New analysis has once again highlighted just how significant this latest property boom has been, with house prices more than doubling in 96 suburbs around Australia.
And in some areas, the rate of value growth has been much, much sharper than that.
PropTrack data reveals the suburbs where the median house price increased by 100% or more between March 2017 and March 2022, based on at least 30 sales in a 12-month period.
“The past couple years have been unusually strong for house price growth,” PropTrack economist Angus Moore said.
“The PropTrack Home Price Index shows that prices grew 23% in 2021 alone, and that is the third-fastest year of growth in 140 years.”
Sunshine Beach in Queensland saw its median house price explode by 191.6% over a five-year period, rising from $1.2 million in 2017 to $3.5 million as of March 2022.
It ranked as the country’s number one growth performer, driven by a significant imbalance between supply and demand.
Buyer demand across the Sunshine Coast has been intense, particularly over the past few years, sparked by the COVID-19 pandemic and strong interstate migration to the state’s southeast corner.
“Southeast Queensland has been a big beneficiary of the pandemic period, and the Gold and Sunshine Coasts especially,” Mr Moore said.
“We’ve seen a much larger than typical migration of people into the area, with many coming from Sydney and Melbourne.”
An influx of new residents to the Sunshine Coast has seen property prices explode in recent years. Picture: Getty
Another Sunshine Coast suburb, Sunrise Beach, also saw mammoth price growth, with its house median surging from $735,000 in 2017 to $1.75 million currently, up 138.1%.
The sought-after canal suburb of Minyama, about half an hour down the road, has seen its median house price jump by 131.2% to $2 million, up from $865,000 five years ago.
Meanwhile, Doonan, just outside Noosa, was another top performer, with its current median house price of $1.702 million rising 126.9% from $750,000 back in 2017.
As Mr Moore pointed out, the Gold Coast has also seen its market grow substantially in recent times, with the median house price in the suburb of Miami jumping 113.9%, from $694,000 in 2017 to $1.485 million now.
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It’s not just sea-change locations that have performed well, with regional towns also seeing property prices soar. Picture: Getty
Other lifestyle-rich locations elsewhere in Australia also saw their real estate prospects boom, with Berridale in New South Wales coming in at second spot on the list of the biggest growth performers.
The Snowy River locale, positioned close to the famed ski resorts of Perisher and Thredbo, saw its median house price rise from $212,000 to $600,000, up 183%.
Nearby Jindabyne, another favorite spot with skiiers and snowboarders in the winter, has a current median house price of $1.405 million, up 167% from $525,000 five years ago.
“One of the big trends we’ve seen over the pandemic is that people have put more value on living near lifestyle locations – the beach or near national parks – and having more space,” Mr Moore said.
“At the same time, many people have been able to work remotely. That means we’ve seen a real shift out of the inner-city and towards regional areas that can offer these benefits.
“That’s driven a lot of demand for regional property, and we’ve seen prices in regional areas consistently outperform cities.”
Sydney’s Northern Beaches has been in hot demand with buyers. Picture: Getty
The beach hotspot of Byron Bay, beloved by Hollywood stars, local surfers, wealthy Aussie holidaymakers, and local influencers, has seen its median house price grow by 147% to reach $3.09 million, up from $1.25 million five years ago.
Another coastal enclave to perform strongly was Copacabana on the NSW Central Coast, where the median house price of $1.92 million has risen 127% from $845,000.
Bundeena on the outskirts of Sydney’s south had a 108% increase in its median house price, from $887,500 to $1.825 million.
And the median house price in ritzy Palm Beach on the Northern Beaches of Sydney is up 118%, from $2.77 million in 2017 to $6.05 million currently.
Many of Victoria’s top price performers in the past five years are on the Mornington Peninsula. Picture: Getty
Anglesea on the Mornington Peninsula was one of just two suburbs in Victoria to make the top 10 list, with its median house price jumping by a mammoth 145%, from $652,000 to $1.6 million.
Cape Paterson on the Bass Coast came in at tenth spot, with a median house price increase of 143%, up from $370,000 five years ago to $903,000 currently.
In Greater Melbourne itself, Clyde North in the city’s southeast had a 109% increase in its median house price, up from $572,000 to $1.2 million.
It was the sole metropolitan suburb to appear in the list, with the remaining Victorian locations either on the Mornington Peninsula or in regional locations.
