Despite declining market conditions of the last 12 months, some Australian suburbs have managed to record robust double-digit price growth, according to an analysis by Sound Property.
Citing data from CoreLogic, Sound Property said some suburbs have already achieved at least 10% gains in the year to July. This was despite the average 5.2% annual decline across the broader market.
"This highlights the different speeds at which markets are moving," a spokesperson for Sound Property said.
Also read: Where To Find Canberra's Most Stellar Suburbs
Topping the list is Toorak in Victoria. Units in this suburb registered an annual growth of 19.2%, bringing the median value to $907,675.
"Early signs of growth tend to be found in desirable blue-chip suburbs where buyers wait patiently for the market to bottom out," Sound Property reported.
Surfers Paradise in Queensland also witnessed a similar gain, with its house prices increasing by 19% to $1.56m.
Two Tasmanian suburbs, Dodges Ferry and Midway Point, were also amongst the strongest suburbs in terms of price growth. The two reported respective gains of 16.7% and 15.5%.
The table below shows the nine suburbs that recorded price gains of above 10%:
Suburbs with double-digit growth |
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Suburbs |
Property Type |
Median Value ($) |
Annual Growth |
|
Toorak, Victoria |
Unit |
907,675 |
19.2% |
|
Surfers Paradise, Queensland |
House |
1,562,051 |
19.0% |
|
Dodges Ferry, Tasmania |
House |
334,202 |
16.7% |
|
Midway Point, Tasmania |
House |
403,097 |
15.5% |
|
Eastgardens, New South Wales |
Unit |
906,882 |
14.3% |
|
Newport, New South Wales |
Unit |
929,568 |
11.6% |
|
California Gully, Victoria |
House |
287,541 |
11.5% |
|
Latham, Australian Capital Territory |
House |
528,305 |
11.8% |
|
Cairns City, Queensland |
Units |
331,144 |
10.3% |
|
Source: CoreLogic |
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