Top Ten Best Performers Of Past Ten Years
When it comes to property, onthehouse.com.au latest ‘Top Ten in Ten Years’ report provides some revelations.
onthehouse.com.au (a CoreLogic business) looked at the top ten performing suburbs in each state in Australia over the last ten years, analysing both houses and units, based on the median value data in May 2018. That figure was then compared to the median value ten years beforehand (May 2008) and the results? Well…hindsight is such a wonderful thing isn’t it!
Imagine the power of ten 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% lift in value over the following decade to be Australia’s top median value of $3,015,932 in May 2018.
However, that 172.6% lift is nothing compared to what a house in the unassuming suburb of Derrimut (in Melbourne’s Brimback), could deliver: a whopping 257.9% lift (soaring from $183,352 to $656,196): now that’s an impressive return!
What’s behind Derrimut’s stratospheric growth? Well, ten years ago, the suburb was brand new, and growth has since been swift - with commuter links ensuring good access to the CBD, many amenities (including recreational and educational facilities), plus plentiful green spaces and parks, it’s popular with families and young professionals.
A new golf course with beautiful vistas is much loved, and the closeness to surrounding suburbs of Sunshine, Cairnlea and Caroline Springs is appreciated. It’s also just a short drive to Altona Beach.
If you preferred units in 2008, and you wanted to come out with the top median value growth, you’d stay in Sydney where in Bondi Junction the median value would grow from $507,503 to a stellar $1,287,022 - representing a 153.6% ten year lift. Biggest percentage rise for units is still in Sydney, but this time it’s Rushcutters Bay, which provided a 180% lift (that’s right!) from $286,824 to $802,981.
Intrigued? The Top 10 performing suburbs in each state (by % growth and median value) follows, and you can download the full report with each State’s Top 10 breakdown.
In ACT, the top performing suburb over ten years was Mawson (where units grew 73.6%, lifting the average median value from $288,983 to $501,556).
The next best performer was houses in O’Connor, with a 70.8% ten year change in values, from $620,447 to $1,059.701 (which also represents ACT’s top median value in 2018). Third place went to houses in Downer (60.7% growth). Looking beyond the percentages, while the top median value in May 2018 for ACT went to O’Connor’s houses, the highest median value for ACT’s units were in Canberra city ($569,598 from $426,135 ten years beforehand).
The top performing NSW suburb over ten years was Sydney’s Rushcutters Bay (where units grew 180%, lifting the average median value from $286,824 to $802,981). Second place goes to Sydney’s Warwick Farm (Liverpool), where units enjoyed a 176.6% ten year change in values, to $454,546 (from $164,318). Strathfield came in third, with median value for houses climbing 172.6% over ten years to reach $3,015,932 (from $1,106,358). This also represented the top median value for NSW houses. NSW’s top median value units are found in Sydney’s Bondi Junction ($1,287,022 from $507,503 ten years beforehand).
With relatively passive ten year growth compared to larger markets, a minimal number of suburbs met the criteria for analysis. But of those that did, the top performing NT suburb over ten years was Gillen in Alice Springs (where houses grew 43%, lifting the average median value from $319,154 to $456,233). Durack’s houses came second, with a 21.9% ten year change in values, to $612,756 (from $420,597). This also represented the top median value for NT houses. Units in Larrakeyah came in third, with median value of $477,736 climbing 18.6% over ten years, and also representing NT’s top median value units.
All of Queensland’s top 10 performing suburbs for houses were in the Brisbane main capital city region, but just one of the capital suburbs made the top 10 list for units, which was completely dominated by The Gold Coast. The top QLD performer over the last decade was Underwood in Brisbane’s Logan, where houses grew 65.6% in median value to reach $601,345 (from $363,048). Houses in Brisbane’s Ashgrove came second with 53.4% in median value to reach $1,019,808 (from $664,792). The top median value for QLD’s houses is in Hawthorne with a median value of $1,274,810. The top median value for QLD’s units is in The Gold Coast’s Paradise Point, where the median value grew 44% to reach $576,240 (from $400,142 ten years beforehand).
In South Australia, houses were the best performer - with Grange topping the list at 49.4% growth in median value to reach $732,554 (up from $490,309). This is also the top median value for houses. For units, the top performer was Norwood, with 35% growth to reach $517,731 (from $383,483) - also the top median value for units.
In a result that won’t surprise anyone, all of Victoria’s top house and unit suburbs were in the Melbourne Capital City region, where Derrimut houses topped the list with the highest growth over ten years (257.9% - Australia’s highest growth rate). The top median value for houses is at Ashburton in Boroonda where values grew 153.9% to reach $1,905,114. Units in Altona North came in at second place with 164% growth to reach a median value of $655,491.
Houses in Perth’s suburb of Wattle Grove recorded the highest growth of 89.7% to reach a median value of $506,235. The aptly named suburb of ‘Success’ (also in the capital city) reached second place with 83.7% to achieve a median value of $514,263. But top median value for houses goes to Darch in Wanneroo at $574,909 (resulting from 68.3% growth). The top performing suburb for units was West Leederville, with 48% growth resulting in a May 2018 median value of $470,316. The top median value for WA units can be found in South Perth ($575,287).
*Suburbs with less than 50 sales over the corresponding periods were excluded.