After 10 months of rate hikes, house prices fell across most of the country. Nonetheless, some suburbs are recording staggering annual double-digit growth in home prices.
At the national level, house prices fell by 3% in the year to January 2023.
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Rising borrowing costs and declining borrowing capacity contributed to the price decline.
Prices in South Australia, Western Australia, the Queensland region and Darwin have held up fairly well, although most regions have seen the impact of higher interest rates.
Home prices continue to grow at double digits annually in SA in the area.Photo: Getty
Price growth in these regions over the past year has remained positive despite overall market weakness. The relative affordability of these regions is a major factor in this.
A closer look at the 10 suburbs with the highest median estimated annual growth rates shows that suburbs in these areas continue to buck the downward trend.
National Top 10 Median Estimated Growth Rate – Housing
| Rank | Suburbs | SA4 | current median | 12 months change |
|---|---|---|---|---|
| 1 | Ging Ging, Queensland | wide bay | $308,000 | 30% |
| 2 | Wilkurry, SA | South Australia – South East | $298,000 | 29% |
| 3 | Crystal Brook, SA | Barossa – York – Mid North | $287,000 | 28% |
| Four | Kingscote, SA | South Australia – South East | $383,000 | 27% |
| Five | Barmera, SA | South Australia – South East | $322,000 | 27% |
| 6 | Wattleup, Washington | Perth – Southwest | $767,000 | 26% |
| 7 | Berry, SA | South Australia – South East | $331,000 | twenty five% |
| 8 | Jamestown, SA | Barossa – York – Mid North | $277,000 | twenty five% |
| 9 | Quorn, SA | South Australia – Outback | $239,000 | twenty five% |
| Ten | Moura, Queensland | central queensland | $182,000 | twenty five% |
Ging Ging homes, located in rural Queensland, saw a median increase of 30%, the highest of all suburbs nationwide.
South East South Australia’s Waikerie, Kingscote and Barmera also experienced strong growth, with house prices rising 29%, 27% and 27% respectively.
Median home prices in WattleUp also rose 26% year-over-year.
A similar trend was evident when looking at the annual growth rate of the units.
Top 10 Nationwide Estimated Growth Median Suburbs – Units
| Rank | Suburbs | SA4 | current median | 12 months change |
|---|---|---|---|---|
| 1 | Moama, New South Wales | Malay | $483,000 | 30% |
| 2 | Victoria Point, Queensland | Brisbane – East | $680,000 | 29% |
| 3 | Mount Gambier, SA | South Australia – South East | $325,000 | 29% |
| Four | Cairns North, QLD | cairns | $341,000 | 29% |
| Five | Scone, New South Wales | hunter valley ex newcastle | $335,000 | 28% |
| 6 | margate, queensland | Moreton Bay – North | $722,000 | 28% |
| 7 | Berserker, Queensland | central queensland | $442,000 | 28% |
| 8 | Yorkeys Knob, QLD | cairns | $361,000 | 28% |
| 9 | Woody Point, Queensland | Moreton Bay – North | $700,000 | 27% |
| Ten | Wynham, Queensland | Brisbane – East | $758,000 | 27% |
Moama in rural New South Wales and Victoria Point in Brisbane East were exceptions, with median increases of 30% and 29% to top the national top 10 list.
More than half of the suburbs were located in areas that experienced positive annual growth.
In-depth insights from PropTrack’s team of experts:
Suburbs where unit prices increased by more than a quarter between January and 23 January 2022 include Mount Gambier in South East South Australia, Cairns North and Margate in Queensland.
The Berserker and Yorkeys Knob units in Rural Queensland also outperformed the others, with increases of 27% and 28% respectively.
House prices are expected to fall further due to additional interest rate hikes. However, regions with affordable prices compared to other regions are expected to perform better.