Property prices are rising across the country, with no signs of slowing any time soon. However, the stats are saying that not all suburbs are growing at the same rate. Some are bringing home 50% growth, while others are barely scraping 5%.
As an investor, knowing where to put your money is the key to financial success. Find out where the growth spots are in your state below:
New South Wales
Byron Bay has been the champion of the NSW property market in 2017 so far. If you’re looking to buy a property here, you’ll be hard-pressed to find a good one worth under $1m. Why? Because the median house price has taken a crazy 54% jump to $1,455,000.
Jindabyne, a suburb in regional NSW, is bringing home the biggest unit price growth over the last year, growing in value by 36.2%. If you’re after a unit in Snowy River, you’re looking at a median price of $301,000.
Inner-city Abbotsford in Melbourne has seen house prices growth 39.9% over the last year, taking a jump from $940,000 to $1,315,000.
South-east of the CBD in Elsternwick, unit price growth was the highest at 30.7%. In this waterfront suburb, you’ll need to be willing to part with $751,000 on average.
Australian Capital Territory
Within the nation’s capital, Gordon is leading the charge for house price growth. While still within many people’s price ranges at a median of $543,000, it’s seen a growth of 16.4% over the past year.
Turner is on top for unit growth, seeing an 11.8% uptake for the cosy neighbourhood in the last year. Units in this area will now go for around $520,000.
Buyers are heading to the Sunshine Coast in droves, fueling the demand for properties now worth an average of $1,352,50 – a 47% increase from last year.
Bongaree came in top for units, where properties in the Moreton Bay region grew 15.5% to $335,000.
Hobart’s inner-city suburbs have pulled the greatest growth over the past 12 months, with South Hobart putting 26.3% on its average house prices. The median price now rests at $545,000.
Any who’ve bought units in West Hobart have made a good decision, as the area’s unit prices have risen by an insane 37.1% to $426,250.
Although WA has seen a market downturn, there are still opportunities for investors to capitalise on property growth. Narrogin is one such area for houses, where prices have risen 25% in the past year, now coming in at $250,000 on average.
South Perth is ahead with unit prices, which have grown 23.8% to a median price of $551,000.
In the top part of the nation, growth areas aren’t easy to come by. The market has slumped, but Darwin’s Coconut Grove has seen unit growth of 5.5% to $480,000 over the past year.
$500,000 is the number you’re looking at if you’re interested in a house in Alice Springs, the Northern Territory’s leading suburb for house price growth at 4.7%.