- Byron Bay topped the list, where median prices rose over 300%
- Most suburbs were located in New South Wales
- Other long term analysis has found Hobart to be the city with the largest growth
Long-term growth of house prices has come under the spotlight lately, with the data revealing a treasure trove of insights.
Earlier this month, Peter Koulizos‘ analysis of ABS data found that the largest growth in median established house prices was not in any of the mainland cities up and down the east coast. Instead, Hobart took out the title of strongest property market within the context of the past two decades.
Hobart medians were 5.9 times higher in December 2022 than in March 2002, with Adelaide and Canberra taking silver and bronze.
The median in Hobart was previously $123,300, now $727,000, according to the analysis.
Long-term trends were also a factor noted in Investokits‘ analysis of affordable Queensland regions, with Rockhampton seeing median prices rise 16.7% over the past decade, almost 50% in Cairns – South, and just over 50% in Bundaberg.
Top 10 suburbs for price growth
| Ranking | Suburb | State | Median house price – 2013 | Median house price – 2023 | Ten-year growth |
| 1 | Byron Bay | NSW | $650,000 | $3,000,000 | 361.50% |
| 2 | Bright | VIC | $362,500 | $1,292,500 | 256.60% |
| 3 | Suffolk Park | NSW | $590,000 | $2,100,888 | 256.10% |
| 4 | Berry | NSW | $590,000 | $2,100,000 | 255.90% |
| 5 | Kingscliff | NSW | $595,000 | $2,005,000 | 237.00% |
| 6 | Buddina | QLD | $492,750 | $1,650,000 | 234.90% |
| 7 | Burradoo | NSW | $870,000 | $2,900,000 | 233.30% |
| 8 | Narrawallee | NSW | $350,000 | $1,148,500 | 228.10% |
| 9 | Copacabana | NSW | $600,000 | $1,930,000 | 221.70% |
| 10 | Glenorie | NSW | $875,000 | $2,800,000 | 220.00% |
Source: PropTrack.
The narrative of house prices soaring across the pandemic is nothing compared to when we turn back the clock.
PropTrack has revealed the suburbs where prices have risen over 300% over the past ten years, with Byron Bay seeing property prices going sky high. The median house price rose from $650,000 in 2013 to $3,000,000 today with the latest figure 4.6 times higher than a decade ago.
“The past 10 years have seen staggering growth in property prices in many parts of the country,” said PropTrack Senior Economist, Eleanor Creagh.
“Prices at a national level have increased by an enormous 83% but there are suburbs where house values, in particular, have seen substantially more growth, in some cases north of 300%,”
“The biggest winners have been houses in desirable or coastal destinations, with lifestyle regions of the Southern Highlands and holiday hotspots like Byron Bay performing exceptionally well.”
Creagh added that many “perenially popular” locations were top performers, with the growth “not just limited to the Covid period.”
“Although, price growth over the decade was bolstered by the impact of the pandemic when lifestyle properties became a higher priority for many buyers and accelerated remote work adoption allowed an increase in residential choice for some,” added Creagh.
Byron Bay
Located an eight-hour drive north of Sydney or a mere two-hour hop south of Brisbane, the world-famous white sandy beaches of Byron Bay are renowned for being the stomping grounds of the well-heeled.
While most of Australia’s most expensive streets were located around Sydney’s harbour, the top 10 most expensive streets included Marine Parade in Byron Bay.
The median house value for homes along Byron Bay’s Marine Parade was just north of $6.9 million.
Asking property prices for the postcode of 2481 have generally been on the up, with the recent peaks just over $2 million, according to SQM Research. Data from PropTrack shows median house prices (a different measure to asking property prices and specifically for Byron Bay) was around $3 million.
Asking prices for 2481, incl. Byron Bay
Bright
This Victorian town of Bright is roughly halfway between Melbourne and Canberra and boasts incredible sceneries similar to Mount Lofty and the Hunter Valley, changing from a rich, verdant, cornucopia of foliage in one season to a veritable smorgasbord of sanguineous, deciduous delight the next.
Ten-year growth for median house prices in the locale is over 250%, according to PropTrack.
Asking prices for 3741, incl. Bright
Suffolk Park
Barely 10 minutes south of Byron Bay is third-placed Suffolk Park. The suburb recorded a 256.1% rise in median house prices across the decade, with the latest median house price recorded at $2,100,888.
Also located within the postcode 2481, the market currently has some 173 properties listed, according to SQM Research.
Total listings for 2481, incl. Suffolk Park
