Josh Tonkes

Josh Tonkes

Founding Director | My House Realty | 0404 580 625

2023 Highest Price Increases

Last year, affordable suburbs with median house prices below $500,000 took centre stage as the prime locations for robust price growth across Australia.

According to CoreLogic’s annual Best of the Best report, the competition among buyers intensified significantly in lower-priced markets, driven partly by elevated interest rates. 

Notably, Perth suburbs emerged as the frontrunners for the best growth areas nationwide, boasting substantial gains of 30% in Brookdale, Armadale & Hilbert.

The surge in demand for affordable homes in these suburbs can be attributed, in part, to the increasing trend of individuals working remotely. The ability to escape high living costs in major cities and relocate to more budget-friendly capital cities & regions fueled a heightened interest in economically accessible suburbs.

The shift in preference is evident in the fact that Perth, with a remarkable 15.6% growth in house prices & Brisbane reporting a robust 13.3%. 

They outperformed the growth rates of Sydney (12.5%) and Melbourne (3.8%). This shift underscores the appeal of more affordable locations, with Brisbane standing out as the most economical capital city for East Coast buyers.

Another notable trend is the increasing number of investors opting to purchase properties in areas far removed from their primary residence. 

This strategic move is aimed at securing better yields & the potential for more capital growth but a major factor in this decision with a more modest budget &  smaller pre-approval limits.

Locally, Caddens was one of the best performing suburbs registering a very health 18% growth. 

Here are the suburbs that recorded the best growth throughout the East Coast in 2023:

Top 7 located in capital city areas
Whitlam, Cbr (+29.1%)
Bayview, Syd (+25.3%)
Bellevue Hill, Syd (+24.9%)
MacGregor, Bris (+24.7%)
Coopers Plains, Bris +24.6%)
Canterbury, Syd (+23.5%)
Salisbury, Bris (+23%)

Top 7 located in regional areas
Tralee, NSW (+34.2%)
Mount Morgan, Qld (+22.8%)
Barraba, NSW (up 21.2%)
Gundagai, NSW (+17.9%)
West Wyalong, NSW (+17.6%)
Gilston, Qld (+17.4%)
Rosemount, Qld (+17%)

If you ever have any real estate questions please don’t hesitate to reach out, I’m always happy to have a chat. 
Look forward to speaking soon. 


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