Analysis of the latest valuation data has revealed the standout suburbs across Australia where house prices have outpaced their neighbours.
While values in most suburbs grew over the past year, these hotspots recorded stronger growth than all other suburbs in the local area.
The PropTrack data highlights the suburb with the strongest growth in values over the past year in each statistical area 4 (SA4) region, which are geographical areas defined by the Australian Bureau of Statistics with a minimum population of 100,000 persons.
In dozens of top-performing suburbs, surging house prices have boosted values for property owners but made it harder for house hunters to buy in, especially in markets where demand outweighs supply.
Prices lifted by more than 20% over the past year in the top growth suburbs in many regions, with the strongest gains concentrated in Perth, Adelaide and south east Queensland.
Sydney’s overachieving suburbs jumped in value by 10-20%, while most of the top growth suburbs in each Melbourne region lifted by 4-8%.
However in some regional areas, particularly in New South Wales and Victoria, many of the highest-growth suburbs grew slower than the top performers in the capitals, with annual growth rates of 0-4%.
Jump ahead to see the overachieving suburbs in:
PropTrack senior economist Eleanor Creagh said the suburbs where values rose the most in each region reflected stretched affordability following the jump in interest rates over the past two years.
“More affordable regions held up better in 2022 when interest rates were first rising, and in 2023 a lot of relatively affordable suburbs maintained this outperformance as interest rates continued to rise and housing affordability remained at multi-decade lows,” she said.
The data uses PropTrack’s automated valuation model (AVM) to determine a suburb’s median property value.
Affordable suburbs outperform wider markets
While a few pricey suburbs had the biggest gains in their area, many of the top growth suburbs in each region of the capitals were at the affordable end of their local market.
![317 Daw Road, Runcorn, Qld 4113](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 800 450"%3E%3C/svg%3E)
Runcorn is among the most affordable suburbs in Brisbane’s south, but had the region’s strongest house price growth over the past year. Picture: realestate.com.au/sold
In almost every Brisbane region, the top growth suburb had some of the cheapest house prices in the area, such as Runcorn in the south (up 23.4%), Hemmant in the east (up 17.4%) and Wooloowin in the inner city (up 18%). Values in Brisbane overall rose almost 11% over the past year.
Top growth suburbs across Queensland
| Region (SA4) | Top growth suburb | Median value (AVM) | YoY change (%) |
| Brisbane – East | Hemmant | $876,000 | 17.4% |
| Brisbane – North | Nudgee | $998,000 | 15.7% |
| Brisbane – South | Runcorn | $938,000 | 23.4% |
| Brisbane – West | Riverhills | $821,000 | 11.9% |
| Brisbane Inner City | Wooloowin | $1,300,000 | 18.2% |
| Ipswich | Bundamba | $532,000 | 13.8% |
| Logan – Beaudesert | Woodridge | $535,000 | 24.5% |
| Moreton Bay – North | Caboolture South | $599,000 | 22.3% |
| Moreton Bay – South | Bunya | $1,592,000 | 14.0% |
| Cairns | East Innisfail | $280,000 | 22.4% |
| Central Queensland | Moura | $232,000 | 26.3% |
| Darling Downs – Maranoa | Miles | $302,000 | 17.3% |
| Gold Coast | Willow Vale | $729,000 | 15.0% |
| Mackay – Isaac – Whitsunday | Cannonvale | $698,000 | 15.9% |
| Queensland – Outback | Longreach | $248,000 | 7.8% |
| Sunshine Coast | Coolum Beach | $1,284,000 | 10.2% |
| Toowoomba | Helidon | $453,000 | 14.5% |
| Townsville | Nelly Bay | $541,000 | 16.3% |
| Wide Bay | Murgon | $265,000 | 17.8% |
Affordable suburbs also outperformed in every region of Perth and Adelaide, except in Perth’s inner suburbs where Mosman Park came out on top.
Perth house prices grew by about 16% over the past year, but values in some high achieving suburbs grew almost twice as fast.
