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Melbourne has claimed the top spot in a report on Australia’s best-performing suburbs based on property price growth over the past decade.
The CoreLogic report revealed the top 10 suburbs in both Melbourne and Sydney recorded triple-digit growth in house and apartment prices. The standout performer was Derrimut, 18km from the Melbourne CBD, where the median house price grew 260% between 2008 and 2018, from $183,352 to $656,195.
Apartments at Rushcutters Bay in Sydney recorded the second strongest growth in median prices, climbing 180% from $286,824 to $802,981.
In the other states and territories, Wattle Grove in Perth recording the biggest rise: the median house price rose 90% from $266,839 to $506,235. The suburbs Success and Tapping also posted increases of more than 75%.
Queensland’s best performer was Underwood in Logan City, where the median house price climbed 65% from $363,048 to $601,345. O’Conner (71%) and Downer (61%) were Canberra’s best performers.
These statistics highlight how despite there being some sentiment in the market at the moment, there are still opportunities to see significant growth in property across the major capital cities in Australia.
You just need to focus your attention on where you buy rather than when to buy. The key is to look for suburbs which have experienced proven and consistent capital growth over time. Greater capital growth is often seen in more affordable locations, including suburbs with plenty of infrastructure plans, new homes and population growth, and even higher crime rates.
If you would like to improve your likelihood of success when investing in property, you should consult the experts. To see how we can help you, register here for a FREE no obligation Planning & Strategy Session.
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