Australia’s fastest growing suburbs revealed

Despite recent price drops in property prices across Australia, some suburbs of the country’s largest cities have enjoyed spectacular price growth over the last 12 months.

The top areas for house price growth tend to be next to more popular suburbs, but have recently come into their own as a cheaper alternative.

Domain Group data for the six months to September 2015 show the fastest growing suburbs in Australia’s biggest cities – Sydney, Melbourne, Brisbane and Perth.

Also read: Why falling house prices are good for the economy

SYDNEY

Dundas has emerged as the fastest growing suburb in Sydney, with the median house price for the area jumping almost 53 per cent to $1,092,500.

The nearby suburb of North Rocks also made it high up on the list at third place with a 43.1 per cent year-on-year growth of house prices at $1,245,000
 
Cronulla’s median house price also shot up 44.2 per cent to $1,730,000 million to make it the Sydney’s second fastest-growing suburb of 2015.

Sydney suburbs with fastest house price growth

Dundas
Median price: $1,092,500
Increase: 52.8%

Cronulla
Median price: $1,730,000
Increase: 44.2%

North Rocks
Median price: 1,245,000
Increase: 43.1%

Hunters Hill
Median price: $2,562,500
Increase: 40.4%

Camden
Median price: $673,000
Increase: 40.2%

MELBOURNE

The fastest growing suburbs in Melbourne include Box Hill and Mont Albert North in the inner east, Ashwood and Mount Waverley in the east and St Kilda East.

House prices in Box Hill grew by a staggering 42.4 per cent to $1.27 million in the past year.

The suburb is one of 26 new entrants to join the once-exclusive million-dollar club, with prices growth largely driven by land sales and development in the residential growth zone.

Also read: Housing affordability worse as prices rise

Melbourne suburbs with fastest house price growth

Box Hill
Median price: $1,270,000
Increase: 42.4%

Mont Albert North
Median price: $1,360,000
Increase: 39.8%

Ashwood
Median price: $1,100,000
Increase: 39.9%

Mount Waverley
Median price: $1,280,000
Increase: 37.6%

St Kilda East
Median price: $1,200,000
Increase: 42.0%

BRISBANE

In Brisbane, home buyers are flocking to the water in the city’s coastal outer suburbs – a trend which has been increasingly evident over the last two years.

Woody Point was the city’s fastest growing suburb for 2015, with growth rates above 25 per cent over the past year.

Buyers with a budget of less than $500,000 could get a home in Woody Point, with the median house price sitting at $486,000 over a six-month period until September this year.

Also along the coast, Ormiston and Manly are booming, with buyers forking out medium to high-range prices.

Also read: Aussie house prices have nothing on Auckland

Brisbane suburbs with fastest house price growth

Woody Point
Median price: $486,000
Increase: 25%

Ormiston
Median price: $465,000
Increase:  +20%

Taringa
Median price: $665,000
Increase: +20%

Stretton
Median price: $734,000
Increase: +20%

Wooloowin
Median price: $705,000
Increase: +20%

PERTH

The fastest growing Perth suburb in the six months to September was Dawesville, a Mandurah suburb wedged between the ocean and estuary.

The seaside suburb grew 24.4 per cent in the last year to reach a median of $510,000.

Mandurah’s Dudley Park also made the top ten, growing a solid 8.8 per cent to $435,000.

Also read: Australia's housing boom is over

Perth suburbs with fastest house price growth

Dawesville
Median price: $510,000
Increase: 24.4%

Madeley
Median price: $661,750
Increase: 14.1%

Coolbellup
Median price: $544,500
Increase: 11.0%

Maylands
Median price: $600,000
Increase: 10.0%

Bassendean
Median price: $587,500
Increase: 8.8%