The best performing suburbs of the last 12 months have been revealed, with Western Australia dominating as the state with the greatest property price growth in 2023.
New data has revealed the Greater Perth region experienced the highest price growth in the country, according to PropTrack’s automated valuation model (AVM), with the top seven suburbs all located in the city’s south west.
PropTrack economist Anne Flaherty said buyers are flocking to the region due to its affordability.
“Market level prices in Greater Perth have increased by 13% over the past 12 months and are currently seeing their highest levels on record,” Ms Flaherty explained.
“At the same time, with buyers becoming more constrained due to higher interest rates – and of course now higher property prices – we’re seeing more people look to more affordable regions.”
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Property prices in south west Perth skyrocketed in 2023 as buyers sought affordability. Picture: realestate.com.au
Top performing suburbs nationally in 2023
| Suburb | Location | Average property value | Increase (YoY) | |
| 1 | Armadale, WA | Perth – South East | $404,000 | 34% |
| 2 | Brookdale, WA | Perth – South East | $441,000 | 34% |
| 3 | Camillo, WA | Perth – South East | $427,000 | 33% |
| 4 | Hilbert, WA | Perth – South East | $533,000 | 32% |
| 5 | Gosnells, WA | Perth – South East | $468,000 | 31% |
| 6 | Haynes, WA | Perth – South East | $528,000 | 31% |
| 7 | Champion Lakes, WA | Perth – South East | $604,000 | 30% |
| 8 | Elizabeth North, SA | Greater Adelaide | $366,000 | 30% |
| 9 | Orelia, WA | Greater Perth | $429,000 | 30% |
| 10 | Parmelia, WA | Greater Perth | $437,000 | 30% |
Jump ahead to see the top performing suburbs in each state.
Armadale and Brookdale in Perth’s south-east rank as the highest performing suburbs in the country with 34% year-on-year growth, which has increased the median dwelling prices to $404,000 and $441,000 respectively.
Armadale has also been nominated in the realestate.com.au Hot 100 for 2024, in a sign the outperformance could continue.
Andrew Byl of The Professionals noted Armadale as an incredibly affordable option for buyers, with dwelling prices well below than the Perth median of $604,000.
“Buyers are definitely getting more for their money, because it’s always been a relatively cheapish suburb compared to other areas,” he said.
“Mortgages are getting higher too, so once you get to that $500-$600k bracket, it becomes a different ball game for your average buyer.”
Elizabeth North is the only suburb outside of Perth to make the top 10 list – ranking eighth in the country.
The northern Adelaide suburb has enjoyed 30% year-on-year growth, increasing its median property value – combined houses and units – to $366,000.
“Similar to Perth’s south-eastern suburbs, the reason Adelaide’s northern suburbs have outperformed is because they’re relatively affordable,” said Ms Flaherty, “which means buyers can purchase a house with land for well below the greater capital city median.”
Mike Lao, Principal at Edge Realty – who sold 16 homes in Elizabeth North in 2023 – said the suburb has steadily gentrified over the last few years.
“There’s a lot of timber frame homes on big blocks and that makes it really affordable for the developers to get in,” explained Mr Lao.
“And you’ve got plenty of semi-detached homes too, which are great for first-time buyers to get into the market.”
Rick Schultz from Ray White Port Adelaide, noted the suburb’s popularity for buyers from both interstate and overseas.
“The west and east has become unaffordable so the north is now ideal, with people buying up properties as investments,” he said.
“There appear to be many immigrants moving here from overseas too, which I’ve noticed at most open homes.”
Heading into 2024, Anne Flaherty said the trend of buyers targeting more affordable suburbs is likely to continue.
“Interest rates are predicted to remain relatively high and at the same time property prices are continuing to rise,” she said.
“If we look at the rental market, vacancy rates are at record lows and people are forking out a lot in rent.
“So I think we’ll probably see more renters looking to transition to being first home buyers.”
