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.