- Price growth remained strong despite a slowing market and rising interest rates
- The top performer was Boat Harbour in NSW, with a median property price now $1,707,500
- Sydney dominated the top 10 suburbs with doubled median prices
A slow Australian property market is not where you would expect median prices to double, however, some suburbs have managed the feat according to the latest from PropTrack.
Recently released data shows the suburbs where May’s median price reflected a doubling of property prices in the shortest time frame.
“It’s important to note that the growth in prices in these areas over recent years has been abnormal and driven by the pandemic and people shifting to outer capital city and regional areas,” said PropTrack’s executive manager of economic research, Cameron Kusher.
“Prices doubling in this short of a period is unlikely to be replicated any time soon.”
Cameron Kusher, PropTrack’s executive manager of economic research
Top 10 suburbs that have doubled in median price quickest
| Rank | Suburb | GCCSA | Months to double | Start median | Median May 2023 |
|---|---|---|---|---|---|
| 1 | Boat Harbour NSW | Rest of NSW | 16 | $846,250 | $1,707,500 |
| 2 | Proston QLD | Rest of Qld | 20 | $117,500 | $235,000 |
| 3 | Humpty Doo NT | Greater Darwin | 20 | $300,000 | $600,000 |
| 4 | Nirimba Fields NSW | Greater Sydney | 20 | $541,000 | $1,130,100 |
| 5 | Box Hill NSW | Greater Sydney | 21 | $600,000 | $1,225,000 |
| 6 | Murrays Beach NSW | Rest of NSW | 22 | $625,000 | $1,250,000 |
| 7 | Melonba NSW | Greater Sydney | 24 | $544,950 | $1,160,000 |
| 8 | Wy Yung VIC | Rest of Vic. | 24 | $417,500 | $840,000 |
| 9 | Vineyard NSW | Greater Sydney | 24 | $2,417,500 | $5,000,000 |
| 10 | Grantham Farm NSW | Greater Sydney | 25 | $514,000 | $1,050,000 |
Source: Proptrack.
An affordable corner of paradise
Boat Harbour in New South Wales topped the list with its May median price of $1,707,500; just 16 months ago the median was $846,250, marking a growth of just under 102%.
“Boat Harbour was one of the few suburbs in the region that was relatively affordable, so as purchasers got priced out of other suburbs locally they turned their attention to Boat Harbour,” said Kusher
5 year median price trend for Boat Harbour NSW
Double the price in less than two years
The suburbs of Proston, Queensland; Humpty Doo, Northern Territory; and Nirimba Fields, NSW rounded out the top four by doubling their median price in just 20 months.
Proston went from $117,500 to $235,000, Humpty Doo went from $300,000 to $600,000 and Nirimba Fields went from $541,000 to $1,130,100.
While suburbs like Nirimba Fields experienced a surge in growth throughout the pandemic, others saw median prices halved.
In 2018, Humpty Doo recorded a median price of $597,500, dropping to $300,000 in June 2020; the locale saw no real growth start until early 2021.
“It has a lot to do with new development in the region. New housing in Humpty Doo is at a much better quality than existing housing and the superior quality housing has contributed to driving prices higher,” said Kusher.
5 year median price trend for Humpty Doo NT
NSW also took out fifth and sixth positions, with Box Hill taking 21 months to double from $600,000 to $1,225,000 and Murrays Beach taking 22 months to double from $625,000 to $1,250,000.
Melonba, NSW; Wy Yung, Victoria; and Vineyard, NSW achieved a doubling of their median price in 24 months.
While Melonba NSW and Wy Yung Vic had relatively low median prices 24 months ago, $544,950 and $417,500 respectively, Vineyard NSW had a median price of $2,417,500 two years ago, which has now doubled to $5 million.
“Vineyard is a lifestyle market that became very popular through the pandemic. In a market of limited supply, a big increase in demand has pushed prices much higher in a short space of time.”
Cameron Kusher, PropTrack’s executive manager of economic research
Closing out the top ten was Grantham Farm NSW which took 25 months to double its median price from $514,000 to $1,050,000 and appears to have begun to moderate.
