Australians living in Adelaide’s Plympton and Queensland’s Fig Tree Pocket have seen their home values increase more than 30 per cent in 2019, while those in Sydney’s Blakehurst have seen their homes shed 26.8 per cent in value, the latest Domain property report has revealed.
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It comes after one of the strongest growth periods in the Australian property market, with dwelling values growing 4 per cent in the last three months of 2019, bringing the annual national growth to 6.3 per cent.
But according to Domain economist, Trent Wiltshire, there are often a few factors contributing to suburbs’ huge price changes.
Brisbane’s Figtree is quite a small and exclusive area, meaning that relatively fewer homes need to change hands for huge price increases.
And in that pricey enclave, house prices are already growing faster, following the national trend of high-end homes leading the recovery.
Wiltshire also noted that “deep price changes” can occur in fringe semi-rural suburbs when they are developed.
He said suburbs like New South Wales’ Marsden Park and Box Hill are both examples of that.
The lesson? Consider the big-picture story, not just annual figures.
What’s going on city-wide?
Hobart saw the strongest growth, year on year, followed by Sydney, Canberra and Melbourne, the house price report revealed.
The Tasmanian capital saw units gain an astronomical 15.2 per cent to a median value of $441,104 and houses grew 8.5 per cent in to a median price of $530,570.
But a shift may be on its way for some regions, Wiltshire said.
“It looks like some of the higher-priced areas have started to slow down a bit, for example like Sandy Bay. That's one of Hobart's more exclusive areas that's fallen in price a little bit over the past year while the market overall in Hobart is really rising pretty quickly.”
Houses in Sydney grew 5.7 per cent to a median price of $1.14 million, while units grew 4.3 per cent to $735,387.
“In Sydney, we've seen the mid- to high-priced suburbs see some of the biggest rises just in the... second half of 2019,” Wiltshire said.
He said the inner west, the northern beaches and the lower-north shore have seen the biggest jumps.
Melbourne saw house prices grow 5.0 per cent to $901,951 and units 5.6 per cent to $549,701.
Wiltshire said Melbourne is seeing a similar recovery story to Sydney, with even more highly-priced suburbs seeing the biggest jumps.
Canberra also saw high returns, with house prices jump 7.3 per cent in value to $788,621. Units grew 4 per cent in value to $455,537.
Brisbane saw unit values fall 3.4 per cent to $377,549, with houses growing 1.3 per cent to $577,664.
Brisbane bucks the trend, with some of the “very expensive” regions seeing some of the largest falls, while some of the cheaper outer-ring areas have seen large rises.
Adelaide saw a similar trend, with units falling and houses rising. Units there fell 1.4 per cent to $306,327 and houses grow 1.3 per cent to $542,947.
That trend was more pronounced in Perth, with unit prices losing 2.1 per cent, taking them to a median value of $342,708. And houses grew 0.7 per cent to $537,013.
Darwin saw both houses and units lose value, with units shedding an average 5.4 per cent to a median price of $286,249 and houses lose 3 per cent, to $509,452.
These are the suburbs that saw the biggest changes in Australia in 2019
Top 10 suburbs for unit price growth:
Top 10 suburbs for house price growth:
Bottom 10 suburbs for unit price growth:
Bottom 10 suburbs for house price growth:
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