Best performing regional suburbs
Continuing the trend, six of the top ten performing regional suburbs were located in Western Australia.
The top two suburbs – Withers and Carey Park – both sit within the city of Bunbury, where median property prices have risen to $347,000 (+23%) and $361,000 (+22%) respectively.
| Suburb | Location | Average property value | Increase (YoY) | |
| 1 | Withers, WA | Bunbury | $347,000 | 23% |
| 2 | Carey Park, WA | Bunbury | $361,000 | 22% |
| 3 | Murray Bridge, SA | South Australia – South East | $400,000 | 20% |
| 4 | College Grove, WA | Bunbury | $502,000 | 20% |
| 5 | Chinchilla, QLD | Darling Downs – Maranoa | $323,000 | 20% |
| 6 | Usher, WA | Bunbury | $409,000 | 19% |
| 7 | Wallaroo, SA | Barossa – Yorke – Mid North | $413,000 | 17% |
| 8 | Main Beach, QLD | Gold Coast | $1,282,000 | 17% |
| 9 | Waroona, WA | Bunbury | $405,000 | 17% |
| 10 | Collie, WA | Bunbury | $304,000 | 17% |
Anne Flaherty said there has been net positive migration away from capital cities into regional areas for over two decades.
“That trend massively accelerated during the pandemic, though we have seen somewhat of a slowdown since COVID,” she explained.
“Similar to capital cities having low supply that is not keeping up with the growing population, Australia’s regional areas are experiencing a similar problem, which has led to strong price growth.”
Best performing suburbs in each state
Also recording solid price growth over the year was Queensland, with prices in the Ipswich suburb of Riverview recording the state’s strongest price growth of 24%, closely followed by Acacia Ridge in Brisbane’s south at 22%.
Affordability was again a major trend with Rochedale, also in Brisbane’s south, the only top 10 suburb in Queensland with a median house price exceeding $1 million, growing 21% to $1.5m.
Top performing Queensland suburbs – Greater Brisbane
| Suburb | Location | Average property value | Increase (YoY) | |
| 1 | Riverview | Ipswich | $464,000 | 24% |
| 2 | Acacia Ridge | Brisbane – South | $681,000 | 22% |
| 3 | Rochedale | Brisbane – South | $1,513,000 | 21% |
| 4 | Salisbury | Brisbane – South | $967,000 | 21% |
| 5 | Leichhardt | Ipswich | $468,000 | 20% |
| 6 | Browns Plains | Logan – Beaudesert | $624,000 | 20% |
| 7 | Silkstone | Ipswich | $545,000 | 20% |
| 8 | Regency Downs | Ipswich | $655,000 | 20% |
| 9 | Woodridge | Logan – Beaudesert | $481,000 | 19% |
| 10 | Laidley Heights | Ipswich | $626,000 | 19% |
Top performing Queensland suburbs – Regional areas
| Suburb | Location | Average property value | Increase (YoY) | |
| 1 | Chinchilla | Darling Downs – Maranoa | $323,000 | 20% |
| 2 | Main Beach | Gold Coast | $1,282,000 | 17% |
| 3 | Biloela | Central Queensland | $387,000 | 16% |
| 4 | Port Douglas | Cairns | $478,000 | 16% |
| 5 | Surfers Paradise | Gold Coast | $666,000 | 16% |
| 6 | Blackwater | Central Queensland | $206,000 | 16% |
| 7 | Wondai | Wide Bay | $328,000 | 14% |
| 8 | Murgon | Wide Bay | $256,000 | 14% |
| 9 | Oakey | Darling Downs – Maranoa | $380,000 | 14% |
| 10 | Roma | Darling Downs – Maranoa | $381,000 | 14% |
In New South Wales, the top 10 suburbs were all located in Sydney, with a year-on-year price growth ranging from 14% – 17%.
However, unlike other capital cities, it’s the more affluent suburbs where Sydney has experienced the strongest price growth.