Warnbro in Perth had the strongest house price growth in Perth’s south west. Its median value is now $548,000. Picture: realestate.com.au/sold
Huge house price growth figures were recorded in affordable suburbs such as Greenfields (29.5%), Kelmscott (28.6%) and Warnbro (27.7%).
In Adelaide, where prices grew almost 11% in the past year, prices jumped Elizabeth North (26.7%) and Hackham West (21.8%).
All of these suburbs have a median value below $550,000.
Top growth suburbs across Western Australia
| Region (SA4) | Top growth suburb | Median value (AVM) | YoY change (%) |
| Perth – South West | Warnbro | $548,000 | 27.7% |
| Perth – South East | Kelmscott | $493,000 | 28.6% |
| Perth – North West | Girrawheen | $505,000 | 26.9% |
| Perth – North East | Stratton | $455,000 | 24.7% |
| Perth – Inner | Mosman Park | $1,938,000 | 12.5% |
| Mandurah | Greenfields | $473,000 | 29.5% |
| Bunbury | Carey Park | $380,000 | 24.8% |
| Western Australia – Wheat Belt | Lower Chittering | $934,000 | 13.8% |
| Western Australia – Outback (South) | West Beach | $592,000 | 12.8% |
| Western Australia – Outback (North) | South Hedland | $440,000 | 4.2% |
The outperformance of these suburbs reflected broader trends seen throughout 2023, with strong demand amid limited supply in Australia’s more affordable capitals, Ms Creagh said.
Elizabeth North is Adelaide’s most affordable suburb, even after prices rose almost 27% in the past year. Picture: realestate.com.au/sold
“Adelaide and Perth largely avoided the downturn in prices in 2022, and continued to outperform in 2023,” she said.
Top growth suburbs across South Australia
| Region (SA4) | Top growth suburb | Median value (AVM) | YoY change (%) |
| Adelaide – Central and Hills | Lobethal | $616,000 | 19.6% |
| Adelaide – North | Elizabeth North | $383,000 | 26.7% |
| Adelaide – South | Hackham West | $543,000 | 21.8% |
| Adelaide – West | Woodville Gardens | $667,000 | 12.6% |
| Barossa – Yorke – Mid North | Nuriootpa | $528,000 | 16.3% |
| South Australia – Outback | Port Lincoln | $445,000 | 12.5% |
| South Australia – South East | Murray Bridge | $397,000 | 17.4% |
Perth, Adelaide and Brisbane had the strongest home price growth throughout 2023, and while price growth could slow this year, these cities are still expected to outperform in 2024.
“Population growth, limited stock on market and relatively affordability have seen both these capitals recording continued strong price growth,” Ms Creagh said.
Buyers seek relative affordability in pricey areas
Even in pricier areas like Sydney’s inner west and northern beaches, suburbs offering better bang-for-buck or relative value to surrounding regions recorded strong house price growth, including Dulwich Hill and Cromer.
Dulwich Hill saw prices jump almost 14% in the past year. Picture: realestate.com.au/sold
Real estate agent David Diamantopoulos of The Agency Inner West said Dulwich Hill’s relative value, as well as improving infrastructure, drew upsizing buyers from areas with higher house prices.
“A lot of buyers are coming from the east,” he said. “Someone could sell their unit in the eastern suburbs and buy a house here.”
