Where did house & unit prices really rise in 2015?

Prices skyrocketed in some areas in 2015, with median house values rising by over 40% for the top 10 performing suburbs in Australia while unit prices rose by at least 33%.

Core Logic RP Data figures for 2015 show that with the exception of two suburbs, most top ten areas for median house price growth are now priced at well over $1 million, with the median unit price varying from $235,146 to $930,400.

 

How were the numbers crunched?

Core Logic RP Data bases its median value on the middle value of all automated valuations across each area.  The list only includes suburbs with at least five sales in the past year. To get the percentage change in median prices, Core Logic RP Data looked at the difference in median values over a 12 month period.

CoreLogic RP Data’s senior research analyst Cameron Kusher says growth was so strong this year it is unlikely to last.

“While Sydney and Melbourne have seen quite strong increases in home values, growth has been moderate elsewhere while values have already moved through their peaks in Perth and Darwin,” he says.

“The current value growth phase has been running for more than three and a half years, having commenced in June 2012.  The erosion of housing affordability is just one factor that is contributing to the current and expected slowing of value growth.”

Where are the biggest growth areas?

House wise, St Kilda West in Melbourne saw median prices rise by 48.9 per cent to $2,104,041 which didn’t surprise Greg Hocking from Greg Hocking Real Estate, who says the area “ticks all the boxes”.

“What’s happened is that some higher-valued properties (in St Kilda West) have passed through the market, particularly in the last six months which will skew the data slightly. That said, St Kilda West does throw up larger homes at greater value compared to say Middle Park,” he says.

“Some buyers got bumped out of Middle Park and Albert Park and they go to St Kilda. Location wise it has all the same amenities.”

“It has bigger blocks of land and that continues to attract people,” he says adding that the relatively lower turnover rate in the bayside area is driving up demand and prices in St Kilda West.

For unit prices, Lake Heights was the top performer with median unit prices rising by 47 per cent to $364, 915.

Stunning views of Shellharbour and Lake Illawarra have attracted buyers from Sydney, according to LJ Hooker Warrawong agent Dusko Vasileski.

“Lake Heights has been an untapped market for years, it has stunning views from Lake Illawarra,” he says.

“Sydneysiders love views. Most of our buyers in Lake Heights have been from Sydney.

“To buy a view in Sydney you’ve got to spend millions, here you spend $500,000.”

Australia-wide: Highest growth in median house prices

Each area is listed by name, median house price and percentage change for the past 12 months.

  1. St Kilda West, VIC – $2, 104, 041 – 48.9%
  2. Hillston, NSW – $182,432 – 48.5 %
  3. Beaconsfield, NSW – $1, 290, 716 – 48 %
  4. Parramatta, NSW – $1, 095, 484 – 47.6%
  5. Liberty Grove, NSW – $1, 247, 617 – 47.6%
  6. Bemboka, NSW – $265, 205 – 46.7 %
  7. Pyrmont, NSW – $1, 244, 081 – 46.6%
  8. Clemton Park, NSW – $1, 218, 446 – 44.6%
  9. Oakville, NSW  – $1, 549, 428 – 44.5%
  10. Campbell, ACT – $1, 122, 155 – 42.7%

Australia-wide: Highest growth in unit house prices

Each area is listed by name, median house price and percentage change for the last 12 months.

  1. Lake Heights, NSW – $364, 915 – 47%
  2. Wheelers Hill, VIC – $709, 576 – 44.5%
  3. Laverton,VIC – $394, 930 – 39.8%
  4. Windsor, NSW – $469, 021 – 39.1%
  5. Kelso, NSW – $235, 146 – 38.9%
  6. Beverley Park, NSW – $930, 400 – 38.2%
  7. Macquarie Fields, NSW – $414, 455- 35.3%
  8. Yagoona, NSW – $566, 094- 34.9%
  9. North Brighton, SA – $543, 684 – 33.9%
  10. Raby, NSW – $451, 984 – 33.9%

State-by-state break down

Victoria

Top three suburbs for median house price growth

  1. St Kilda West – $2, 104, 041 – 48.9%
  2. Kooyong – $2, 877, 639 – 40.7%
  3. Kew East – $1, 779, 054 – 40.7%

Top three suburbs for median unit price growth

  1. Wheelers Hill – $709, 576 – 44.5%
  2. Laverton – $394, 930 – 39.8%
  3. Williamstown North – $497, 600 – 32.7%

NSW

Top three suburbs for median house price growth

  1. Beaconsfield– $1, 290, 716 – 48 %
  2. Parramatta – $1, 095, 484 – 47.6%
  3. Liberty Grove– $1, 247, 617 – 47.6%

Top three suburbs for median unit price growth

  1. Windsor – $469, 021 – 39.1%
  2. Beverley Park – $930, 400 – 38.2%
  3. Macquarie Fields – $414, 455 – 35.3%

Queensland

Top three suburbs for median house price growth

  1. Yeronga – $820, 354 – 20.6%
  2. Lutwyche – $727, 781 – 19.5%
  3. Marburg – $345, 257 – 18.6%

Top three suburbs for median unit price growth

  1. Bundamba – $241, 758 – 17.2%
  2. Sandstone Point – $386, 520 – 16.7%
  3. Banksia Beach – $427, 150 -13.6%

South Australia

Top three suburbs for median house price growth

  1. Dry Creek – $310, 400 – 26.5%
  2. Aldinga – $394, 584 – 20.1%
  3. Heathpool – $945, 299 – 18.7%

Top three suburbs for median unit price growth

  1. North Brighton – $543, 684 – 33.9%
  2. Kent Town – $472, 862 – 20.3%
  3. Hillcrest – $297, 812 – 18.5%

Western Australia

Top three suburbs for median house price growth

  1. Brabham – $450, 186 – 28.2%
  2. Dayton – $456, 693 – 22.7%
  3. East Fremantle – $1, 312, 018 – 20.2%

Top three suburbs for median unit price growth

  1. Yanchep – $353, 647 – 31.4%
  2. West Leederville – $552, 423 – 23.8%
  3. Crawley – $750, 676 – 22.1%

Tasmania

Top three suburbs for median house price growth

  1. Fern Tree – $439, 863 – 13.1%
  2. Penna – $380, 910 – 10.9%
  3. Opossum Bay – $483, 293 – 9.9.%

Top three suburbs for median unit price growth

  1. New Norfolk – $192, 682 – 10.1%
  2. Warrane – $252, 277 – 9.7%
  3. Mount Nelson – $253, 115 – 7.8%

Northern Territory

Top three suburbs for median house price growth

  1. Johnston – $590, 877 – 12.6%
  2. Bellamack – $706, 778 – 10.3%
  3. Rosebery – $687, 432 – 9.2%

Top three suburbs for median unit price growth

  1. Johnston – $470, 064 – 2.3%
  2. Fannie Bay– $624, 399 – 2%
  3. Woolner – $538, 555 – 0.3%

ACT

Top three suburbs for median house price growth

  1. Campbell – $1, 122, 155 – 42.7%
  2. O’Malley – $1, 732, 873 – 36.1%
  3. Reid – $1, 163, 820 – 29.1%

Top three suburbs for median unit price growth

  1. Red Hill – $428, 656 – 15.6%
  2. Hughes – $277, 016 – 13.1%
  3. Hawker – $346, 909 – 11.9%
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