The number one top performing suburb for consistent capital has been revealed as scenic Cockatoo, located 48km east of Melbourne in the Dandenong Ranges in Victoria, according to new research from CoreLogic.
Houses in Cockatoo have a median value of $569,177 and grew by 41.6% over the past 12 months and 64.6% over 3 years.
CoreLogic’s new Top Performing Suburbs Report, which identifies suburbs where median value growth across 12 months, 3 years, five years has been higher than 15%, shows that Cockatoo was one of six Victorian suburbs that made the national top 10 and one of 39 Victorian suburbs that were ranked in the top 50.
“Every suburb in the top 50 national report had median value growth higher than 15%,” said Tim Lawless, Research Director at CoreLogic.
“The range of growth for 12 months performance was between 41.6% as the highest and 25% at the lowest. The range of median value growth across 5 years for these suburbs was 126.3% and 31.1%.”
The report was created by analysing the house and unit markets across more than 12,000 suburbs across Australia. The initial task was to identify areas that had a reasonable volume of sales to ensure the suburbs put forward were not volatile markets.
As such, suburbs with fewer than 50 house or unit sales were removed, as were suburbs that did not record median value growth across 12 months, 3 years, 5 years or 10 years.
As a final step, the CoreLogic research team conducted a ‘sanity check’ to ensure the final list did not include any obvious poor choices such as an over-dependency on mining towns or places with higher risk ratings.
While Victoria dominated the national list, there were seven from NSW and two in Queensland. There was just one suburb in Tasmania and one in WA. Housing market suburbs made up 41 of the top 50, while just nine suburbs were based on capital growth for units.
“These results are in alignment with the performance of the housing market generally being a two speed market of Victoria and NSW performing more strongly than the rest of the country,” Lawless said.
Median house values in the report ranged from $383,348 in Melton, Victoria to $3,095,398 in Cremorne, NSW. Median unit values ranged from $369,773 in Cranbourne, Vic to $801,754 in Byron Bay, NSW.
Top 5 Performing Suburbs by Consistent Median Value Growth
1. VIC Cockatoo Houses 41.6%
2. QLD Yeronga Houses 40.9%
3. VIC Ardeer Houses 38.8%
4. WA Cottesloe Houses 38.7%
5. VIC Broadmeadows Houses 34.2%
