The last 12 months have seen Australia’s property markets drop to shuddering lows, only to bounce back at record speeds.
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And according to CoreLogic’s Best of the Best 2019 report, some suburbs have seen stronger growth than others.
In its yearly review, CoreLogic names the 10 suburbs which have seen the greatest value change over the course of the year.
For houses, St Kilda in Greater Melbourne took out number one with prices growing 19.6 per cent to $1,584,804.
And for units, it was South Hedland in Western Australia that saw prices grow 22.3 per cent to $130,004.
Suburbs that saw the greatest value growth in houses
1. St Kilda - Greater Melbourne
Median price: $1,584,805
2. Moranbah - Rest of Qld
Median price: $216,100
3. Melba - Australian Capital Territory
Median price: $620,471
4. Carlingford - Greater Sydney
Median price: $1,485,663
5. Loftus - Yarrawarrah - Greater Sydney
Median price: $1,008,205
6. Surrey Hills (West) - Canterbury - Greater Melbourne
Median price: $2,514,345
7. Broadsound - Nebo - Rest of Qld
Median price: $96,919
8. Sydenham - Tempe - St Peters - Greater Sydney
Median price: $1,301,431
9. St Kilda East - Greater Melbourne
Median price: $1,356,886
10. Woronora Heights - Greater Sydney
Median price: $1,137,938
Suburbs that saw the greatest value growth in units
1. South Hedland - Rest of WA
Median price: $130,004
2. Sandringham - Black Rock - Greater Melbourne
3. Kempsey Region - Rest of NSW
Median price: $342,693
4. Beaumaris - Greater Melbourne
Median price: $1,024,929
5. Bendigo - Rest of Vic.
Median price: $264,906
6. Bright - Mount Beauty - Rest of Vic.
Median price: $385,068
7. Mentone - Greater Melbourne
Median price: $624,396
8. Mildura - North - Rest of Vic.
Median price: $178,364
9. California Gully - Eaglehawk - Rest of Vic.
Median price: $240,054
10. Collingwood - Greater Melbourne
Median price: $671,988
2020 property outlook
“2019 will go down as the year when new records were set. For 2020, we’re likely to see markets in recovery
mode as housing prices catch up and then overtake their previous record highs, however we expect the
rapid rate of capital gains seen over the second half of 2019 to lose steam as stock levels rise and
affordability deteriorates,” CoreLogic stated.
It noted that 2019 saw the housing market move through “the largest and longest correction on record”, swiftly followed by a rebound in the later six months of the year.
CoreLogic director Tim Lawless predicts 2020 will see the return of investors to the housing market, pushing prices up further.
However, this will also lead to worsening housing affordability, he added.
CoreLogic also predicts the Reserve Bank of Australia’s official interest rate will fall by another 0.50 percentage points in the first six months of 2020, bringing official rates down to 0.25 per cent.
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