According to PropTrack data, while Australia’s median house price grew by 7.6 per cent in the past year, these high-performing suburbs recorded growth of 22 per cent or more.Â
This rapid growth rate has only been seen at a national level once in the past decade, during the 2021 property boom when interest rates were at record lows.
The majority of these high-growth suburbs were concentrated in Brisbane, Adelaide and Perth, which have been the nation’s strongest property markets in recent years.
Perth led with 19 suburbs exceeding the 22 per cent growth threshold, followed by Adelaide with 17 suburbs and Brisbane with eight.
REA Group senior economist Eleanor Creagh said housing market conditions in the top-performing capitals were beginning to normalise after an exceptional period of growth.
“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,” Ms Creagh said.
In Perth, many of the fastest-growing suburbs were in premium locations, including beachfront and riverfront areas such as Trigg, Como and Bicton.
This marks a shift from previous years when growth was concentrated in more affordable southeastern suburbs.
The data shows Bicton experienced price increases of almost 24 per cent, offering a mix of premium riverfront homes alongside more affordable options for first-home buyers.
Perth’s housing boom has noticeably shifted toward higher-priced properties as the market evolved.
In Adelaide, the strongest growth occurred in higher-priced areas, including beachside suburbs like Somerton Park and Semaphore, as well as inner suburbs such as Clarence Gardens, Marden and Enfield.
Brisbane’s growth hotspots were concentrated in the Ipswich region, about 40km west of the CBD.
Despite strong price increases, these areas remain relatively affordable, with median house prices around $650,000 in suburbs like East Ipswich and North Booval, where prices rose 26 per cent and 29 per cent respectively.
The data indicates first-home buyers have been particularly active in the Ipswich market, with many utilising the expanded Home Guarantee Scheme.
The 5 per cent deposit scheme has significantly strengthened demand for properties under $1 million in the region.
Sydney had just three suburbs with growth exceeding 22 per cent, while Hobart and Darwin each had one.
Melbourne had no suburbs reaching this threshold, though the city’s median price recently surpassed its previous 2022 record.
The accelerating price growth across Australia has been fueled by interest rate cuts boosting borrowing power, expanded government assistance for first-home buyers, and increased investor activity.
“Eventually housing demand and supply will converge, but in the meantime, we can expect further upwards pressure on housing values alongside a further erosion in housing affordability, even as interest rates stay higher for longer,” Ms Creagh said.