Top growth suburbs across NSW
| Region (SA4) | Top growth suburb | Median value (AVM) | YoY change (%) |
| Sydney – Baulkham Hills and Hawkesbury | Cherrybrook | $2,209,000 | 11.5% |
| Sydney – Blacktown | Acacia Gardens | $1,285,000 | 13.1% |
| Sydney – City and Inner South | Erskineville | $1,702,000 | 11.7% |
| Sydney – Eastern Suburbs | Vaucluse | $9,096,000 | 15.2% |
| Sydney – Inner South West | Belmore | $1,458,000 | 15.8% |
| Sydney – Inner West | Dulwich Hill | $2,006,000 | 13.7% |
| Sydney – North Sydney and Hornsby | Normanhurst | $1,912,000 | 13.6% |
| Sydney – Northern Beaches | Cromer | $2,238,000 | 11.8% |
| Sydney – Outer South West | Macquarie Links | $1,391,000 | 8.6% |
| Sydney – Outer West and Blue Mountains | Caddens | $1,105,000 | 10.1% |
| Sydney – Parramatta | North Parramatta | $1,567,000 | 17.0% |
| Sydney – Ryde | West Ryde | $2,152,000 | 12.6% |
| Sydney – South West | Elizabeth Hills | $1,183,000 | 10.7% |
| Sydney – Sutherland | Oyster Bay | $1,640,000 | 10.4% |
| Central Coast | Kariong | $906,000 | 17.7% |
| New England and North West | Moree | $411,000 | 25.3% |
| Riverina | Junee | $410,000 | 9.9% |
| Far West and Orana | Nyngan | $262,000 | 8.9% |
| Murray | Finley | $307,000 | 8.8% |
| Hunter Valley exc Newcastle | Muswellbrook | $475,000 | 8.1% |
| Newcastle and Lake Macquarie | Blacksmiths | $1,078,000 | 5.8% |
| Illawarra | Kembla Grange | $839,000 | 5.7% |
| Central West | Forbes | $430,000 | 4.5% |
| Capital Region | Broulee | $1,042,000 | 3.9% |
| Richmond – Tweed | Terranora | $1,138,000 | 3.5% |
| Coffs Harbour – Grafton | Junction Hill | $562,000 | 2.4% |
| Mid North Coast | Valla Beach | $899,000 | 2.0% |
| Southern Highlands and Shoalhaven | Old Erowal Bay | $676,000 | 1.7% |
Despite its $2 million median house value, Cromer is the fifth cheapest suburb on the Northern Beaches, and attracts both young families and downsizers seeking a beachside lifestyle without the price tag of neighbouring suburbs, according to local real estate agent Nick Duchatel of Belle Property.
“Were getting a lot of people from high dollar value suburbs who are not wanting a mortgage,” he said.
“I’m negotiating with a buyer selling a $5 million house in Balgowlah and moving to Cromer to a $3 million house with no mortgage.”
While it’s pricey, even for Sydney, Cromer is one of the more affordable suburbs of Sydney’s northern beaches, and had the region’s strongest house price growth in the past year. Picture: realestate.com.au/sold
Cromer’s position further from the beach keeps prices a little lower, while its affordability and older housing stock has made it a target with family buyers looking to add value, Mr Duchatel said
“The architecture of the homes in Cromer is the 70s, so that mid century vibe is what people are wanting as well.”
But in more affordable markets of Sydney, such as the south west, outer west and Blacktown, the suburbs with the highest growth in their area had higher prices relative to their region, including Elizabeth Hills, Caddens and Acacia Gardens.
Prices in Caddens grew more rapidly than any other suburbs in Sydney’s outer west. Picture: realestate.com.au
Real estate agent Joey Lustri of Elders said Caddens offered newer homes than many surrounding suburbs, which was drawing buyers from pricier areas, while its position allowed easy access to the motorway and future Western Sydney Airport.
“We’re getting buyers coming out a bit further west because of the proximity to everything,” he said.
“You’re getting a relatively new property, or in some cases a brand new property, in a really premium location.”
