Triple speed: 49 suburbs where house prices grew thrice as fast

House price growth is accelerating, but values in these suburbs are already growing at triple the national rate.

Australia’s median house price grew by 7.6% in the past year, PropTrack data shows, which is the fastest annual rate of growth recorded since June last year.

The rate of price growth has accelerated this year, with interest rate cuts boosting borrowing power and first-home buyers gaining expanded government assistance to compete with investors, who have become increasingly active.

But the data shows that there are 49 suburbs across Australia’s capital cities where median house prices grew by 22% or more in the past year – more than three times the national rate of growth.

An annual growth rate of 22% is very rapid. The only time in the past decade that home prices grew that fast at the national level was in 2021, when there was a synchronised boom after the cash rate was slashed to rock bottom.

If a suburb has a house price growth rate of 22% or more, it could suggest there is very strong interest in properties for sale, and potentially not enough homes being listed for sale to meet demand.

Of the 49 capital city suburbs where prices rose by more than 22%, the majority were found in Brisbane, Adelaide and Perth – markets that have been the nation’s strongest in the past few years.

Jump ahead to see the full list of suburbs

While prices in these cities are still growing quickly, rates of price growth have actually slowed from the rapid pace recorded in mid-2024, when a shortage of homes and surging demand for affordable properties caused prices to skyrocket.

REA Group senior economist Eleanor Creagh said housing market conditions in the top-performing capitals were normalising after an exceptional multi-year run.

“In Brisbane, Adelaide and Perth the pace of annual growth is easing from earlier highs, though prices are at record levels and continue to rise briskly,” she said.

There were 19 Perth suburbs where house prices are at least 22% higher than a year ago. 

Many of the Perth suburbs with the most rapid rise in median house prices were at the top end of the market, including beachfront and riverfront suburbs such as Trigg, Como and Bicton.

This contrasts with the top performing suburbs of the past few years, which were mostly concentrated in Perth’s more affordable south east, where interstate investors and first-home buyers were competing fiercely for properties.

Real estate agent Todd Grierson of Yard Property said Bicton — where prices increased by almost 24% — wasn’t as well known as other suburbs along the Swan River.

“It’s got a real mix of properties,” he said. “There’s some premium riverfront homes as good as anywhere in Perth, but there’s also affordable properties for first-home buyers.”

Mr Grierson said Perth’s housing boom had shifted towards higher-priced properties, with many homeowners taking advantage of the recent uplift in values in recent years by selling to upgrade.

“The more affordable properties have had some really strong growth,” he said. “That price growth worked its way to the more established suburbs.”

There were 17 suburbs of Adelaide where prices grew at least three times the national rate in the past year.

Much like in Perth, the suburbs where house prices jumped most were mostly priced higher, including beachside suburbs such as Somerton Park and Semaphore. 

Large gains were also recorded in inner suburbs such as Clarence Gardens, Marden and Enfield.

In Brisbane, eight suburbs had annual price growth above 22%, five of which were in the Ipswich region about 40km west of the Brisbane CBD.

Ipswich has been one of Australia’s strongest property markets lately, with prices in the region as a whole rising almost 14% in the past year.

It remains affordable compared with the rest of Brisbane even after such a strong price rise – a factor that continues to appeal to buyers.

The median house price is about $650,000 in both East Ipswich and North Booval, even after prices in these suburbs rose in the past year by 26% and 29% respectively.

Ipswich real estate agent Joshua Schweitzer of Schweitzer Estate Agents said the upswing in prices was being driven by first-home buyers, many of whom were now taking advantage of the expanded Home Guarantee Scheme.

“We’ve had pretty consistent growth for the past five years, but what’s really kicked it again is the 5% deposit scheme for first-home buyers,” he said. 

“The market is reacting quickly. Across Ipswich, that release of more buyers able to purchase in that price point under $1 million has strengthened demand.”

There were only three Sydney suburbs where house prices grew by more than 22%.

Price growth in Australia’s most expensive capital has been relatively modest lately, although that’s beginning to change, with growth accelerating as the effects of interest rate cuts flow through.

House prices in Bayview rose 28% to $3.75 million, although median values in the prestige suburb in Sydney’s north have fluctuated considerably in the past few years.

Prices rose 25% in semi-rural Kurrajong in Sydney’s northwest, with the median value approaching the previous peak reached in late 2021 after the pandemic-era surge in interest in leafy suburbs with spacious properties.

Ashcroft house prices jumped 22% to $996,500, with the suburb’s sub-$1 million price point proving appealing to budget-conscious buyers.

In Hobart, house prices in Kingston Beach jumped almost 30% to $1,072,500, while Zuccoli in Darwin recorded a 22.5% rise in its median house price to $625,000.

There were no Melbourne suburbs where house prices grew by 22% or more in the past year.

But with the city’s median price eclipsing the previous record achieved in early 2022 amid a resurgence in investor interest in affordable outer suburbs, it’s likely that more Melbourne suburbs will record stronger price growth in coming months.

Capital city suburbs where house prices more than tripled in 12 months

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