top 5 suburbs for price growth
Australian house prices have started to creep up again. Image: Canva.
  • Australia's property prices are seeing a small uptick
  • The rise in prices is not uniform across the nation
  • Regional Australia saw some of the stand out performers

The latest data from PropTrack and CoreLogic have shown the Australian property market may have started to bounce back as prices begin to creep up.

For the month of March, PropTrack recorded a 0.13% rise in prices across the nation in its Home Price Index, with CoreLogic recording a 0.6% increase in its Home Value Index.

This came mere days before the Reserve Bank of Australia (RBA) left interest rates at 3.60%.

PropTrack’s latest Home Price Index has also found the best regions for growth across Australia at the statistical area 4 level (SA4):

Top 5 regions for growth in New South Wales

Region Annual growth (%) – All dwellings Median value ($) – All dwellings
New England and North West 9.19 409,000
Far West and Orana 7.76 446,000
Riverina 7.23 465,000
Murray 5.17 460,000
Central West 2.44 577,000

Source: PropTrack April 2023 Home Price Index.

Pockets of regional New South Wales have pulled ahead, showing growth despite the wider downturn.

In Hotspotting’s recent Autumn 2023 report, key regions were one of the areas to see growth, along with the smaller capital cities of Perth, Darwin, and Adelaide.

The report also noted that out of its Top 100 Supercharged Suburbs, one-third comprised regional areas.

Sydney’s luxury market is also on the up despite the wider prime property plunge, according to Hotspotting.

sydney home price growth april 2023 proptrack
Source: ABS Statistical Area Level 4 regions, PropTrack.

Top 5 regions for growth in Victoria

Region Annual growth (%) – All dwellings Median value ($) – All dwellings
Shepparton 4.41 469,000
North West 1.11 371,000
Warrnambool and South West 0.45 536,000
Hume -0.27 558,000
Latrobe – Gippsland -2.83 560,000

Source: PropTrack April 2023 Home Price Index.

Victoria’s market continues to see generally subdued activity, with the luxury market also one of the worst performing.

According to Hotspotting’s Director, Terry Ryder: “The most expensive areas of Melbourne are at a low ebb also, although perhaps not the weakest sector of an overall weak city.”

melbourne home price growth april 2023 proptrack
Source: ABS Statistical Area Level 4 regions, PropTrack.

Top 5 regions for growth in Queensland

Region Annual growth (%) – All dwellings Median value ($) – All dwellings
Toowoomba 7.98 528,000
Darling Downs – Maranoa 7.05 363,000
Queensland – Outback 4.73 307,000
Ipswich 4.62 545,000
Cairns 4 478,000

Source: PropTrack April 2023 Home Price Index.

Regional centres like Toowoomba and Cairns stole the limelight, with Hotspotting’s report likewise recording many regional Queensland locations in its Top 100 Supercharged Suburbs.

Ryder said: “The strength in the Perth and Regional Queensland markets means that 40 of the Top 100 are in WA and Queensland.”

brisbane home price growth april 2023 proptrack
Source: ABS Statistical Area Level 4 regions, PropTrack.

Top 5 regions for growth in South Australia

Region Annual growth (%) – All dwellings Median value ($) – All dwellings
Barossa – Yorke – Mid North 11.65 370,000
South Australia – Outback 10.73 286,000
South Australia – South East 10.54 425,000
Adelaide – North 10.02 547,000
Adelaide – South 6.75 676,000

Source: PropTrack April 2023 Home Price Index.

Adelaide remains one of the few bastions of affordability in Australia, with a recent Canstar report finding that, based on the median home price and an average income, Adelaidians need only a $50,000 pay rise to avoid mortgage stress, compared to Sydney at almost $150,000.

adelaide home price growth april 2023 proptrack
Source: ABS Statistical Area Level 4 regions, PropTrack.

Top 5 regions for growth in Western Australia

Region Annual growth (%) – All dwellings Median value ($) – All dwellings
Western Australia – Wheat Belt 7.18 449,000
Mandurah 5.96 457,000
Perth – South West 5.86 576,000
Bunbury 5.32 497,000
Perth – North East 5.21 533,000

Source: PropTrack April 2023 Home Price Index.

The Urban Development Institute of Australia’s (UDIA) recently launched State of the Land Report and found Perth to be the most affordable capital city in Australia.

The median new land price was $228,000, growing only 6% in 2022. On the eastern seaboard, Melburnian median prices for new land were $382,125, with Sydney-siders paying $716,381.

perth home price growth april 2023 proptrack
Source: ABS Statistical Area Level 4 regions, PropTrack.

Top 5 regions for growth in Tasmania

Region Annual growth (%) – All dwellings Median value ($) – All dwellings
West and North West 2.87 446,000
South East 1.42 596,000
Launceston and North East -3.09 518,000
Hobart -5.16 680,000

Source: PropTrack April 2023 Home Price Index.

Top 10 municipalities in Australia

  1. Ballarat, Victoria
  2. Canning, Western Australia
  3. Gladstone, Queensland
  4. Kalgoorlie, Western Australia
  5. Mackay, Queensland
  6. Palmerston, Northern Territory
  7. Salisbury, South Australia
  8. Stirling, Western Australia
  9. Townsville, Queensland
  10. Wollongong, New South Wales


You May Also Like

Melbourne property market sees mom and dad builders flock to outer suburbs for the best bang for buck

The cost of building a house in these top 20 suburbs started at $272,944 and topped out at $387,688.

Australian rental market clocks in a near-40% price growth, while wages struggle to keep up

Rents soared by almost 40% across the pandemic, while wages barely clocked in 20% growth.

Gender gap closes? Women outpace men in overall property ownership

Challenges persist for younger women in achieving homeownership, highlighting the need for targeted solutions.

Exclusive: Top five regional New South Wales housing markets revealed, the affordable alternatives to Sydney

Hotspotting has exclusively revealed to TPT New South Wales housing market’s five best regional hotspots for homebuyers and investors.

Top Articles

PropertyGuru Asia Property Awards (Australia) returns for its 7th edition, including several brand new award ...

This year's awards include several brand new categories, with entries closing 2 August 2024.

Housing crisis survival guide: How to buy your first Australian property

Three property experts give the low down on how to nab a home in this tough housing market.

Strata properties as investments: All you need to know about investing in a Perth unit

As the cost of renting approaches the cost of a mortgage, more people are investing in units to escape the rental trap.