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
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]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)
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Mirvac’s 45-level Trielle has topped out at Yarra’s Edge, pairing riverfront apartments with wellness facilities, private dining and resident services.
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Mirvac has topped out Trielle at Melbourne’s Yarra’s Edge, with more than 70 per cent of the riverfront development sold and approximately 80 per cent of purchasers intending to make their apartment a home.
The figures, released on September 22, point to an owner-occupier audience for one of the precinct’s final residential towers. Mirvac began developing Yarra’s Edge in 2003, and its latest addition occupies one of the remaining absolute riverfront sites.
Mirvac CEO of Development Stuart Penklis said existing residents were among those moving up within the neighbourhood.
“Many purchasers already have a connection to Yarra’s Edge,” Mr Penklis said, describing buyers whose changing needs were encouraging an upgrade within the precinct.
“As one of the final residential towers within Yarra’s Edge, Trielle represents the culmination of more than two decades of creating one of Melbourne’s most established and sought-after waterfront communities,” Penklis said.
“Positioned on the Collins Street axis with absolute river frontage, Trielle offers residents a rare opportunity to enjoy sweeping views across the Yarra River, Melbourne skyline and Port Phillip Bay, while remaining seamlessly connected to the CBD. With Trielle now more than 70 per cent sold, we’re continuing to see strong demand from buyers seeking quality homes in established locations.”
The developer also flagged a penthouse and sub-penthouse collection with larger layouts, premium finishes and broad outlooks. The planned wellness centrepiece, The Oasis, encompasses a 900-square-metre elevated urban rainforest.
Mirvac General Manager Residential Development Victoria Elysa Anderson said Trielle had resonated strongly with buyers seeking a rare lifestyle offering in Melbourne.
“Opportunities to secure a new luxury residence on a riverfront site of this calibre are incredibly rare, particularly within a community like Yarra’s Edge,” Anderson said.
“What makes Trielle unique is the combination of exceptional views, world-class residential facilities and the lifestyle that already exists around it. Residents are buying into a mature waterfront community with parks, promenades, dining, wellness and strong community connections already in place.”
The 45-level tower brings a substantial new presence to that waterfront. Its residential offering spans one-, two-, three- and four-bedroom apartments, with Signature, Prestige and Sub-Penthouse collections accommodating different household sizes. The north-facing position connects the apartments visually to the river and city beyond.
Seven storeys above the promenade, the planned Oasis combines planting and a running stream with a Scandinavian-inspired wellness club developed with spa specialist Naomi Gregory. Facilities include a 25-metre lap pool, hot magnesium pool, sauna, hydrotherapy, a gym, yoga and Pilates room, and treatment spaces.
The amenity extends beyond exercise. Residents will have access to The Biblioteca library and workspaces, ground-floor work pods, and The Salone piano lounge. A private Chef’s Table dining room offers a setting for larger gatherings, while a cinema, games room and sports lounge broaden the entertaining options. Concierge services and a dog-wash area support everyday routines.
Trielle comprises a collection of one, two, three and four-bedroom residences. Reflecting strong demand from owner occupiers, approximately 80 per cent of purchasers to date intend to live in their homes, highlighting the project’s appeal to those seeking a long-term waterfront lifestyle.
Mirvac has recently delivered The Albertine, a premium apartment development on the edge of Melbourne’s CBD, and is nearing completion of Prince & Parade in Brunswick, further strengthening its portfolio of thoughtfully designed apartment communities in some of Melbourne’s most sought-after urban locations.
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