Clontarf on Sydney’s affluent Northern Beaches was one of the state’s top performing suburbs of 2023. Picture: realeestate.com.au
Top performing NSW suburbs – Greater Sydney
| Suburb | Location | Average property value | Increase (YoY) | |
| 1 | Denistone East | Sydney – Ryde | $2,332,000 | 17% |
| 2 | Clontarf | Sydney – Northern Beaches | $5,523,000 | 17% |
| 3 | Parklea | Sydney – Blacktown | $1,378,000 | 16% |
| 4 | Queens Park | Sydney – Eastern Suburbs | $3,381,000 | 15% |
| 5 | Millers Point | Sydney – City and Inner South | $2,707,000 | 15% |
| 6 | Banksmeadow | Sydney – City and Inner South | $1,002,000 | 15% |
| 7 | Beacon Hill | Sydney – Northern Beaches | $2,223,000 | 15% |
| 8 | Kings Langley | Sydney – Blacktown | $1,431,000 | 14% |
| 9 | North Balgowlah | Sydney – Northern Beaches | $3,123,000 | 14% |
| 10 | Darlington | Sydney – City and Inner South | $1,807,000 | 14% |
Top performing NSW suburbs – Regional areas
| Suburb | Location | Average property value | Increase (YoY) | |
| 1 | Culcairn | Murray | $325,000 | 13% |
| 2 | Coolamon | Riverina | $478,000 | 11% |
| 3 | Grenfell | Central West | $334,000 | 11% |
| 4 | Leeton | Riverina | $414,000 | 10% |
| 5 | Springvale | Riverina | $1,314,000 | 10% |
| 6 | Scone | Hunter Valley exc Newcastle | $515,000 | 10% |
| 7 | Deniliquin | Murray | $334,000 | 9% |
| 8 | Calala | New England and North West | $563,000 | 9% |
| 9 | Tolland | Riverina | $421,000 | 9% |
| 10 | Junee | Riverina | $400,000 | 9% |
The top two suburbs were Denistone East in north-west Sydney, which grew to $2.33 million (17%) and Clontarf in the Northern Beaches, increasing to $5.52 million (17%).
“What we’re seeing in Sydney is that buyers are still willing to pay high prices to purchase in these really desirable areas,” explained Ms Flaherty.
Top performing Victorian suburbs – Greater Melbourne
| Suburb | Location | Average property value | Increase (YoY) | |
| 1 | Harkaway | Melbourne – South East | $1,294,000 | 10% |
| 2 | Officer South | Melbourne – South East | $820,000 | 10% |
| 3 | Balnarring | Mornington Peninsula | $1,388,000 | 8% |
| 4 | Balwyn | Melbourne – Inner East | $2,079,000 | 8% |
| 5 | Somers | Mornington Peninsula | $1,666,000 | 8% |
| 6 | Deepdene | Melbourne – Inner East | $3,006,000 | 8% |
| 7 | Canterbury | Melbourne – Inner East | $2,708,000 | 8% |
| 8 | Glen Waverley | Melbourne – South East | $1,507,000 | 8% |
| 9 | Vermont South | Melbourne – Outer East | $1,458,000 | 7% |
| 10 | Forest Hill | Melbourne – Outer East | $1,155,000 | 7% |
Top performing Victorian suburbs – Regional areas
| Suburb | Location | Average property value | Increase (YoY) | |
| 1 | Rosedale | Latrobe – Gippsland | $493,000 | 11% |
| 2 | Heyfield | Latrobe – Gippsland | $404,000 | 8% |
| 3 | Yallourn North | Latrobe – Gippsland | $348,000 | 8% |
| 4 | Beechworth | Hume | $753,000 | 8% |
| 5 | Kyabram | Shepparton | $414,000 | 8% |
| 6 | Orbost | Latrobe – Gippsland | $349,000 | 7% |
