Rising property prices have led to an increasing number of locations where home values are doubling in under five years.

Mortgage Choice’s analysis of PropTrack data highlights Australia’s top-performing markets for price growth.

PropTrack senior economist Eleanor Creagh notes that while many markets used to take a decade to double their median prices, recent strong growth has accelerated this process.

“These areas often have lower starting prices, appealing to a wide range of buyers, including first-time homebuyers and investors seeking value,” Creagh explains.

In Adelaide, Elizabeth South’s median house price has doubled in just two years, reaching $440,000, while Elizabeth North has doubled in three years to $414,500.

In New South Wales, Warnervale on the Central Coast has seen its median price double in three years to $960,000, while Boolaroo in Lake Macquarie doubled in four years to $940,000.

In Western Australia, South Hedland in the Pilbara region doubled in four years to $499,500, while Terang in Corangamite followed suit, reaching $400,000 in the same period.

Tasmania’s Queenstown saw its median price double in four years to a still relatively low $196,500.

In Queensland, Riverview in Ipswich ($537,000) and Elliot Heads in Townsville ($712,500) both doubled in just three years.