Analysis by PropTrack has revealed the areas with the largest percentage increase in median house and unit prices in the 10-year period to March 2023.
“The past 10 years has been an eventful one for Australian property, with prices at a national level increasing by an enormous 83%,” PropTrack senior economist Paul Ryan said.
“But this new data pinpoints the suburbs where prices have grown by even more – and in some cases substantially more.”
Mr Ryan said the biggest winners have been houses in lifestyle and holiday destinations, with Byron Bay leading the charge.
And several pockets on the Sunshine Coast in Queensland have seen house and unit price growth of more than 200%, he added.
Jump to the results for your state or territory:
- New South Wales
- Victoria
- Queensland
- South Australia
- Western Australia
- Tasmania
- Australian Capital Territory
- Northern Territory
New South Wales
The data shows beachside locations along the New South Wales coast have seen “incredible growth”, Mr Ryan said.
Take Copacabana on the state’s Central Coast, where the median house price is up a whopping 221% over the past 10 years to $1.93 million.
The property, superbly renovated since then, sold again in February for $3 million.
Steve Nixon from McGrath Estate Agents said Copa, as it’s known locally, underwent a rapid transformation about five years ago.
“A number of the existing shops were upgraded, and it planted the seeds of a lift in businesses wanting to open in the village,” Mr Nixon recalled.
“We now have a wide variety of shops, with six great eateries ranging from bakeries, a pizzeria, cafés, a bar and a cantina, along with the local chemist, newsagency, supermarket and even a homewares shop.
“It has transformed Copa into being its own true destination, with people visiting from Sydney and other coastal suburbs.”
Price booms in other areas lured buyers in search of a bargain, which escalated when Covid hit, and people fled the city to lifestyle hotspots.
Even with this increased popularity, Mr Nixon said Copacabana has retained its relaxed vibe.
It’s not just houses that have seen staggering price increases over the past decade, with apartments in both city and regional areas performing strongly.
Take Edgecliff in Sydney’s prized eastern suburbs, where you could once find a unit like this charming two-bedroom Art Deco unit at 125 Ocean Street.
It sold a bit less than a decade ago, back in mid-2014, for $830,000. It just changed hands again in March for $1.3 million.
That’s indicative of the growth in both popularity and prices seen in this part of town over the past decade, local agent Sean Poche from PPD Real Estate said.
Edgecliff came in eighth on the national top 10 list for units thanks to a staggering 157.9% surge in median prices – a shift Mr Poche puts down to generational change.
“Younger buyers came in and bought the properties that older locals were selling,” he said.
“Those young professionals enjoy being close to the shops, cafés, and convenience of the Edgecliff centre, which has the appeal of many boutiques and specialty shops. And as many of them work in the city, the ease of transport via Edgecliff Station is irresistible.”
“It’s no longer overlooked, but actively sought. Buyers understand they live in a convenient spot while still being able to enjoy Double Bay’s village and the boutiques and eateries in Woollahra’s Queen Street.”
Despite recent jitters in the broader market, Mr Poche said his patch is still firing on all cylinders.
“It’s very strong. I sold three Edgecliff properties in the past three weeks. One had an auction with 10 registered bidders, and the other two sold within two weeks to keen buyers.
“There’s not enough stock on the market to service the current active buyer pool.”
Victoria
Holiday and lifestyle locations across the state have seen immense price growth, in both alpine and coastal regions, Mr Ryan said.
Ten years back, Torquay on the Victorian Surf Coast was more of a sleepy holiday town filled with beach shacks owned by city slickers who visited during summer.
“Facilities and restaurants weren’t open all year round, so it had quite a seasonal and transient vibe,” Chris Henson from One Agency Surf Coast recalled.
“Now there are far more owner-occupiers – approximately 85 per cent.”
A number of new estates popped up, dramatically increasing housing choices and enticing people to move permanently.
“The infrastructure has grown considerably in the past five years also, with more schools, childcare centres, community facilities, shopping centres and green spaces,” Mr Henson said.
“It’s certainly a very family-orientated place to be now.”
Demand for attached dwellings has surged and the median unit price in the past decade has leapt 105% to $950,000.