Tasmania is home to 31 suburbs where house prices doubled – or more – in the past five years. Picture: Getty
Locations in Tasmania also had a big five years, with three suburbs appearing in the top 10 national list and 31 in total rising by 100% or more.
Among them was the sleepy coastal pocket of Primrose Sands, where the median house price of $510,000 has risen from $200,000, up 155%.
Of the 96 suburbs to see their median house prices increase by at least 100%, 27 were in NSW, 23 were in Victoria, and 13 were in Queensland.
“Many of the fastest growing suburbs, like Sunshine Beach, Byron Bay, and Anglesea are in areas that have really benefited from the sea- and tree-change trend over the pandemic,” Mr Moore said.
Western Australia recorded just one suburb where the median house price has doubled – Pegs Creek in the Karratha mining region.
The current median house price there of $460,000 is up a neat 100% from $230,000 five years ago.
South Australia was also home to just one of the 96 suburbs. Gilberton in Adelaide’s inner-north has seen its median house price jump 136% to $1.1 million, up from $465,000.
The full list
| Suburb | State | Current median | 2017 median | % Growth |
| Sunshine Beach | QLD | $3,500,000 | $1,200,000 | 191.67 |
| Berridale | NSW | $600,000 | $212,000 | 183.02 |
| Jindabyne | NSW | $1,405,000 | $525,000 | 167.62 |
| Primrose Sands | TAS | $510,000 | $200,000 | 155 |
| Casuarina | NSW | $2,350,000 | $950,000 | 147.37 |
| Byron Bay | NSW | $3,090,500 | $1,250,000 | 147.24 |
| Risdon Vale | TAS | $445,000 | $180,000 | 147.22 |
| Queenstown | TAS | $160,000 | $65,000 | 146.15 |
| Anglesea | THIS TIME | $1,600,000 | $652,500 | 145.21 |
| Cape Paterson | THIS TIME | $903,425 | $370,500 | 143.84 |
| Bogangar | NSW | $1,450,000 | $595,000 | 143.7 |
| Venus Bay | THIS TIME | $619,000 | $257,000 | 140.86 |
| Rokeby | TAS | $515,000 | $215,000 | 139.53 |
| Sunrise Beach | QLD | $1,750,000 | $735,000 | 138.1 |
| Gilberton | SA | $1,100,000 | $465,000 | 136.56 |
| North Wantaggi | THIS TIME | $605,000 | $256,000 | 136.33 |
| Portsea | THIS TIME | $3,765,000 | $1,625,000 | 131.69 |
| George Town | TAS | $330,000 | $142,500 | 131.58 |
| Dodges Ferry | TAS | $652,000 | $281,666 | 131.48 |
| Minyama | QLD | $2,000,000 | $865,000 | 131.21 |
| Evans Head | NSW | $1,180,000 | $512,500 | 130.24 |
| St Andrews Beach | THIS TIME | $1,806,500 | $790,000 | 128.67 |
| Copacabana | NSW | $1,920,000 | $845,750 | 127.02 |
| Doonan | QLD | $1,702,000 | $750,000 | 126.93 |
| Somers | THIS TIME | $1,700,000 | $750,000 | 126.67 |
| Ventnor | THIS TIME | $856,000 | $383,000 | 123.5 |
| Chigwell | TAS | $480,000 | $215,000 | 123.26 |
| West Launceston | TAS | $663,000 | $297,500 | 122.86 |
| Bridgewater | TAS | $392,750 | $176,250 | 122.84 |
| Port Fairy | THIS TIME | $997,251 | $448,750 | 122.23 |
| Warana | QLD | $1,400,000 | $630,000 | 122.22 |
| Moranbah | QLD | $315,000 | $142,810 | 120.57 |
| St Leonards | TAS | $505,000 | $229,500 | 120.04 |
| Winchelsea | THIS TIME | $660,000 | $300,000 | 120 |
| Mayfield | TAS | $335,000 | $152,500 | 119.67 |
| Tomakin | NSW | $900,000 | $412,500 | 118.18 |
| Mount Stuart | TAS | $1,082,500 | $496,500 | 118.03 |