| 7 | Golden Beach | Latrobe – Gippsland | $388,000 | 5% |
| 8 | Cobram | Shepparton | $427,000 | 5% |
| 9 | Dimboola | North West | $251,000 | 5% |
| 10 | Stratford | Latrobe – Gippsland | $505,000 | 5% |
Top performing South Australian suburbs – Greater Adelaide
| Suburb | Location | Average property value | Increase (YoY) | |
| 1 | Elizabeth North | Adelaide – North | $366,000 | 30% |
| 2 | Elizabeth Downs | Adelaide – North | $407,000 | 27% |
| 3 | Davoren Park | Adelaide – North | $387,000 | 27% |
| 4 | Elizabeth South | Adelaide – North | $404,000 | 26% |
| 5 | Smithfield Plains | Adelaide – North | $399,000 | 25% |
| 6 | Elizabeth Vale | Adelaide – North | $489,000 | 24% |
| 7 | Smithfield | Adelaide – North | $438,000 | 24% |
| 8 | Elizabeth Grove | Adelaide – North | $435,000 | 23% |
| 9 | Elizabeth Park | Adelaide – North | $411,000 | 22% |
| 10 | Gawler West | Adelaide – North | $389,000 | 22% |
Top performing South Australian suburbs – Regional areas
| Suburb | Location | Average property value | Increase (YoY) | |
| 1 | Murray Bridge | South Australia – South East | $400,000 | 20% |
| 2 | Wallaroo | Barossa – Yorke – Mid North | $413,000 | 17% |
| 3 | Normanville | South Australia – South East | $632,000 | 16% |
| 4 | Tailem Bend | South Australia – South East | $295,000 | 15% |
| 5 | Angaston | Barossa – Yorke – Mid North | $532,000 | 14% |
| 6 | New Town | Barossa – Yorke – Mid North | $437,000 | 14% |
| 7 | Port Hughes | Barossa – Yorke – Mid North | $532,000 | 13% |
| 8 | Kapunda | Barossa – Yorke – Mid North | $419,000 | 13% |
| 9 | Moonta Bay | Barossa – Yorke – Mid North | $465,000 | 13% |
| 10 | Mannum | South Australia – South East | $390,000 | 13% |
Top performing Tasmanian suburbs – Greater Hobart
| Suburb | Average property value | Increase (YoY) | |
| 1 | Kingston Beach | $882,000 | 2% |
| 2 | Margate | $733,000 | -2% |
| 3 | Sandford | $1,067,000 | -3% |
| 4 | Blackmans Bay | $769,000 | -3% |
| 5 | Sandy Bay | $1,143,000 | -4% |
| 6 | Rokeby | $507,000 | -5% |
| 7 | Clarendon Vale | $424,000 | -5% |
| 8 | Kingston | $652,000 | -5% |
| 9 | New Norfolk | $449,000 | -5% |
| 10 | Howrah | $709,000 | -5% |
Top performing Tasmanian suburbs – Regional areas
| Suburb | Location | Average property value | Increase (YoY) | |
| 1 | Westbury | Launceston and North East | $501,000 | 8% |
| 2 | Devonport | West and North West | $457,000 | 5% |
| 3 | Smithton | West and North West | $390,000 | 5% |
| 4 | Deloraine | Launceston and North East | $477,000 | 4% |
| 5 | Perth | Launceston and North East | $536,000 | 4% |
| 6 | Ulverstone | West and North West | $473,000 | 4% |
| 7 | Turners Beach | West and North West | $612,000 | 3% |
| 8 | East Devonport | West and North West | $396,000 | 3% |
| 9 | Youngtown | Launceston and North East | $528,000 | 3% |
| 10 | Port Sorell | West and North West | $611,000 | 3% |
Top performing Northern Territory suburbs – Greater Darwin
