Some of the suburbs in Canberra managed to weather the housing downturn, realizing stellar gains in the last five years, according to the latest figures from Realestate.com.au.
On top of the list is Yarralumla, a prime suburb that saw a 58% growth in property prices over the last five years. Houses in this luxury suburb have an average price tag of $1.63m.
Achieving the next-biggest gain was Casey, a popular suburb amongst first-home buyers. It recorded a five-year price growth of 47%, inflating its prices from $425,000 to $625,000.
Deakin, another luxury suburb, clocked the third-highest growth at 46%, bringing prices to over the $1m price tag from just $888,000.
"Yarralumla and Deakin are premium, luxury suburbs in Canberra, so they're really sought-after," Realestate.com.au chief economist Nerida Conisbee said.
The decent job growth in Canberra over the last five years helped boost the demand for some of the suburbs in the city, she said.
"Given Canberrans are the most highly paid residents in Australia, on average, there is a lot of wealth in Canberra, and people love property, so it makes sense that those areas have seen such a lift," Conisbee said.
The growth some of the Canberra suburbs have shown indicates a strong outlook for the future of prices not just in the city but in the whole Australian Capital Territory.
"You would expect it to mimic more what's happening in Sydney, places like the Central Coast and Wollongong, but it just hasn't. For whatever reason, there's still a lot of population growth and jobs growth, and obviously that flows through to housing," Conisbee said.
The table below shows the top 10 growth areas in Canberra:
SUBURB |
CURRENT PROPERTY PRICES |
PROPERTY PRICES (Five years ago) |
Five-year growth |
Yarralumla |
$1.63m |
$1.03m |
58% |
Casey |
$625,000 |
$425,000 |
47% |
Deakin |
$1.3m |
$888,000 |
46% |
Ainslie |
$982,500 |
$678,750 |
45% |
Kaleen |
$750,000 |
$529,000 |
42% |
Duffy |
$744,000 |
$525,000 |
42% |
Narrabundah |
$875,000 |
$625,000 |
40% |
Torrens |
$790,000 |
$575,000 |
37% |
Farrer |
$905,000 |
$659,000 |
37% |
Crace |
$807,500 |
$590,000 |
37% |
