Yahoo Finance Property prices bounce back: Top 25 suburbs leading the way
Home prices have lifted 0.9 per cent since early March.
Australian property prices are beginning to bounce back, with regional suburbs largely leading the way.
New research from CoreLogic revealed the suburbs where prices have increased the most over the last three months.
Of the 25 top performing suburbs, 20 were located in regional Australia across South Australia, Victoria, New South Wales, Western Australia and Queensland.
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Robe in South Australia experienced the biggest price increase, rising 8.3 per cent over the March quarter to a median price of $569,501.
The only capital city to record increases was Sydney, where suburbs in North Sydney performed well. The biggest winner was East Killara, where values rose 6.8 per cent to $3.48 million.
CoreLogic head of research Eliza Owen said the proportion of suburbs increasing in value could start to trend higher.
“If this cycle mirrors historic ones, the higher-tier markets of Sydney and Melbourne are likely to show more suburbs in upswing over the coming months,” Owen said.
“However, the prevalence of highly affordable regional markets in the top performing suburb list is quite different to what we’ve seen in previous inflection points.”
The current upswing could reflect a “hangover” of the pandemic and high interest rate environment, where regional property remains desirable, Owen said.
CoreLogic’s national daily Home Value Index has risen 0.9 per cent since early March, with increases flowing through to around a third (35 per cent) suburbs.
Which suburbs are rising over the longer term?
New data from PropTrack also revealed the most profitable suburbs over the past decade, with some prices skyrocketing by more than 300 per cent.
The coveted Byron Bay topped the list, jumping a massive 362 per cent or $2.35 million over the space of 10 years.
Lifestyle areas saw big increases, as property seekers sought out coastal and park-side living. Other suburbs that saw the biggest increases in median house prices included:
Bright VIC – 257 per cent increase, up $930k since 2013
Suffolk Park NSW – 256 per cent increase, up $1.51 million since 2013
Berry NSW – 256 per cent increase, up $1.51 million since 2013
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