The 207 suburbs where house prices shot up $500,000 or more – is yours on the list?

The list of top-performers includes some of Australia’s most expensive suburbs where owners have hit the property jackpot with prices growing by more than $1 million over that period, as well as more affordable suburbs where increased buyer demand has pushed prices up.

More than half of the 207 suburbs have a median house price of $2 million or more, with market uplift driving values in pricier areas even higher.

Vaucluse in Sydney’s eastern suburbs had the biggest gains, with the median house price growing by more than $3 million over three years.

Meanwhile, about a quarter of suburbs on the list only joined the $1 million club in the past three years.

Well-located suburbs with spacious properties have experienced strong growth recently, said PropTrack senior economist Angus Moore, with many home buyers valuing lifestyle factors over proximity to the CBDs of Australia’s largest capitals.

Buyers seeking a coastal lifestyle have pushed up property prices in beachside suburbs like Freshwater in Sydney, where the median house price increased by more than $1 million over the past three years. This five-bedroom Hamptons-style home in Freshwater sold for almost $4 million this year. Picture: realestate.com.au/sold

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"One of the things we have seen throughout the pandemic is a bit of a premium placed on larger homes and homes close to amenities like beaches and national parks," he said.

"We’ve seen a bit of a revaluation of some of those more suburban areas, and the same is true for places like Adelaide and increasingly Perth and Brisbane."

While there were suburbs where prices grew by more than half a million dollars in every state except Tasmania and the Northern Territory, suburbs in NSW dominated, making up more than half of those on the list.

Of the top 50 suburbs by price growth in dollar terms, only seven were outside NSW.

The median house price in Terrigal on the NSW central coast jumped by more than $500,000 as more buyers sought larger homes close to the beach or bush, but still within commuting range of capital cities. This leafy Terrigal property just sold for $1.84 million. Picture: realestate.com.au/sold

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About a fifth of the suburbs with gains of $500,000 or more were in Queensland, which Mr Moore attributed to the state’s strong price growth during the pandemic and resilience during the recent downturn.

"Part of the reason Queensland has been as strongly-performing as it has, is that it is more affordable than NSW, which is why we’re seeing people move there and strong demand for property there," he said.

Ascot, one of Brisbane’s most expensive suburbs, had the biggest house price gains of all Queensland suburbs. Its median price grew by $872,500 over the past three years to $2.25 million.

Family buyers were drawn to the suburb for its large homes and strong sense of community, said Ray White Ascot principal Damon Warat.

Ascot's median house price grew more than any other Queensland suburb, amid strong demand from local and interstate family buyers. This newly built home sold earlier this year for $4.3 million. Picture: realestate.com.au/sold

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"It’s a great place to raise a family," he said. "People fight to get into our area for the local schools."

"We’ve got a real mix of older character homes, properties being renovated and a smaller number of contemporaries being built."

"The demand from buyers, migration from interstate and enquiries from overseas are better than I’ve ever seen in 20 years."

Prices grew by $500,000 or more in only 17 Victorian suburbs, including pricey areas such as Toorak, Canterbury and Balwyn, as well as regional towns like Anglesea and Barwon Heads.

"Melbourne has been a bit more sluggish in its recovery this year," Mr Moore said. "Melbourne as a whole since pre-pandemic is only up 16%, which is still positive, but compared to say, Adelaide, which is up 52%, we’re talking pretty different numbers."

South Australia and Western Australia each had 11 suburbs where prices grew by more than $500,000, all of which were in Adelaide and Perth.

"We saw a lot of buyers looking in those areas, looking for larger homes, less tied to Sydney or Melbourne and valuing the amenities that those cities provide," Mr Moore said.

The median price in Malvern in Adelaide's south increased by $880,000 in the past three years amid strong price growth across Adelaide. This four-bedroom period home sold for $2.725 million late last year. Picture: realestate.com.au/sold

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The majority of suburbs with gains of $500,000 or more are found in capital cities, despite strong price growth in regional areas.

Prices in the regions are up 48% since the pandemic, compared to 29% across the capitals.

"Even though regional areas performed better across the pandemic, the fact that there are a lot more expensive suburbs in capital cities, and the fact that capital cities are larger, means more of the suburbs that have seen large increases will be in those areas," Mr Moore said.

