Zero to hero: The highest growing suburbs of 2017

House Prices Graph

 

Sydney continues to be an alluring area to invest in, with the city now home to six of the top ten highest growth suburbs in Australia. 

And although it’s ranked as Australia’s most expensive place to live, the city’s high price tag didn’t stop its top growth suburb of Bringelly from enjoying a triple-digit annual growth in yet another bumper year for the market.

So which neighbourhoods, in both Sydney and the rest of the nation, were the fastest growing for last year?

Sydney’s western suburb of Bringelly achieved the highest annual growth of median house prices of all Australian suburbs in the past year, with a staggering growth rate of 108%, CoreLogic data has revealed.

Kangaroo Ground, in Melbourne’s outer northeast, achieved the second biggest annual increase with 63.3%, closely followed by Mcmahons Point in NSW which had a 53.8% annual growth.

The data looks at the median price of houses within each state’s capital metro areas, for the past 12 months to 30 November 2017, compared to the same period from the previous year.

While Sydney boasted the most amount of suburbs in the national top 10, with six, Victoria had two.

South Australia and the ACT each featured one suburb in the national top 10.

Annual growth was between 46.6% and 108% for the top 10 suburbs.

How much did Australia’s top 10 suburbs grow?

1. Bringelly (NSW) – 107.98%

With the $5.3 billion Western Sydney Airport now being built nearby, there are many new developments on the cards for Bringelly.

Construction of the new airport is slated to begin in February in the neighbouring suburb of Badgerys Creek, with a completion date set for 2026.

In preparation for the airport Bringelly will have millions of dollars injected into the area, including updated roads and new infrastructure.

The western suburb, which is located 46km from Sydney’s CBD, has grown in median house price from $1.68million to $3.5million in the 12-month period.

2. Kangaroo Ground (VIC) – 63.3%

Kangaroo Ground, known for its spacious blocks of land and lush mountain views, is located in Victoria’s stunning Yarra Valley between North Warrandyte and Hurstbridge.

The median house price of this high demand suburb climbed from $727,500 to $1.18 million in the 12-month period.

3. McMahons Point (NSW) – 53.75%

McMahons Point overlooks the harbour on Sydney’s lower North Shore, just three kilometres from the CBD.

The median house price rose from $2.4 million to $3.69 million over the last 12 months.

The suburb offers panoramic bay views and is nearby a busy business precinct that is a hub for media, technology and creative arts.

4. Forrest (ACT) – 52.82%

Forrest is an affluent area located in the heart of Canberra, directly across from Parliament House.

A majority of the suburb’s buildings are heritage listed.

The median house price rose 52.8% from $2.094 million to $3.2 million.

5. Tooradin (VIC) – 52.48%

Tooradin is a high demand area, with a median house price that has steadily risen from $423,000 to $645,000.

The suburb is located near Cranbourne and Koo Wee Rup, 55km southeast from Melbourne’s CBD.

It’s known for its quaint town centre, picturesque inlet and historic weatherboard museum.

6. Leabrook (SA) – 51.52%

Adelaide’s inner city suburb, Leabrook, had a 51.52% growth in house price in the past year.

The average median house price is now $1.5 million, up from $990,000.

It is located just five kilometres from the CBD and for more than 100 years was the home of Coopers Brewery.

7. Clareville (NSW) – 50.54%

Clareville is a seaside suburb 27km from Sydney’s CBD, in the northern beaches region.

The suburb is known for its idyllic beaches and wharf.

The median house price rose from $2.092 million to $3.15 million in the 12-month period.

8. Northwood (NSW) – 49.52%

Northwood has risen in median house price from $2.09 million to $3.125 million.

Located just five kilometres from the CBD, some houses here boast views of the city skyline and Sydney Harbour Bridge.

The suburb is primarily home to older families and elderly couples, according to data from realestate.com.au.

9. Agnes Banks (NSW) – 48.8%

Agnes Banks is a high demand area located 54km northwest of Sydney’s CBD, not far from Richmond.

The bucolic Blue Mountains are only a short drive away and while residential developments have flourished, agriculture and a rural lifestyle in the area have endured.

From 2016-2017, the median house price grew from $727,500 to $1.082 million.

10. Rosehill (NSW) 46.58%

Sydney’s suburb Rosehill is located 23km west of the CBD, near Parramatta.

The area features a racecourse, railway station and a historic homestead museum, Elizabeth Farm.

The median house price has grown from $767,500 to $1.125 million in the 12-month period.

Source: realestate.com.au

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