburbs are only included if at least 30 sales for the same property type occurred during both four-month periods
Adelaide and South Australia
Adelaide was the star performer of the recent boom, delivering trough-to-peak growth of more than +44 per cent.
There has been very little in terms of price correction for the South Australian capital, and the areas below have experienced strong growth in a short period.
Adelaide top 10 growth suburbs in 2023
| Suburb | Property type | 2022 median price | 2023 median price | % change |
|---|---|---|---|---|
| Munno Para | House | $359,500 | $425,500 | 18.4% |
| Evanston Park | House | $434,000 | $490,000 | 12.9% |
| Highbury | House | $717,500 | $805,000 | 12.2% |
| Somerton Park | House | $1,085,250 | $1,204,000 | 10.9% |
| Angle Vale | House | $617,500 | $685,000 | 10.9% |
| Andrews Farm | House | $407,500 | $450,000 | 10.4% |
| Findon | House | $692,500 | $760,000 | 9.8% |
| Craigmore | House | $430,000 | $468,500 | 9.0% |
| Davoren Park | House | $311,000 | $337,100 | 8.4% |
| Golden Grove | House | $651,000 | $702,500 | 7.9% |
Munno Para in the city's north has seen the median house price increase by more than +18 per cent, while Evanston Park, Highbury and Somerton Park are among the suburbs delivering more than +10 per cent growth.
Outside of Adelaide, a growing number of suburbs are showing resilience to the rising interest rate environment.
Regional SA top 10 growth suburbs in 2023
| Suburb | Property type | 2022 median price | 2023 median price | % change |
|---|---|---|---|---|
| Millicent | House | $320,000 | $377,500 | 18.0% |
| Victor Harbor | House | $520,000 | $600,000 | 15.4% |
| Wallaroo | House | $342,500 | $395,000 | 15.3% |
| Seaford Meadows | House | $560,000 | $626,000 | 11.8% |
| Mount Gambier | House | $356,500 | $390,000 | 9.4% |
| Whyalla Stuart | House | $175,000 | $190,000 | 8.6% |
| Renmark | House | $300,000 | $325,000 | 8.3% |
| Port Lincoln | House | $372,500 | $402,500 | 8.1% |
| Aldinga Beach | House | $592,000 | $621,000 | 4.9% |
| Naracoorte | House | $336,500 | $352,500 | 4.8% |
The Median house price in Millicent in the state's south-east is up a full +18 per cent, with Victor Harbor and Wallaroo following close behind around +15 per cent.
Note: the above is taken from CoreLogic data, comparing median prices from September 2021 - December 2022 to January 2023 - April 2023. Suburbs are only included if at least 30 sales for the same property type occurred during both four-month periods
Thinking of selling in 2023?
Market conditions have clearly improved for sellers when compared to 2022. A severe shortage of listings combined with increased buyer demand has helped to support property prices in 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.
Making use of an 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.