Outside the capitals, the suburbs where house prices grew the most were Burradoo in the NSW southern highlands (up $1.08 million), Surfers Paradise on the Gold Coast (up $862,500) and Casuarina on the NSW north coast (up $832,500).

Tallebudgera Valley, south of the Gold Coast, has a median price of just over $2 million after an increase of almost $800,000 over the past year. The suburb is home to many large properties, including this five-bedroom Queenslander redesigned by Darren Palmer, which sold for $4.35 million. Picture: realestate.com.au/sold

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More than half of the Queensland suburbs with price growth of $500,000 or more were on the Gold Coast or Sunshine Coast. In NSW, only 11% of the top growth suburbs were in the regions.

Suburbs where prices rose by more than $1 million

House prices have risen by more than $1 million in some of Australia's priciest suburbs, mostly in the eastern suburbs and northern beaches of Sydney.

All the suburbs with price growth of more than $1 million were in NSW, except Toorak in Victoria and Cottesloe in WA.

Strong growth over the past three years coupled with already high house prices has meant median values rose by seven-figure amounts in these suburbs, earning home owners a massive windfall.

Suburbs where prices rose by $750,000 to $1 million

Prices rose by between $750,000 and $1 million in 38 Australian suburbs over the past three years.

Just over half of these suburbs were situated in Sydney, but a handful of strong performers in Queensland made the list.

The median house price surged in Copacabana on the NSW central coast, home to oceanfront properties like this four-bedroom cliffside house which sold for $3 million earlier this year. Picture: realestate.com.au/sold

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A few suburbs in WA had big price jumps, including Perth's most expensive suburb Dalkeith, as did Griffith and Yarralumla, the two priciest suburbs in Canberra.

House prices more than doubled in Copacabana on the NSW central coast, and surged by about 83% in Blairgowrie on Victoria's Mornington Peninsula and by about 77% in Berry in the NSW southern highlands.

Source: PropTrack • Suburbs ranked by three-year change in median sale price. Excludes suburbs with less than 30 sales in the 12 month period to September 2023.

Suburbs where prices rose by $600,000 to $750,000

There were 61 suburbs where prices increased by between $600,000 and $750,000 over the past three years.

Suburbs in NSW and particularly Sydney still dominate this section of the list, but about a third are in Queensland, most of which are on the Gold Coast or Sunshine Coast. More suburbs in Victoria, WA and SA also make an appearance.

Prices doubled in Trentham in regional Victoria, which Belle Property Trentham real estate agent Ceri Spain attributed to strong demand for character homes and large properties in locations where buyers could work from home but still commute to Melbourne.

Demand for large homes in regional Victoria pushed up Trentham's median house price by $660,000 over the past three years. This recently-built Victorian style home sold for $1.675 million late last year. Picture: realestate.com.au/sold

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"Trentham is unique in that it does have purpose-built planned lifestyle estates on the edge of town," she said. "They are large homes on an acre of land."

"It’s one of those historic character towns, and it has that sense of being small, with no traffic lights, but all the amenity that people are looking for."

Prices almost doubled in Hope Island on the Gold Coast and Jindabyne near the Snowy Mountains in NSW, while the leafy suburbs of Beaumont and Stonyfell in Adelaide's west were also top performers.

Suburbs where prices rose by $550,000 to $600,000

The majority of suburbs where prices rose between $550,000 and $600,000 were outside NSW, although many popular Sydney suburbs like Balmain, Coogee and Allambie Heights had big price increases.

Some of Melbourne's most expensive suburbs had noteworthy gains, including Canterbury and Mont Albert, as well as Somers on the Mornington Peninsula and Point Lonsdale on the Bellarine Peninsula.

Canterbury's median house price rose by $561,000 in the past year. This five-bedroom period home sold for $2.85 million earlier this year. Picture: realestate.com.au/sold

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A number of Adelaide suburbs entered the $1 million club after gains of more than $550,000 in the past three years, including St Peters, Goodwood, and Myrtle Bank.

Although about half of the suburbs in this section of the list were in NSW, there were more suburbs in Sydney's middle and outer rings with gains of $500,000 to $550,000 than in the inner city.