| Palm Beach | NSW | $6,050,000 | $2,775,000 | 118.02 |
| Kings Meadows | TAS | $532,500 | $245,000 | 117.35 |
| Bicheno | TAS | $640,000 | $295,000 | 116.95 |
| Robinvale | THIS TIME | $390,000 | $180,000 | 116.67 |
| Myrtleford | THIS TIME | $560,750 | $260,000 | 115.67 |
| New Norfolk | TAS | $450,000 | $209,000 | 115.31 |
| Bangalow | NSW | $1,827,500 | $850,000 | 115 |
| Miami | QLD | $1,485,000 | $694,000 | 113.98 |
| Inverloch | THIS TIME | $946,000 | $442,500 | 113.79 |
| Pottsville | NSW | $1,330,000 | $623,000 | 113.48 |
| Invermay | TAS | $480,000 | $225,000 | 113.33 |
| Bellerive | TAS | $965,000 | $454,250 | 112.44 |
| Dinner Plain | THIS TIME | $810,000 | $382,500 | 111.76 |
| Bulli | NSW | $1,800,000 | $850,500 | 111.64 |
| Kingscliff | NSW | $1,805,000 | $855,000 | 111.11 |
| West Moonah | TAS | $735,000 | $348,500 | 110.9 |
| Millfield | NSW | $767,500 | $365,000 | 110.27 |
| Alexandra Headland | QLD | $2,050,000 | $975,000 | 110.26 |
| Marcoola | QLD | $1,250,000 | $595,000 | 110.08 |
| Kandos | NSW | $315,000 | $150,000 | 110 |
| Rye | THIS TIME | $1,200,000 | $572,000 | 109.79 |
| Montrose | TAS | $647,000 | $309,000 | 109.39 |
| Cowes | THIS TIME | $813,750 | $389,000 | 109.19 |
| South Kempsey | NSW | $377,000 | $180,500 | 108.86 |
| Lauderdale | TAS | $832,600 | $399,000 | 108.67 |
| Bundeena | NSW | $1,850,000 | $887,500 | 108.45 |
| Currumbin | QLD | $1,552,500 | $745,000 | 108.39 |
| Callala Beach | NSW | $1,280,000 | $615,000 | 108.13 |
| Palm Beach | QLD | $1,520,000 | $730,500 | 108.08 |
| Scottsdale | TAS | $370,000 | $178,000 | 107.87 |
| Mollymook Beach | NSW | $1,300,000 | $627,000 | 107.34 |
| Point Lonsdale | THIS TIME | $1,450,000 | $700,000 | 107.14 |
| Clyde North | THIS TIME | $701,750 | $339,000 | 107.01 |
| Mullumbimby | NSW | $1,350,000 | $652,500 | 106.9 |
| Claremont | TAS | $558,000 | $270,000 | 106.67 |
| Vincentia | NSW | $1,300,000 | $629,500 | 106.51 |
| Moonah | TAS | $650,000 | $315,000 | 106.35 |
| Glenorchy | TAS | $580,000 | $282,000 | 105.67 |
| Cape Woolamai | THIS TIME | $792,500 | $385,500 | 105.58 |
| Dalmeny | NSW | $770,000 | $375,000 | 105.33 |
| Noosa Heads | QLD | $1,907,500 | $930,000 | 105.11 |
| Blairgowrie | THIS TIME | $1,635,000 | $797,500 | 105.02 |
| Bright | THIS TIME | $920,000 | $450,000 | 104.44 |
| Macmasters Beach | NSW | $2,145,000 | $1,050,000 | 104.29 |
| Callala Bay | NSW | $1,021,000 | $500,000 | 104.2 |
| Mowbray | TAS | $427,500 | $210,000 | 103.57 |
| Berriedale | TAS | $590,000 | $290,000 | 103.45 |
| South Launceston | TAS | $547,000 | $270,000 | 102.59 |
| Kingston | TAS | $749,995 | $371,000 | 102.15 |
| Geilston Bay | TAS | $751,750 | $372,000 | 102.08 |
| Mirboo North | THIS TIME | $595,000 | $295,000 | 101.69 |
| Wonthaggi | THIS TIME | $575,250 | $285,500 | 101.49 |
| Corinella | THIS TIME | $755,000 | $375,000 | 101.33 |
| Lennox Head | NSW | $1,575,000 | $782,500 | 101.28 |
| Suffolk Park | NSW | $1,950,000 | $969,000 | 101.24 |
| Wamberal | NSW | $1,800,000 | $895,000 | 101.12 |
| Coolum Beach | QLD | $1,200,000 | $598,000 | 100.67 |
| Ravenswood | TAS | $301,000 | $150,000 | 100.67 |
| Pegs Creek | WA | $460,750 | $230,000 | 100.33 |