Top Suburbs For House Price Growth In 2023
The median national dwelling value increased by almost $50,000 over the year with the strongest price rises occurring in the more affordable markets
3 min
]The strongest house price growth was seen in Australia’s more affordable suburbs in 2023, as high interest rates and an average 30% reduction in borrowing capacity prompted more buying activity in markets with lower median prices.
CoreLogic’s annual Best of the Best report reveals that Brookdale in Perth recorded the highest house price growth of the capital cities at 32.8% to a median value of $474,532. Across the regional markets, Tralee in the south-east of NSW and close to the ACT border recorded the best growth at 34.2% to a median house price of $782,764.
The Australian housing market has demonstrated surprising resilience despite interest rates rising substantially over a short period. CoreLogic reports that the average home loan size today is only 0.1% below where it was at the peak of the cycle in April 2022 before rate rises began. This likely reflects two trends. The first is more purchasing activity in lower-priced markets where buyers need smaller loans. CoreLogic says the cheaper capital cities of Perth, Brisbane and Adelaide demonstrated more resilience during the 2022 downswing and strong growth in 2023.
The second trend is more buying activity among wealthy Australians, foreign investors and downsizers, who are less reliant on credit to buy. Additionally, a shortage of homes for sale across the board created stronger competition, as many would-be sellers waited for prices to fully recover following the 2022 market correction. Mortgage holders coped well with rising rates by leaning on savings buffers, working more hours and reducing their discretionary spending at the shops.
However, there are signs that high interest rates are now starting to bite, with the pace of property price growth slowing and auction clearance rates falling in the second half of 2023. This was first seen across the upper price brackets of the market, and CoreLogic expects this trend to filter through to the low to middle price brackets next year. Tougher economic conditions may also weaken the market, with the Reserve Bank forecasting unemployment to rise in 2024 amid subdued economic growth. Most analysts say interest rates are unlikely to fall until very late in 2024 at the earliest.
CoreLogic Head of Research Tim Lawless says it will be a different market next year and price growth will be lower. “Growth in housing values is likely to show greater diversity, both geographically and across housing types,” he said. “Overall, housing value performance is likely to be softer next year relative to 2023. Western Australia and Queensland look well placed to outperform the rest of the country given solid interstate migration rates, low supply and less affordability challenges relative to Sydney and Melbourne. Unit values also are positioned to outperform relative to houses, given the cheaper price points and burgeoning undersupply across the medium to high density sector.”
Suburbs in capital cities with the greatest house price growth:
- Brookdale, Perth (up 32.8% to a median value of $474,532)
- Armadale, Perth (up 31.4% to $422,427)
- Hilbert, Perth (up 30.1% to $525,827)
- Ravenswood, Perth (up 29.2% to $630,258)
- Whitlam, Canberra (up 29.1% to $1,158,983)
- Camillo, Perth (up 27.3% to $440,749)
- Haynes, Perth (up 25.7% to $494,323)
- Bayview, Sydney (up 25.3% to $3,123,777)
- Seville Grove, Perth (up 25.2% to $540,983)
- Gosnells, Perth (up 25.1% to $475,030)
Suburbs in regional areas with the greatest house price growth:
- Tralee, NSW (up 34.2% to $782,764)
- Port Vincent, SA (up 25.9% to $404,359)
- Angaston, SA (up 23.9% to $573,883)
- Mount Morgan, QLD (up 22.8% to $198,636)
- Kapunda, SA (up 21.4% to $445,814)
- Barraba, NSW (up 21.2% to $258,652)
- York, WA (up 21.1% to $373,340)
- Green Head, WA (up 21% to $378,433)
- Kingscote, SA (up 20.8% to $434,232)
- Waroona, WA (up 20.6% to $430,990)
Ophora Tallawong has launched its final release of quality apartments priced under $700,000.
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Ophora Tallawong has launched its final release of quality apartments priced under $700,000.
3 min
Ophora Tallawong has launched its final release of apartments, positioning itself as one of the last opportunities for buyers to secure a new Sydney home below $700,000.
The project, located in one of the city’s fastest-growing corridors, is offering rare buyer protections at a time when affordability is tightening and competition for quality stock is intensifying.
