While Australian homeowners may feel a little nervous after learning that home prices have fallen for the first time in 20 months, buyers will sit back and take notes.
Key points:
- The three main suburbs of each capital are mostly grouped in the same areas
- Sydney, Melbourne and Canberra lead the way
- Adelaide, Brisbane and some regional areas continue to see strong price growth
According to two leading monthly indexes, CoreLogic and REA’s PropTrack, the national monthly drop is around 0.1 percent.
Sydney, Melbourne and Canberra are leading the way, while Adelaide, Brisbane and some regional areas continue to see strong price growth.
There are always two sides to the coin
Just as homeowners may see the latest housing price news as negative, buyers may feel a long-forgotten optimism about returning to the market.
Similarly, average prices do not tell the whole story. Average values do not necessarily mean that all homes in a particularly favorable growth zone will increase in price.
These statistics provide a snapshot of the properties that were sold during this time period.
Ultimately, the value of your home will be determined by how much a buyer would pay for it.
Ready to buy? These are the areas that are experiencing price growth in your capital
According to CoreLogic, the three main suburbs of each capital are mostly grouped in the same areas.
In Greater Melbourne, the Mornington Peninsula is by far the best area for price growth.
The Logan-Beaudesert region in Greater Brisbane has also rejected the national trend, while prices in northwest Perth continue to rise.
For potential homeowners and investors, we look at the three growing suburbs of your capital.
Great Sydney
Suburbs
Average value
Annual change
Maria
$ 1,605,065
30.4 percent
Box Hill
$ 1,398,477
29 percent
Mount Victoria
$ 801,587
28.4 percent
Box Hill is known for its lush green streets and low-lying scenery. (ABC News: Sam Yang)
While the country’s most populous city is leading the downward trend in house prices, there are still pockets where growth is taking place.
The Baulkham Hills and Hawkesbury region is home to the two best suburbs in terms of growth.
About 43 miles northwest of Sydney’s central business district, Maraylya and Box Hill are virtually next door and share similar statistics and demographics.
Maraylya was the best performer with an average home value of $ 1,605,065, an annual change of 30.4 percent.
The median weekly family income, according to the 2016 census, was $ 2,133 per week.
Rents accounted for 15.2 percent of occupied private housing.
Mount Victoria completes the top three.
Located in the Blue Mountains on the outside west, you will travel about 120 kilometers by road to reach the CBD.
The average weekly income was $ 1,065 in 2016 and 22.7 percent of suburban residents rented.
Great Melbourne
Suburbs
Average value
Annual change
Tootgarook
$ 1,148,420
22 percent
Sant Andreu beach
$ 1,509,360
21.6 percent
Sorrento
$ 2,304,891
20.8 percent
Sorrento, home of the mansions on the Millionaire’s Walk, grew by 20.8 percent. (Supplied by: CBRE)
The Mornington Peninsula has the top 10 suburbs for price growth in Greater Melbourne.
The average values of the houses vary greatly between the first 3, but they all have one thing in common: the values remain strong and grow.
Tootgarook was the best performer.
Located 80 miles from Melbourne’s CBD, Tootgarook has an average weekly family income of $ 1,023 and rents account for 27 per cent of the market.
Above the road is Sorrento, home of the mansions on the Millionaire’s Promenade.
The average value of homes is noticeably higher here, but oddly enough, the average family income is not much higher at $ 1,136.
64.5% of occupied private homes are directly owned (without a mortgage), while 13.6% are rented.
On the opposite side of the peninsula is the coastal town of Sant Andreu Beach, where the average weekly family income is $ 1,652, while the average weekly income is less than in the country ($ 335) at $ 294.
Great Brisbane
Suburbs
Average value
Annual change
Cedar Grove
$ 801,831
45 percent
Logan Central
$ 473,578
42.1 percent
Cedar Val
$ 841,756
41.6 percent
Housing prices in the Logan-Beaudesert region of Greater Brisbane are strong. (ABC News: Alex Papps)
If you own a home in the Logan-Beaudesert region, the numbers look impressive. Listed as a mixed-use location in Logan City, Cedar Grove is approximately 25 miles from Brisbane CBD.
