Perth’s median dwelling value jumped 15.2 per cent last year, hitting a new peak at $660,754.
Brookdale, located 30 kilometres south-east of Perth was the country’s top-performing suburb in 2023, with values soaring 35.6 per cent, or by $128,089, from a year ago.
Armadale gained 34.1 per cent and Camillo’s media dwelling value jumped 30.5 per cent in the past 12 months, likely boosted by their affordable prices which are still under $500,000.
Most Sydney homeowners also had a rewarding year. More than half of all suburbs posted at least 10 per cent growth in home values while 21 suburbs notched up a greater than 20 per cent increase.
Property values in Ashbury in the inner west, Bellevue Hill in the eastern suburbs, Bayview and North Balgowlah on the northern beaches, Normanhurst and Berowra on the upper north shore and Melrose Park in Ryde all climbed by more than 20 per cent in the past year.
Bayview homeowners scored $557,728 in capital gains on average, North Balgowlah owners earned $492,000, while Ashbury and Bellevue Hill reaped more than $420,000.
In Brisbane, house prices in nearly three out of four suburbs rose by 10 per cent or higher, while more than one in three suburbs increased by the same amount in Adelaide.
Brisbane’s top performers were dominated by suburbs in the city’s south, including McGregor, Wishart, Salisbury, Eight Mile Plains, Mckenzie, Holland Park and Robertson where house prices climbed by more than 23 per cent each, notching at least $200,000 in capital gains.
Meanwhile, suburbs in Adelaide’s north recorded the largest annual house price increases in the city. They include Eyre, Direk, Elizabeth North, Gawler West Andrews Farm and Elizabeth Downs, where values increased between 17 per cent and 21.6 per cent in the past year.
By contrast, housing prices in only three Melbourne suburbs – namely Rosanna in the north-east, Wantirna in the outer east and Sandhurst on the Mornington Peninsula – managed to gain 10 per cent.
“Melbourne has obviously seen a much weaker year with prices up only 3.5 per cent across the city, weighed down by the surge in listings,” Ms Owen said.
“The level of capital growth across Melbourne has also been suppressed by less favourable interstate migration trends, particularly for those who are in the market to buy.
“Melbourne has had a strong bounce-back in overseas migration, but a lot of that flows through to rentals in the short term, so it hasn’t led to a robust purchasing environment.”
However, Melbourne’s subdued performance could set the stage for a stronger upswing this year, Ms Owen said.
“There is a chance that having underperformed in 2023, Melbourne could stand out a bit more in 2024, especially as the internal migration trend to Victoria has started to recover, and the high interest rate and weaker economic conditions could see people continue to turn to more affordable areas,” she said.
Melbourne now offered good buying opportunities for investors, said Arjun Paliwal, head of research at InvestorKit.
“When it comes to opportunistic buying, I think Melbourne currently represents decent value,” he said.
“There’s been some weak policy settings that have turned off a lot of people, so there’s less competition and there are more stock to choose from.
“I think Melbourne might offer buyers the opportunity to capture a recovery that may happen in the coming years.”