According to JLL’s Q2 2025 Apartment Market Overview, Sydney’s median apartment price has already climbed to $795,000, setting a record.
With interest rates now on a downward trend and supply still heavily constrained, experts warn that today’s price brackets may not exist next year.
Ronnie Rahme, Development Manager at KDMC, said buyers were responding to the combination of quality and value.
“You simply don’t see this level of finish at these price points anymore,” Rahme said. “That’s why demand has been so strong for this final release.”
Dr Andrew Wilson, Chief Economist at My Housing Market, says the economic drivers are clear. “High rents and higher prices continue to provide clear incentives for first-home buyers and investors chasing solid investment returns,” he told Kanebridge News.
“New government initiatives to support first-home buyers will also act to place upward pressure on prices.”
The bigger picture
JLL’s research reinforces that point. While over 15,700 apartments are expected to be delivered nationally this year, a 40% uplift on 2024, Sydney remains undersupplied, with demand continuing to outpace completions.
The report also notes that reductions in the RBA cash rate are expected to further fuel buyer activity, with constrained supply continuing to push prices higher into 2026.
With construction costs soaring, Government contributions climbing, and interest rates remaining high, projects are harder than ever to bring to market, putting upward pressure on newly completed apartments.
The pipeline of new supply is shrinking as developers delay or abandon projects that no longer stack up financially.
According to JLL’s overview, only 2,554 completions are forecast for Sydney this year – against annual demand exceeding 30,000 dwellings.
At the same time, population growth, rental demand, and first-home buyer incentives are intensifying competition for limited stock. The imbalance between constrained supply and resilient demand is leaving new apartments scarcer and more expensive across Sydney.
Ophora: Last Chance In Sydney’s northwest
Developed by KDMC and designed by Architex, the $50 million project has launched its final release, with limited availability of 81 brand-new residences from just $545,000 for a one-bedroom, or $695,000 for a two-bedroom, which is far below Sydney’s median and significantly cheaper than nearby competition.
The five-storey development at 37 Reis St, Tallawong, combines affordability with premium inclusions more often seen in luxury builds: ducted air-conditioning, timber floors, premium finishes, fridge cavities with water plumbing, video intercom systems, fibre internet, EV charging, landscaped gardens and a rooftop terrace with sweeping views.
It also comes with something almost unheard of at this price point, a 10-year Latent Defects Insurance (LDI) policy. Typically reserved for multimillion-dollar projects, LDI guarantees structural integrity for a decade and is only awarded to developers with a strong building track record.
SHC Insurance Brokers founder Stefan Hicks acknowledged the rarity of obtaining LDI, particularly for entry-level residential apartment complexes like Ophora.
“Gaining LDI is no mean feat. It’s offered selectively to developers and builders with a quality building history, and it requires both parties to employ an independent inspection service throughout construction,” he said.
“While this insurance is well-established around the world in about 40 countries, in Australia, we’re typically seeing high-end buildings covet LDI. The fact that Ophora has joined this exclusive list of quality-assured builds is a coup for entry-level home buyers.”
Raising the standard for affordable luxury
Rahme says the KDMC team wanted to set a new benchmark.
“Our mission with Ophora has always been clear: to raise the standard of what buyers should expect, regardless of budget,” he said.
“We’ve delivered a collection of apartments with finishes and features you’d usually only find in luxury projects, and we’ve backed it with one of the most stringent insurances available in the market. That gives buyers peace of mind that their investment is protected for the long term.
“People are walking through and realising you simply don’t see this level of quality at these price points anymore, as it’s effectively replacement cost in 2025.
“With rates coming down and limited competition, buyers and investors are moving quickly because they know the window won’t stay open. Investors, who have recently purchased at Ophora, have reported a strong rental demand, with minimum rental yields exceeding five per cent.”
Developments like Ophora, move-in ready, competitively priced and backed by rare structural protections (LDI), may represent the last chance for buyers to secure a sub-$700,000 apartment in Sydney.
View Ophora on cpmrealty.com.au
To arrange a private viewing or request more information, contact Sam Elbanna from CPM Realty: 0411 222 260
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