According to the 2016 census, the average weekly family income was $ 1,793 and 61.6 percent of Cedar Grove people have a mortgage.
Logan Central, as its name suggests, is the CBD and administrative center of Logan City.
The median income for a family in 2016 was $ 856, and 57% of private households were rented.
The rural town of Cedar Vale showed an average family income of $ 1,863 with only 8.2 percent rent.
Great Adelaide
Suburbs
Average value
Annual change
Beaumont
$ 1,783,745
43.8 percent
O’Sullivan Beach
$ 534,156
38.7 percent
Modbury North
$ 596,655
38.7 percent
View of Adelaide CBD from the Northeast suburbs, where price growth has been positive. (ABC News: Tony Hill)
The top three performers in Greater Adelaide are spread over a wider distance.
Beaumont, in the Adelaide-Central Hills region, is just 5 miles from the CBD.
With a relatively high average weekly family income of $ 2,265, the proportion who pays a rent greater than or equal to 30 percent of that income (according to the 2016 census) stands at just 3 percent.
The maritime suburb of O’Sullivan Beach in the south has much lower housing prices, but also lower weekly incomes – averaging $ 891 in 2016.
There is a fairly uniform division between homeowners, mortgage holders and renters.
In Modbury North, 14 miles from the CBD, the average weekly family income is around $ 1,400 and about 45 percent have a mortgage.
Great Hobart
Suburbs
Average value
Annual change
Primrose sands
$ 579,571
28.1 percent
Tranmere
$ 1,119,609
26.4 percent
Acton Park
$ 1,316,007
25.7 percent
Primrose Sands in Hobart is a suburb to see. (ABC News: Luke Bowden)
In 2016, the average weekly family income in the mixed urban and rural locality of Primrose Sands was $ 744.
Rents accounted for 23.6% of occupied private homes with an average weekly rent of $ 200.
In Tranmere, home prices are doubling and the average weekly family income is rising as a result to $ 1,966.
Almost 39 percent of homes are directly owned.
In Acton Park, the average family income is $ 2,195, with only 3.4% of occupied private homes listed as rented.
Great Perth
Suburbs
Average value
Annual change
Watermans Bay
$ 1,276,719
14.9 percent
Choose ocean
$ 990,680
14.5 percent
Carine
$ 1,107,087
14.5 percent
A house in Perth’s Carine, where you can find price growth. (Photo: Wendy Morris)
The best-performing suburbs of Greater Perth experienced modest growth.
Northwest Perth fared better, with Watermans Bay experiencing 14.9% growth.
The northern coastal suburb has an average family income of $ 1,927 and tenants account for 28.6% of occupied private housing.
Up the coast in Ocean Reef, the average home values are lower, but weekly family income is more generous at $ 2,245.
At nearby Carine, 45 percent own their homes and have an average weekly family income of $ 2,242.
Great Darwin
Suburbs
Average value
Annual change
Nakara
$ 637,057
16.2 percent
Wagaman
$ 513,276
26.4 percent
Wulagi
$ 579,251
15 percent
There is still growth in the Darwin real estate market. (ABC News)
In the Top End, the best-performing suburbs are right next to each other, about 8 miles from the CBD.
The three suburbs have similar statistics and demographics.
Nakara has the highest average value and the highest average weekly family income of $ 2,261, while rents account for 32.4 percent of occupied private dwellings.
Canberra
Suburbs
Average value
Annual change
Denman Prospect
$ 1,221,771
32.9 percent
Waramanga
$ 971,167
30.7 percent
Coombs
$ 760,037
29.8 percent
A house in the suburb of Waramanga in Canberra, where house prices have risen despite falling national average prices. (ABC News: Jesse Dorsett)
The country’s capital has a number of suburbs to watch out for as house prices rise. Denman Prospect is a suburb currently under development and as such has no 2016 census data.
Waramanga, on the other hand, was established in the late 1960s and owns 30.1% of homes.
The average weekly family income is $ 1,875.
In Coombs, 74% of occupied private homes are owned by a mortgage and the average weekly family income is $ 2,315.
Posted 47 minutes ago 47 minutes ago Wednesday, June 1, 2022 at 9:52 PM, updated 29 minutes ago 29 minutes ago Wednesday, June 1, 2022 at 10:10 PM