Where home prices have doubled the fastest in our capitals

Megan Lieu, Economic Analyst at REA Group

First published 28 June 2023, 10:25 AM

Last updated 06 July 2023, 09:13 AM

Over the past 3-5 years, home prices have experienced tremendous growth. Though interest rate hikes dampened prices from mid-2022, some metro suburbs have had values double in less than two years.

Median sale prices still remain a lot higher than pre-pandemic times. Picture: Getty

While it's more difficult for people to secure loans with higher interest rates, demand also remains higher than pre-pandemic times, with the number of potential buyers per listing 1.8 times greater than in February 2020.

Remote work and lifestyle changes throughout the pandemic, as well as relative affordability, saw regional price growth exceed levels seen in capital city areas.

However, many suburbs in our capitals still performed exceptionally well and have continued to be popular among buyers.

To get a better sense of the strongest performing suburbs, we looked at those where median sale prices doubled in the shortest amount of time.

Suburbs where median sale prices have doubled the quickest - House

Suburb	SA4	Current Median	Previous Median	Month of previous median	Months taken for median to double
Nirimba Fields	Sydney - Blacktown	$1,130,100	$541,000	30/09/2021	20
Humpty Doo	Darwin	$600,000	$300,000	30/09/2021	20
Box Hill	Sydney - Baulkham Hills and Hawkesbury	$1,225,000	$600,000	31/08/2021	21
Melonba	Sydney - Blacktown	$1,160,000	$544,950	31/05/2021	24
Vineyard	Sydney - Baulkham Hills and Hawkesbury	$5,000,000	$2,417,500	31/05/2021	24
Grantham Farm	Sydney - Blacktown	$1,050,000	$514,000	30/04/2021	25
Red Hill	Mornington Peninsula	$2,500,000	$1,245,000	30/11/2020	30
Lamb Island	Brisbane - East	$356,000	$177,500	31/07/2020	34
Macmasters Beach	Central Coast	$2,500,000	$1,200,000	31/05/2020	36
Bardia	Sydney - Outer South West	$899,000	$445,000	29/02/2020	39

Source: PropTrack. Current median reflects a 12 month rolling median sale price ending May'23. Previous median reflects a 12 month rolling median sale price ending on the month referenced in the table.

For houses, suburbs in the Blacktown region in Sydney were a standout, with prices in Nirimba Fields, Melonba, and Grantham Farm doubling in 20 months, 24 months and 25 months, respectively.

Humpty Doo in Darwin and Box Hill in the Baulkham Hills and Hawkesbury region of Sydney were also popular among buyers, with house prices doubling in less than two years.

Recent development and upgrades in these areas have drawn in buyers and driven up median sale prices.

Suburbs where median sale prices have doubled the quickest - Units

Suburb	SA4	Current Median	Previous Median	Month of previous median	Months taken for median to double
Dawes Point	Sydney - City and Inner South	$6,200,000	$2,900,000	31/08/2020	33
Salisbury	Adelaide - North	$343,000	$171,500	31/05/2020	36
New Norfolk	Hobart	$461,500	$225,000	31/03/2019	50
Campbelltown	Adelaide - Central and Hills	$557,000	$278,000	31/03/2019	50
Geebung	Brisbane - North	$597,500	$288,193	30/09/2018	56
Montrose	Hobart	$487,500	$242,500	31/03/2018	62
Millers Point	Sydney - City and Inner South	$2,900,000	$1,447,500	31/01/2018	64
Rokeby	Hobart	$545,100	$272,000	31/12/2017	65
Midway Point	Hobart	$471,000	$233,500	30/11/2017	66
Glenorchy	Hobart	$468,500	$230,000	31/10/2017	67

Dawes Point in Sydney and Salisbury in North Adelaide topped the list for units, with prices doubling in 33 months and 36 months, respectively.

New Norfolk in Hobart and Campbelltown in Adelaide also performed well in recent times. Their unit prices doubled in just over 4 years.

The remarkable pace of growth in these areas reflects the demand for suburbs with more affordable homes as well as continued demand for blue-chip suburbs.

In the upcoming months, interest rates are forecast to rise further. While this will add more pressure on potential buyers, it is likely that home prices will continue to rise as listings remain low and demand remains elevated.

We expect suburbs with relative affordability to experience higher than average growth as those looking to buy see a decrease in their borrowing capacities.

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