The booming suburbs where prices have doubled the fastest

Analysis of PropTrack data shows that median house prices in some booming regions have doubled in less than three years, while in other areas it’s taken three decades.

Use the interactive below to see how fast prices have doubled in your suburb

 It took just over two years for the median house price to double in Elizabeth South in Adelaide’s north – the most rapid rise of all Australian suburbs. 

Even though house prices are twice as high as back in 2022, the suburb’s median sale price is still just $440,000.

Values doubled almost as fast in several surrounding northern Adelaide suburbs, as well as the Queensland suburb of Riverview in Ipswich, and Warnervale on the NSW central coast.

House prices have also doubled quickly in several outer Perth suburbs and pockets of regional Tasmania.

PropTrack senior economist Eleanor Creagh said many of these areas had experienced rapid price increases due to a combination of affordability, increased demand, and investment in infrastructure.

“These areas often start with lower base prices, making them attractive to a broad range of buyers including first-time buyers and investors seeking value for money,” she said.

“Additionally, as affordability has deteriorated and many inner capital city suburbs have become prohibitively expensive, surrounding suburbs and regions become appealing alternatives for some.”

“Improved transport links, amenities, and regional development projects can also enhance the appeal of these areas, driving up property values as they become more desirable.”

Values in many desirable coastal pockets and affordable regional towns within a few hours of the capitals doubled quickly as a result of the sea change and tree change boom during the pandemic.

Prices doubled in about three and a half years in Elliott Heads, near Bundaberg, about four years in Robertson in the NSW southern highlands and Sunshine Beach near Noosa, and about five years in Jindabyne near the Snowy Mountains.

“The pandemic accelerated trends like remote working, expanding residential choice for some and prompting many to move away from urban centres in search of larger homes and better lifestyles at lower costs,” Ms Creagh said.

“Regional areas tend to offer more space and relatively affordable properties and as result of increased demand saw prices surge through the pandemic period.”

Sydney house prices double in a decade

While affordable suburbs across the country have tended to grow in value fastest recently, on a capital city level Sydney was where prices doubled quickest, despite being the most expensive major city.

“Sydney's status as a global city with robust economic fundamentals and international appeal, has added to its long standing desirability,” Ms Creagh said.

“Limited housing supply and strong demand, especially in desirable areas around beaches and the harbour, contribute to a long term trend of increasing property prices.”

The city’s median house price has doubled over the past 10 years, but values grew even faster in some of the city’s priciest suburbs, including Bellevue Hill and Vaucluse in the eastern suburbs, Avalon Beach and Fairlight on the northern beaches.

Northern beaches real estate agent Georgi Bates of Cunninghams said the desirability of Fairlight surged in recent years, with many buyers opting to stay long term and the limited number of properties on the market keeping values elevated.

“It’s highly competitive in Fairlight because no one ever wants to sell,” she said. “It’s a tightly held market.”

Meanwhile, house prices in some once-affordable pockets of inner-city Brisbane, including Seven Hills, East Brisbane, and Clayfield are now pushing the $2 million mark after doubling in between four and five years.

Local real estate agent and Belle Property Bulimba principal Tony O’Doherty said undervalued suburbs on the fringes of blue chip areas have caught up quickly over the past few years.

“If you were to ask me five years ago what the area’s most undervalued suburbs were I would have said Seven Hills and East Brisbane without a shadow of a doubt.”

“We call Seven Hills a forgotten suburb. Nobody knows of it apart from the locals. It has grown because awareness has increased.”

“East Brisbane is illogically cheaper than suburbs further out. It’s a smaller suburb with less transactions and properties don’t come up as often.”

Despite prices in many affordable Perth suburbs doubling quickly, and the city experiencing the most rapid rise in prices lately, it was the slowest of the capitals to double in value for both houses and units.

Ms Creagh said Perth’s property market, which is heavily influenced by the mining sector, was previously underperforming relative to the east coast capitals.

“Following a period of rapid expansion during the mining boom, Western Australia’s economic growth lay largely in the doldrums until 2019,” she said.

“However, more recently Perth is Australia's top performing capital city market when it comes to price growth.”

“One reason Perth is one of the hottest markets in the country is its relative affordability.

“Despite recent gains, Perth housing values remain affordable compared to other capital cities after a decade of underperformance relative to east coast capitals, with prices now quickly rising.”

Houses double in value faster than units

The data shows that houses tended to grow in value faster than units at both the suburb and city level.

“Houses typically outperform units with respect to price growth over the long term,” Ms Creagh said. “This is partly due to the value of the land a house sits on, which appreciates over time.”

“Additionally, houses tend to attract a broader demographic of buyers, including families and those looking for more space, and more flexibility for enhancements which can drive up prices more rapidly compared to units.”

Unit prices doubled quickest in Slacks Creek in Brisbane’s south, where a typical unit still only costs $385,000, having increased from $192,500 less than four years ago.

Real estate agent and Ray White Logan City principal Azhar Omar said unit prices had previously been stable for a long time, but after the suburb's houses surged in value, many more buyers opted for units.

“Prices were stagnant for about 15 years and people always wondered why they weren't going up because it was so affordable,” he said.

“The prices for houses increased so much that units were the next to move,” he said.

Queensland suburbs have recorded some of the most rapid unit price growth, with properties in suburbs of the Gold Coast and Sunshine Coast among the fastest to double in value.

Unit prices in northern NSW suburbs such as Pottsville, Lennox Head and Byron Bay have also doubled quickly amid the surge in popularity of coastal hotspots.

In Victoria, several suburbs in the Geelong and Mornington Peninsula regions were among those where unit values doubled fastest. 

At the other end of the spectrum, there are suburbs where it’s taken about three decades for property prices to double.

Units in Bruce in the ACT doubled after 31, while apartments in the Melbourne and Brisbane CBDs took 28 years.

It was a similar situation in the CBDs of Townsville, Cairns and Perth, where it took more than 25 years.

These areas have higher proportions of smaller apartments and less supply pressures than tightly-held suburbs where prices tend to rise quicker.

Houses in South Australian mining town Roxby Downs doubled in value after 26 years, while house prices in Paradise Point and Park Ridge in Queensland, and Henley Brook and South Yunderup in Perth doubled in 21 years.

Ms Creagh said the data showed that the commonly-held belief that property prices double every seven to 10 years wasn't a universal rule, and rates of growth varied significantly based on location, economic conditions, and property type.

“Property market dynamics and price growth are influenced by a complex interplay of local and global economic factors, and not all properties will experience such predictable growth patterns,” she said.