Top growth suburbs across Victoria
| Region (SA4) | Top growth suburb | Median value (AVM) | YoY change (%) |
| Melbourne – Inner | South Yarra | $2,034,000 | 4.3% |
| Melbourne – Inner East | Doncaster East | $1,537,000 | 6.9% |
| Melbourne – Inner South | Waterways | $1,545,000 | 7.9% |
| Melbourne – North East | Watsonia North | $906,000 | 4.9% |
| Melbourne – North West | Attwood | $924,000 | 4.6% |
| Melbourne – Outer East | Wantirna South | $1,203,000 | 6.6% |
| Melbourne – South East | Notting Hill | $1,152,000 | 8.5% |
| Melbourne – West | Mount Cottrell | $688,000 | 3.8% |
| Mornington Peninsula | Frankston North | $578,000 | 2.3% |
| Latrobe – Gippsland | Rosedale | $487,000 | 9.7% |
| North West | Cohuna | $361,000 | 6.7% |
| Shepparton | Tongala | $380,000 | 6.7% |
| Hume | Beechworth | $774,000 | 6.4% |
| Warrnambool and South West | Mortlake | $329,000 | 4.3% |
| Geelong | Wandana Heights | $1,046,000 | 3.2% |
| Bendigo | Epsom | $581,000 | 2.5% |
| Ballarat | Lake Wendouree | $1,096,000 | 0.9% |
The trend towards higher price growth in affordable suburbs wasn’t as clear in Melbourne, where price growth has been more subdued than much of the country.
Nonetheless, relatively affordable suburbs like Mount Cottrell, Watsonia North and Attwood had some of the highest growth in their respective regions.
Top growth suburbs across Tasmania, NT and ACT
| Region (SA4) | Top growth suburb | Median value (AVM) | YoY change (%) |
| Australian Capital Territory | Campbell | $2,048,000 | 13.3% |
| Darwin | Humpty Doo | $627,000 | 10.7% |
| Northern Territory – Outback | Katherine East | $359,000 | 0.2% |
| Launceston and North East | Westbury | $551,000 | 8.0% |
| West and North West | Smithton | $389,000 | 6.8% |
| South East | Ranelagh | $678,000 | 1.3% |
Smaller capitals such as Darwin, Hobart and Canberra aren’t as straightforward to compare at the regional level, given one SA4 region encompasses each city.
However, the highest growth suburbs in Darwin and Canberra tended to be pricier, while Hobart had no suburbs where median values rose over the past year.
Values jump where demand outstrips supply
While high interest costs have pushed buyers to suburbs where houses are cheaper, a lack of properties on the market in many affordable suburbs has helped drive the uplift in prices.
With strong competition and fewer properties to choose from, houses in some outperforming areas tend to sell very quickly — sometimes in as little as eight days.
In Warnbro in Perth’s south west, where prices rose almost 28% over the past year, competition between investors and owner occupiers for affordable houses has escalated amid a shortage of properties for sale, according to real estate agent Nikki De Rijcke of JW Residential.
“There’s a lot of investor activity that’s happened over the past two years which has been driving the prices up,” she said.
“In Warnbro in particular there are a lot of owner occupiers who have missed out and it’s just driving competition higher,” she said.
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Ms De Rijcke said most properties were sold within a week of hitting the market, with some emotional buyers submitting big offers after constantly missing out.
“Some agents sell within a day to the first buyer that comes along,” she said.
“The higher end is taking a bit longer but I find anything below $750,000 is snapped up pretty quickly.”
With fewer homes coming to the market, the situation is expected to persist this year, according to Ms Creagh.
“Stock on market is set to remain tight in Perth and Adelaide where total listing volumes continue to sit below decade averages,” she said.
“Because of this, we expect these smaller capital cities who’ve been the best performing markets in 2023 will continue to see the strongest price growth going into next year.”
New home construction has slowed amid strong population growth, limiting supply while keeping prices elevated. Picture: Getty
Ms Creagh said affordability constraints could hold back price growth to a degree, but the ongoing issue of a lack of supply of new homes would cause prices to keep rising.
“Affordability has deteriorated markedly and remains stretched which will weigh on price growth,” she said. “The economy is expected to continue to slow, and labour market conditions are weaker and will continue to deteriorate.”
“In saying that, limited new housing construction and a slowdown in the completion of new homes due to high costs and build times will keep housing supply tight against a backdrop of continued population growth.
“These factors will likely lead to further price gains over the 2024 calendar year, though at a slower pace than we’ve seen in 2023.”