For example, back in July 2015, this two-bedroom, one-bathroom unit at 5-7 Henty Street fetched $322,500. It changed hands again in February this year for $766,000.
“Living by the ocean is amazing,” Mr Henson said of Torquay’s appeal.
“Being able to wind your windows down and breathe in the fresh air is a wonderful way to live. From anywhere in Torquay, you’re pretty much a two-minute drive to the beach.”
Queensland
The data drives home just how “incredible” the price boom on the Sunshine Coast has been, Mr Ryan said, with many suburbs seeing gains of 200% or more in the past 10 years.
Buddina on the Sunshine Coast is one of the country’s top performers for house price growth over the past decade, with its median up 235% to $1.65 million.
“This was once a sleepy beach town with nothing more than a small shopping centre, a pristine beach, and a canal,” Ryan Bradeley from Ray White in Kawana said.
“Years on, it has become one of the most desirable suburbs on the Sunshine Coast. The lifestyle is like no other with everything literally at your fingertips.”
“The number of renovations and new buildings that have been completed and are continuing to happen is staggering,” he said.
“The value of the land has also led to the suburb being the leader in the multi-dwelling market, with some truly outstanding results of up to $3.5 million for a non-beachfront duplex.
“This has somewhat changed the way people like to live in the suburb, with the 'best of both worlds' being a great sized home perfect for entertaining family and friends while keeping maintenance to a minimum.”
A decade or so back, you could’ve snapped up an apartment in nearby Noosa Heads for half-a-million bucks or less.
Since then, the median unit price has skyrocketed by 279% to now sit at $1.88 million.
Local agent Alex Harris from Noosa4Sale described the capital growth over the past decade, but especially since Covid as “phenomenal”.
“The demand for homes has been driven by people choosing life over work, but supply is low and that’s pushed prices up so hard,” Ms Harris said.
“We have strict development controls and there’s no land left to develop.”
And the lifestyle and natural beauty on offer are hard to beat.
“I’ve been here for nearly 22 years, and I love it. This morning I swam at Main Beach and followed that with a coffee and croissant while sitting with my toes in the sand watching the sun pop over the headland.”
The only suburb in Brisbane to appear in either the house or unit lists for Queensland is New Farm in the inner-city.
Once upon a time, there were plenty of opportunities to buy an affordable fixer-upper that with a bold vision and some hard work could be transformed into something truly spectacular, like 16 Gibbon Street.
That particular house was snapped up in original condition in 2014 for just $1.1 million.
The extensive designer renovation of the three-bedroom, two-bathroom residence won a host of accolades upon its completion in 2018. It just sold for a whopping $4.25 million.
The overall median house price in New Farm has skyrocketed by 192% in 10 years to reach $2.63 million – “exceptional” growth that doesn’t surprise local agent Brett Greensill from McGrath said.
“Surrounded by the river and with no through traffic, the New Farm peninsula has become a destination, not a thoroughfare,” Mr Greensill said.
“At its heart, New Farm is Brisbane’s preeminent urban village with so many of the attractions that people want – ever-popular New Farm Park, the Powerhouse with its theatres, restaurants, and pop-up cultural activities, and foodie’s paradise Howard Smith Wharves.”
When Time Out crowned Brisbane as one of its Top 50 cities in the world recently, it made special mention of the James Street precinct in New Farm’s north, dubbing it “a welcome testament to how urban development can champion local businesses and artisans”.
But perhaps the suburb’s most cherished feature is its broad demographic, Mr Greensill said.
“New Farm has a curious chameleon-like ability to offer something for everyone, from super luxury to ultra-affordable. Its diversity has been one of its enduring hallmarks.”
South Australia
Mr Ryan said much of South Australia’s price growth has occurred in the years since the onset of the Covid pandemic.
“But broadly, well-located Adelaide suburbs have shown considerable appeal and growth over the past 10 years,” he said.
Goodwood in Adelaide’s inner-south has transformed in recent years thanks to an influx of young families, lured by character homes on peaceful streets.
As a result, the median house price has surged by 170% in the past decade to $1.56 million.
