Stuck in the slow lane: The Aussie suburbs that didn’t cash in

In some parts of the country, home values have skyrocketed by hundreds of thousands of dollars since 2020, fuelled by record-low interest rates, a flight to lifestyle, and pandemic stimulus. But in others, it’s like Covid never happened – or worse.

A national News Corp analysis has revealed dozens of suburbs where median house prices have barely budged – or even gone backwards – over the past five years, leaving homeowners trapped in a kind of “long Covid” limbo.

Experts say the reasons vary – from stalled local economies and oversupply to infrastructure stagnation and shifts in remote work patterns – but the result is the same: buyers who missed the boom, investors with cold feet, and owners wondering if they’ll ever catch up.

Other locations, however, have skyrocketed, leaving many homeowners significantly richer than they were five years ago.

Here is a breakdown on where Covid hit hardest and where homebuyers benefited from a post-Covid boom.

QUEENSLAND

Home prices in about 300 Queensland house or unit markets have more than doubled over the past five years, with new analysis showing the Covid boom’s enduring impact across the state.

The pandemic’s shot-in-the-arm effect on the real estate market was most pronounced in the regions, led by Monto in Wide Bay where house prices were up a staggering 260 per cent since 2020.

PropTrack’s Market Trends report shows the Logan-Beaudesert and Ipswich regions were other ‘Long Covid’ winners.

A typical unit in North Booval is still relatively affordable at $495,000 – but has tripled in value in half a decade.

A house in Logan Central now costs $681,500, up 140 per cent over the same period, according to the data.

Central Queensland areas including Gladstone also notched near-triple gains, along with hotspots on the Sunshine Coast, Gold Coast and Cairns where prices were up more than 135 per cent.

Closer to the city, Brisbane’s big boom winners included Moggill in the western suburbs, where house prices more than doubled to sit at $1.22m, and Red Hill, up 116 per cent to $1.875m.

Read the full story here.

Many Aussie suburbs have boomed post Covid while others have flown under the radar, recording limited or no growth.

VICTORIA

House or unit prices have gone backwards in almost 100 Melbourne suburbs across the past five years – but experts believe we’ll soon see a growing number swap doom for boom.

In 80 areas, mostly across the city’s inner ring, typical values for units including apartments have decreased since 2020, creating opportune conditions for bargain-hunting buyers.

Analysis of data from realestate.com.au’s research arm, PropTrack, shows median house prices in 16 suburbs – also mostly among inner suburbs – have declined.

In a promising sign for those have struggled, houses in more than 40 areas predominantly in the leafy north east and south east have gone from doom to boom since the pandemic.

Median prices in areas such as Lower Plenty, Lysterfield and Diamond Creek have all since surged past $1m, adding hundreds of thousands of dollars to their owners’ hip pockets along the way.

Read the full story here.

NEW SOUTH WALES

Call it suburban “long Covid” – many of Sydney’s most popular suburbs before the pandemic are suffering from a chronic, post-pandemic slump in housing values that’s refused to go away.

Data from PropTrack reveals that units in some inner areas, the lower north shore and beyond are cheaper now than they where in 2020. These suburbs included Darlinghurst, Ultimo, Haymarket and the Sydney CBD, among others.

The suburb with the biggest decline in unit prices since Covid — with at least 50 properties sold in the last 12 months –– was Eastwood, with a drop of 18.4 per cent.

Units in the nearby suburbs of Epping and Gordon have also felt the post-Covid drop.

Read the full story here.

In Sydney, a number of suburbs are experiencing long Covid.

SOUTH AUSTRALIA

In SA, long Covid never really took hold with all but one suburb recording growth since 2020.

Davoren Park topped the list with home values increasing by 203 per cent over the past five years, taking the median home value from $188,750 to $572,500 – a rise of a whopping $383,750.

Elizabeth Downs came in at number two with 183 per cent growth, taking its median from $197,750 in 2020 to $560,000 today – a rise of $362,250.

And while Adelaide’s northern suburbs dominated the top-10 list for growth, there were huge gains seen across the state.

In Adelaide’s south, both O’Sullivan Beach and Hackham’s medians are up by more than 150 per cent – 163 per cent and 153 per cent respectively– over the past five years.

Eastern suburbs owners are also smiling, with Magill and Newton coming out on top with both recording increases of 72 per cent.

And Hills residents – which saw significant surges in home value on the back of increased interest as a result of Covid lockdowns – were also winners.

Woodside and Bridgewater homes are the pick of the bunch here, up 153 per cent and 99 per cent respectively.

Read the full story here.

TASMANIA

In Tassie, West Hobart is leading the charge for worst performing market in a post Covid world with prices barely increasing by just 1 per cent – to $567,000 – since 2020.

Battery Point followed in second, with prices increasing by just 7.7 per cent over five years, followed by New Town (9.9 per cent), Newstead (10.5 per cent) and West Moonah (11.5 per cent).

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