The latest report from CoreLogic business onthehouse.com.au has revealed the top 10 suburbs for each state and territory over the last 10 years.
In releasing the results, onthehouse.com.au said, “Hindsight is such a wonderful thing, isn’t it! Imagine the power of 10 years worth of property trends in advance.
“If you had a spare $1,106,358 in your pocket in May 2008, you’d be hot-footing it to the NSW suburb of Strathfield to buy a house which would go on to achieve a 172.6 per cent lift in value over the following decade to be Australia’s top median value of $3,015,932 in May 2018.”
However, other suburbs achieved growths of up to 257.9 per cent.
Australian Capital Territory
Mawson saw units’ value grow 73.6 per cent, bringing the median average value to $501,556 from $288,983.
New South Wales
The best suburb for value growth was Sydney’s Rushcutters Bay. Here, units grew 180 per cent with the average median value increasing from $286,824 to $802,981.
Arguing this is a “result that won’t surprise anyone”, onthehouse.com.au revealed the best performing Victorian suburbs were all in the Melboune capital city region.
Derrimut saw house value increase 257.9 per cent, the highest national growth rate.
Underwood in Brisbane’s Logan region saw house values surge by 65.6 per cent, from $363,048 to $601,345.
Perth’s Wattle Grove suburb saw house prices increase 89.7 per cent to $506,235.
As suburbs needed to have more than 50 sales to apply for analysis, the Northern Territory only had “minimal” entries. However, Gillen in Alice Springs saw house values increase by 43 per cent to $456,233.
Grange topped the South Australian list, with houses growing 49.4 per cent in median value to $732,554.
Suburbs with less than 50 sales over the last ten years were not included in the research.