Australia’s boom suburbs: The surprise locations where property prices have jumped by 40 per cent in just THREE MONTHS
05-19-2014
Rural Australia is booming with median house prices jumping by almost a third in less than three months
The best-performing suburbs are located well outside the CBD
Hay in rural NSW topped the list with a 34.7% median increase to $128,000
By Lillian Radulova
Australian property prices are soaring in the most unlikely of places. While the growth in house prices in major cities has begun to slow, those in some rural communities have skyrocketed.
The latest figures from RP Data show median house prices within certain suburbs has risen by almost a third in the three months to February.
But it's not where you might expect, with the best-performing areas located a lot further from the states' CBDs than most would like.
Australia's best performing area was the New South Wales town of Hay, which recorded a staggering 34.7 per cent increase in property prices - despite being located 591 kilometres from Sydney's CBD.
The centre of town: Hay in New South Wales has been revealed by RP Data as the suburb with the countries highest increasing property value rate despite being located 591 kilometres from Sydney's CBD
However, with a median property price of only $128,000, it's no wonder why people would be tempted to move into the area.
Suburbs where prices have boomed
1. Hay, NSW, Price: $128,000, Qtr increase: 34.7%
2. Stepney, SA, Price: $710,000, Qtr increase: 28.5%
3. Muchea WA, Price: $600,000, Qtr increase: 27.7%
4. Mount Clarence WA, Price: $467,500, Qtr increase: 27.2%
5. Utakarra, WA, Price: $264,000, Qtr increase: 26.9%
6. Porepunkah, Vic, Price: $347,000, Qtr increase: 26.2%
7. Hughenden, QLD, Price: $152,500, Qtr increase: 26%
8. Berriedale, Tas, Price: $295,000, Qtr increase: 25.5%
9. Moonta, SA, Price: $247,500, Qtr increase: 25.3%
10. Orchard Hills, NSW, Price: $1,250,000, Qtr increase: 25%
11. Wongan Hills, WA, Price: $225,000,
Qtr increase: 25%
.
Orchard Hills was the other NSW suburb in the top 10, with a 25 per cent rise taking the median house price to $1,250,000 despite the 44 kilometre distance from the CBD.
But it was the South Australian suburb Stepney that won second place on the performance list and did best overall, with a 28.5 per cent increase in value over the quarter year and a whopping 37.9 per cent increase over the year.
The suburb, only three kilometres from the CBD, has a median house price of $710,000 and is considered popular amongst younger generations, Andrew Welch of LJ Hooker Kensington told News.com.au.
'I do a lot (of property sales) in Stepney. It has a lot of little settlers’ cottages and it is next to Norwood which is obviously the big shopping area,' he said.
Muchea in Western Australia had the third highest level of growth nationally with a 27.7 per cent increase over the quarter from 42 kilometres away from the city.
Victoria's state of Porepunkah at 6th place was another surprise.
The Queensland suburb of Hughenden has the state's fastest growing property value, with the medium house price increasing by 26 per cent in the last quarter to $152,500
The Queens
land suburb of Hughenden has the state's fastest growing property value, with the medium house price increasing by 26 per cent in the last quarter to $152,500
As the state's biggest property value growing suburb with a 26.2 per cent rise, the area is a distant 212 kimoetres from Melbourne CBD.
Hughenden by the Flinders River, took Queensland's top spot despite sitting at a 1158 kilometre distance from the CBD, increased by 26 per cent in only three months to a median house price of a tiny $152,500.
Eighth on the winners list was where the Tasmanian town of Berriedale came in, 10 kilometres from the CBD and a 25.5 per cent increase to a $295,000 median house price.
The Northern Territory and the ACT were the only two states who didn't make it onto the top list.
Johnson was the NT's winner however, with a 19.8 per cent increase 10 kilometres from the CBD.
Unsurprisingly, as the only state whose average property values actually decreased in the last quarter, the ACT's highest value rising suburb was Deakin with a measly 9.1 per cent increase in property value.