The Australian property market had an extraordinary year in 2024, with home values surging in several key suburbs across the country. According to the latest PropTrack data, a staggering 77 suburbs saw median house prices increase by at least $200,000, significantly boosting homeowner equity.
Table of Contents
While many high-end suburbs in Sydney’s eastern districts and Northern Beaches experienced notable price hikes, the real standout was Perth, which accounted for 52 of these booming suburbs.
Why Perth Dominated the Property Boom
PropTrack senior economist Angus Moore attributes Perth’s meteoric rise to its relative affordability.
“Since interest rates began increasing in 2022, buyers have increasingly turned to more affordable housing markets, driving competition and price surges,” Mr. Moore explained. “Perth had a sluggish decade after the mining boom, but now values are catching up.”
Even after an 18% increase in 2024, taking its citywide median to $836,000, Perth remains the third most affordable capital in Australia, trailing only Darwin and Hobart.
The Biggest Winners: Suburbs That Gained the Most in Value
While Perth dominated the list, Sydney’s Bellevue Hill saw the highest dollar increase, with a median house value surge of $1.1 million, reaching nearly $10 million. Strathfield in Sydney’s Inner West followed closely with a $477,000 increase, while Mermaid Beach on the Gold Coast saw a $447,000 jump.
For Perth, suburbs such as Applecross, Swanbourne, and Trigg experienced median price increases exceeding $300,000. Other major gainers included City Beach and Rossmoyne.
Interestingly, Gelorup, a suburb south of Bunbury, was the only sub-$1 million suburb to make the list, with a 30% rise taking its median value to $947,000.
RBA’s Wage Growth Shift Sparks Hope for Early Interest Rate Cuts
How the “Wealth Effect” Impacts Homeowners
Beyond simply boosting property values, the rapid appreciation in home prices has had a ripple effect on household behavior. Economists refer to this as the “wealth effect”—when homeowners perceive themselves as wealthier due to rising home equity, they are more likely to spend on discretionary items or invest in property upgrades.
“For some households, it means they can upgrade to a larger home sooner than expected,” Mr. Moore said. “While the homes they want to buy have also increased in value, the larger deposit from their current property can make a huge difference.”
A Tight Market and Its Impact on Sellers
Despite the strong price growth, the property market remains tight, with supply struggling to keep up with demand. Realty Lane director Daniel Gonzales noted that a shortage of available properties has been a key driver behind Perth’s property boom.
However, he also observed a shift towards more homeowners choosing to list their properties, capitalizing on the high market prices.
“Many clients who have considered downsizing for a few years are deciding that now is the time to act,” Mr. Gonzales said. “We’re starting to see more listings, which could gradually balance the market.”
Complete List of Suburbs That Gained $200,000+ in Value
Here are the 77 Australian suburbs where median home prices rose by at least $200,000 in 2024:
Top Suburbs in Sydney, Brisbane, and the Gold Coast
- Bellevue Hill, NSW – $1,109,000 increase
- Strathfield, NSW – $477,000 increase
- Mermaid Beach, QLD – $447,000 increase
- North Curl Curl, NSW – $305,000 increase
- Paddington, QLD – $243,000 increase
- Surfers Paradise, QLD – $243,000 increase
- Toorak, VIC – $232,000 increase
- Collaroy, NSW – $232,000 increase
Top-Performing Perth Suburbs
- Applecross – $376,000 increase
- Swanbourne – $367,000 increase
- Churchlands – $324,000 increase
- Trigg – $309,000 increase
- City Beach – $303,000 increase
- Mount Hawthorn – $300,000 increase
- Rossmoyne – $300,000 increase
- Marmion – $295,000 increase
- Wembley Downs – $290,000 increase
- Woodlands – $280,000 increase
Looking Ahead: Will the Property Boom Continue?
As we move into 2025, many investors and homeowners are wondering if this upward trend will persist. While economic factors such as interest rates and housing supply will play a crucial role, the demand for property in thriving markets remains high.
For homeowners in these 77 suburbs, the past year has delivered an unexpected windfall, reinforcing the enduring appeal of property investment in Australia. Whether this momentum will continue remains to be seen, but one thing is certain: those who bought in these areas before the boom are sitting on a goldmine.
Leave a Reply