| Suburb | Location | Average property value | Increase (YoY) | |
| 1 | Berrimah | Darwin | $455,000 | 13% |
| 2 | Humpty Doo | Darwin | $503,000 | 6% |
| 3 | Muirhead | Darwin | $700,000 | 4% |
| 4 | Bayview | Darwin | $687,000 | 4% |
| 5 | Rapid Creek | Darwin | $456,000 | 3% |
| 6 | The Gardens | Darwin | $446,000 | 3% |
| 7 | Coconut Grove | Darwin | $373,000 | 2% |
| 8 | Larrakeyah | Darwin | $441,000 | 2% |
| 9 | Johnston | Darwin | $489,000 | 1% |
| 10 | Woolner | Darwin | $466,000 | 1% |
Top performing Northern Territory suburbs – Regional areas
| Suburb | Location | Average property value | Increase (YoY) | |
| 1 | Katherine East | Northern Territory – Outback | $364,000 | 2% |
| 2 | Katherine | Northern Territory – Outback | $369,000 | 1% |
| 3 | The Gap | Northern Territory – Outback | $384,000 | 0% |
| 4 | Araluen | Northern Territory – Outback | $503,000 | -2% |
| 5 | Gillen | Northern Territory – Outback | $457,000 | -3% |
| 6 | East Side | Northern Territory – Outback | $475,000 | -3% |
| 7 | Sadadeen | Northern Territory – Outback | $418,000 | -4% |
| 8 | Desert Springs | Northern Territory – Outback | $668,000 | -4% |
| 9 | Braitling | Northern Territory – Outback | $470,000 | -5% |
| 10 | Larapinta | Northern Territory – Outback | $418,000 | -5% |
Top performing ACT suburbs
| Rank | Suburb | Average property value | Increase (YoY) |
| 1 | Aranda | $1,233,000 | 8% |
| 2 | Red Hill | $2,004,000 | 6% |
| 3 | Ainslie | $1,454,000 | 5% |
| 4 | Pearce | $1,062,000 | 4% |
| 5 | Torrens | $1,065,000 | 4% |
| 6 | O’Connor | $1,211,000 | 4% |
| 7 | Cook | $900,000 | 3% |
| 8 | Throsby | $981,000 | 3% |
| 9 | Gordon | $791,000 | 3% |
| 10 | McKellar | $967,000 | 3% |
Top performing Western Australian suburbs – Greater Perth
| Suburb | Location | Average property value | Increase (YoY) | |
| 1 | Armadale | Perth – South East | $404,000 | 34% |
| 2 | Brookdale | Perth – South East | $441,000 | 34% |
| 3 | Camillo | Perth – South East | $427,000 | 33% |
| 4 | Hilbert | Perth – South East | $533,000 | 32% |
| 5 | Gosnells | Perth – South East | $468,000 | 31% |
| 6 | Haynes | Perth – South East | $528,000 | 31% |
| 7 | Champion Lakes | Perth – South East | $604,000 | 30% |
| 8 | Orelia | Perth – South West | $429,000 | 30% |
| 9 | Parmelia | Perth – South West | $437,000 | 30% |
| 10 | Kwinana Town Centre | Perth – South West | $436,000 | 29% |
Top performing Western Australian suburbs – Regional areas
| Rank | Suburb | Location | Average property value | Increase (YoY) |
| 1 | Withers | Bunbury | $347,000 | 23% |
| 2 | Carey Park | Bunbury | $361,000 | 22% |
| 3 | College Grove | Bunbury | $502,000 | 20% |
| 4 | Usher | Bunbury | $409,000 | 19% |
| 5 | Waroona | Bunbury | $405,000 | 17% |
| 6 | Collie | Bunbury | $304,000 | 17% |
| 7 | Glen Iris | Bunbury | $438,000 | 16% |
| 8 | Augusta | Bunbury | $728,000 | 15% |
| 9 | Eaton | Bunbury | $463,000 | 15% |
| 10 | East Bunbury | Bunbury | $445,000 | 14% |