In expensive Sydney suburbs like Cremorne and Paddington, prices actually grew at a slower rate than Sydney as a whole, but home values still increased by more than half a million dollars due to the high median prices in these areas.

Prices rose by $540,000 over the past three years in Lilyfield in Sydney's inner west. This mid-1800s sandstone cottage sold for $1.95 million earlier this year. Picture: realestate.com.au/sold

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Most of the Queensland suburbs where prices rose $500,000 to $550,000 were in Brisbane, with big price jumps in inner suburbs like Bulimba and Red Hill.

Meanwhile, two Adelaide suburbs featured in this segment of the list, the neighbouring Unley and Fullarton where prices grew $528,500 and $516,000, respectively.

House prices in the inner-southern Adelaide suburb of Unley have shot up 54.4% over three years. This 1900's stone villa is currently on the market via an expressions of interest campaign. Picture: realestate.com.au/buy

	Suburb	State	Median house price	3 year change ($)	3 year price growth (%)
167	Chatswood	NSW	$2,788,000	$548,500	24.5%
168	Paddington	QLD	$1,685,000	$547,500	48.1%
169	Rouse Hill	NSW	$1,445,000	$545,000	60.6%
170	Penshurst	NSW	$1,695,000	$545,000	47.4%
171	Balwyn	VIC	$2,912,500	$542,500	22.9%
172	North Epping	NSW	$2,182,500	$542,364	33.1%
173	Newport	QLD	$1,278,750	$540,750	73.3%
174	Lilyfield	NSW	$2,280,000	$540,000	31.0%
175	Collaroy Plateau	NSW	$2,438,000	$537,750	28.3%
176	Bulimba	QLD	$1,900,000	$537,500	39.4%
177	Thirroul	NSW	$1,890,000	$536,500	39.6%
178	Seven Hills	QLD	$1,450,000	$536,250	58.7%
179	Belmont	QLD	$1,250,000	$535,000	74.8%
180	Paddington	NSW	$2,942,500	$532,500	22.1%
181	Killarney Heights	NSW	$2,457,000	$531,000	27.6%
182	Kew	VIC	$2,822,500	$530,000	23.1%
183	Rochedale	QLD	$1,580,000	$530,000	50.5%
184	Unley	SA	$1,500,000	$528,500	54.4%
185	Red Hill	QLD	$1,401,150	$526,150	60.1%
186	Tallebudgera	QLD	$1,510,000	$525,000	53.3%
187	Oatley	NSW	$2,122,500	$522,500	32.7%
188	Telopea	NSW	$1,800,000	$520,000	40.6%
189	Coolum Beach	QLD	$1,227,500	$520,000	73.5%
190	Woolooware	NSW	$2,200,000	$520,000	31.0%
191	Mona Vale	NSW	$2,360,000	$520,000	28.3%
192	Harrington Park	NSW	$1,492,500	$517,500	53.1%
193	Mosman Park	WA	$1,910,000	$517,500	37.2%
194	Bicton	WA	$1,300,000	$516,250	65.9%
195	Fullarton	SA	$1,400,000	$516,000	58.4%
196	Rosemount	QLD	$1,225,000	$515,510	72.7%
197	Cremorne	NSW	$3,414,500	$514,500	17.7%
198	Camberwell	VIC	$2,612,500	$512,500	24.4%
199	Worongary	QLD	$1,200,000	$512,000	74.4%
200	North Avoca	NSW	$1,800,000	$511,500	39.7%
201	Croydon Park	NSW	$1,810,000	$510,000	39.2%
202	Matraville	NSW	$2,225,000	$505,000	29.4%
203	Wamuran	QLD	$1,160,000	$505,000	77.1%
204	Barden Ridge	NSW	$1,556,000	$503,500	47.8%
205	Terrigal	NSW	$1,457,000	$502,000	52.6%
206	Pitt Town	NSW	$1,750,000	$500,000	40.0%
207	Balwyn North	VIC	$2,400,000	$500,000	26.3%
Source: PropTrack • Suburbs ranked by three-year change in median sale price. Excludes suburbs with less than 30 sales in the 12 month period to September 2023.

Originally published at: https://www.realestate.com.au/news/the-207-suburbs-where-house-prices-shot-up-500000-or-more-is-yours-on-the-list/