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Property prices drop $53,400: The 44 suburbs still rising

Eliza Bavin
·Personal Finance Editor
Updated ·4-min read
A composite image of property in Sydney and Australian currency.
Property prices have fallen for another month, but some suburbs are bucking the trend. (Source: Getty)

Australian property prices fell for the seventh month in November, with home prices now down around 7 per cent from the peak recorded in April 2022.

CoreLogic’s national Home Value Index (HVI) found property prices fell 1 per cent in November with the median home price now down $53,400.

However, the fall comes after national housing values surged 28.6 per cent through the recent upswing, adding roughly $170,700 to the value of the average home.

Although values have continued to trend lower, the rate of decline has been consistently easing since the national index dropped by 1.6 per cent in August.

CoreLogic’s research director, Tim Lawless, said the easing in the rate of decline was mostly emanating from the Sydney and Melbourne markets, but was also evident across many of the smaller capitals and most regional markets.

“Three months ago, Sydney housing values were falling at the monthly rate of 2.3 per cent. That has now reduced by a full percentage point to a decline of 1.3 per cent in November,” Lawless said.

“In July, Melbourne home values were down 1.5 per cent over the month, with the monthly decline almost halving last month to 0.8 per cent.”

Lawless said, despite it appearing that property price falls were easing, there could be more losses to come.

“There is still the possibility that the pace of declines could reaccelerate, especially if the current rate-hiking cycle persists longer than expected,” he said.

“Next year will be a particular test of serviceability and housing market stability, as the record-low fixed-rate terms secured in 2021 start to expire.”

Suburbs bucking the trend

As a whole, property prices have fallen but, on the more local level, some suburbs have seen massive price rises this year.

Here are the suburbs across each capital that have seen the biggest increases in the 12 months to November and their median property value.

Greater Sydney:

  • Fairfield - $921,635 - up 0.9 per cent

Greater Melbourne:

  • Melbourne City - $526,772 - up 8.7 per cent

  • Wyndham - $659,404 - up 1.4 per cent

  • Melton - Bacchus Marsh - $629,694 - up 1 per cent

Greater Brisbane:

  • Beaudesert - $553,773 - up 19.1 per cent

  • Ipswich Hinterland - $538,185 - up 17.6 per cent

  • Jimboomba - $832,063 - up 16.8 per cent

  • Springfield - Redbank - $576,464 - up 14.1 per cent

  • Beenleigh - $549,022 - up 12.9 per cent

  • Caboolture Hinterland - $708,437 - up 12.1 per cent

  • Ipswich Inner - $498,387 - up 11.5 per cent

  • Browns Plains - $591,641 - up 11.5 per cent

  • Forest Lake - Oxley - $591,082 - up 10.9 per cent

  • Caboolture - $589,675 - up 10.8 per cent

Greater Adelaide:

  • Playford - $403,888 - up 22.7 per cent

  • Salisbury - $511,141 - 21.3 per cent

  • Gawler - Two Wells - $494,695 - up 18.8 per cent

  • Port Adelaide - East - $666,924 - up 18.1 per cent

  • Onkaparinga - $596,841 - up 17.3 per cent

  • Tea Tree Gully - $628,654 - up 16.6 per cent

  • Port Adelaide - West - $632,100 - up 16.5 per cent

  • Campbelltown - $805,375 - up 15 per cent

  • Holdfast Bay - $882,836 - up 14 per cent

  • Adelaide Hills - $744,662 - up 13.5 per cent

Greater Perth:

  • Kwinana - $412,156 - up 10.1 per cent

  • Rockingham - $484,367 - up 9.7 per cent

  • Mandurah - $487,329 - up 8.7 per cent

  • Wanneroo - $521,269 - up 7.1 per cent

  • Serpentine - Jarrahdale - $516,535 - up 6.9 per cent

  • Armadale - $439,241 - up 6.6 per cent

  • Mundaring - $596,896 - up 6.5 per cent

  • Gosnells - $465,904 - up 6.3 per cent

  • Swan - $503,936 - up 5.2 per cent

  • Fremantle - $896,218 - up 4.8 per cent

Greater Hobart:

  • Brighton - $530,110 - up 1.1 per cent

  • Hobart - South and West - $795,208 - up 0.9 per cent

  • Hobart - North East - $755,519 - up 0.6 per cent

Greater Darwin:

  • Palmerston - $486,027 - up 7 per cent

  • Darwin City - $486,215 - up 6.3 per cent

  • Darwin Suburbs - $521,188 - up 5.4 per cent

  • Litchfield - $635,522 - up 0.8 per cent

Greater Canberra:

  • Molonglo - $771,195 - up 7.1 per cent

  • Gungahlin - $949,125 - up 1.2 per cent

  • South Canberra - $1,005,321 - up 0.2 per cent

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