An example of this – a three-bedroom, two-bathroom character home at 31 Kneebone Street fetched $1.54 million in December. It previously sold in late 2011 for $725,000.
Josh Gillespie from Ray White in Unley said locals enjoy easy access to a host of modern conveniences, from excellent dining options to quality schools.
“It’s truly a special place to live because of the locals who are very home proud and conscious of keeping the community ties strong,” Mr Gillespie said.
“We have our own cinema, The Capri, which is like stepping back in time and a worthwhile experience for any South Australian. I must also mention the local wine bar, The Good Gilbert, which is the best kept secret Goodwood has to offer.
“And the suburb is sandwiched between two of Adelaide’s best coffee, restaurant, and retail precincts – the Goodwood Road precinct and King William Road precinct.”
Western Australia
The PropTrack data shows beachside and prestige parts of the Perth housing market have been standout performers in the past decade, Mr Ryan said.
A top performer over the past 10 years is Floreat in Perth’s northwest, a stone’s throw from the beach and a quick drive into the CBD.
During that time, the median house price there has jumped an impressive 66% to $1.94 million.
“Floreat has gone from being a bit of a ‘sleeper’ suburb to being very much in demand,” Helen Hemery from Ray White in Cottesloe said.
In November, Ms Hemery sold 18 Shann Street – a spectacular four-bedroom, three-bathroom home on an 875sqm block – for $2.15 million. Its vendors bought it back in early 2012 for $1.24 million.
Part of the popularity of Floreat has been driven by generational change, with many of the original long-term locals who built homes in the 1940s, 50s and 60s selling to young families, Ms Hemery said.
“This in turn has fuelled an appetite for local cafes and restaurants, and led to family friendly infrastructure, such as improvements to the local primary schools, playgrounds and sporting facilities,” she said.
“For instance, one young couple who purchased a home from me back in 2015, opened a fantastic local cafe on the main drag, Some-day Coffee Co, which brought a lot of young people to the area and in turn encouraged other businesses to open alongside them.”
The suburb is surrounded by a greenbelt of parkland, natural bush, and the Wembley Golf Course.
As a result, there’s been limited subdivision and existing dwellings sit on generous blocks of 800sqm or more, she said.
“The streets have wide council verges and are lined with mature trees. It's the sort of suburb where kids can still ride their bikes to school and play in the street.”
Tasmania
The Apple Aisle’s top result for house price growth in the past decade is Primrose Sands, where the median has jumped by 200% to hit $510,000.
A recent sale illustrating that sort of growth is 14 Spiraea Street, a two-bedroom cottage with water views that fetched $490,000 in December. It last changed hands prior to that in late 2010 for $193,000.
Local agent Anita Fitze from Petrusma Property said Primrose Sands offers an ideal lifestyle that has proven irresistible for many in recent years.
“Since Covid and with more people having been working remotely, Primrose Sands and the whole Southern Beaches patch has had a dramatic shift,” Ms Fitze said.
“More locals and interstate buyers have been snapping up a piece of paradise where they can enjoy amazing views, beaches, boating, community, and a coastal lifestyle.”
Australian Capital Territory
The top performer in Canberra over the past decade is the suburb of Deakin, where house prices have risen by 130%, from $900,000 to a whopping $2.07 million in the space of 10 years.
Northern Territory
The suburb of Bellamack, in Palmerston about 30 minutes south of Darwin, has recorded significant house price growth over the past decade.
The median has risen by 157% to reach $605,000.
A note about what’s ahead
Since the price peaks seen at the tailend of the Covid pandemic, home prices across the country have cooled and corrected.
However, several months of declines began to slow broadly towards the end of 2022 and in recent months have reversed, with modest gains recorded in many areas.
“How Australian property will continue to perform in the face of higher interest rates but substantial unmet demand will be the big question for property-watchers,” Mr Ryan said.
“Standing back and looking over the past 10 years shows the immense appeal of Australian property and how it continues to be a key way Australian households build wealth.”
GET IN TOUCH
Whether you’re looking to buy or sell in the Greater Darwin area, or to find out about the Property Management process, contact Raine & Horne Darwin on 08 8941 8941.