The vast majority of Aussie suburbs have enjoyed significant increases in median property prices in the last 100 years, but some stand out from the rest.
Property owners in Darling Point are most likely to be unpacking the champagne flutes after making the largest increase in dollar value, with a staggering average increase of $3.43 million of the last 20 years, placing the suburb at the top of the list of areas with the highest price growth, according to financial comparison site Mozo.com.au.
However, the news is more sobering for owners over in Hobart's Cambridge, who have suffered the biggest drop in value, losing around $320,000 on average.
Mozo calculated the average real increase in value for every suburb in Australia over the last 20 years using the most recent sales data from Residex, taking into account the long term average inflation rate of 2.49%.
“While NSW ranks a lacklustre 5th for capital growth by percentage, it claims 9 of the top 10 suburbs for highest gain by dollar value. Whale Beach, the holiday home favourite of Sydney’s rich and famous, and exclusive Bellevue Hill join Darling Point in the top three,” Mozo director Kirsty Lamont said
“Leafy Toorak is the only suburb outside NSW to make the top ten for gains in value, with the Melbourne enclave delivering an average increase of $2.58 million since the end of the last century.”
Mozo says there was more diversity in the top ten suburbs for capital growth by percentage, with the Northern Territory claiming 5 entrants which all delivered average growth over 12% per annum.
Logan’s Berrinba has the highest percentage increase nationally with a huge gain of 14.71% since the end of the last century, while Victoria and NSW only had one suburb each in this list.
Top performing Aussie suburbs:
Highest gains by capital growth and increase in median house price over last 20 years