Australia’s top 10 property money makers: Suburbs with the biggest annual price growth

Homes in 10 suburbs in Australia have grown in price by at least 40 per cent over the past 12 months, defying the general market slowdown.

The latest Domain House Price Report has revealed the top-performing suburbs nationwide, with the top 10 spots dominated by Queensland and West Australian markets.

Ardross in Perth took the top spot, with a 49.3 per cent annual increase in house prices.

The recent price growth can be attributed to Ardross being near Applecross and Acton – two very sought-after suburbs – and the fact it falls under the catchment zone of popular high schools in Applecross, says local agent David Gooding of Acton | Belle Property Applecross.

“[Ardross is] doing a little bit of catch-up from some of the surrounding suburbs,” he says.

“People moving from adjoining suburbs or a little bit further away from the river and the city are looking to make that lifestyle change and to get closer to those areas and get into those high school zones.”

“Number two is the lifestyle amenities: close to the river, close to the city, freeway access, those types of things. It’s just a very convenient area, lots of nice lifestyle all around you, with rivers and that sort of thing.”

Suit buyers above $2.15m

17B Blaven Way, Ardross WA 6153

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The median house price in Ardross is $1,567,500, and with that sort of budget, a buyer can find an older home built before the 2000s with roughly 450 square metres of land, says Gooding.

Anything bigger or newer would need a budget of at least $1.8 million, he says.

While Ardross was the Australian suburb with the strongest property price growth over 2024, the majority of the best performers were more affordable areas.

“The better-performing suburbs are the more affordable ones because of the lack of affordable housing across Australia,” says Domain chief of research and economics Dr Nicola Powell.

“Australians are trying to seek those affordable pastures and get greater value for money, whether that be moving out of capital cities or within a capital city.”

For example, in the south-west Perth suburb of Medina, the median house price grew by 47.6 per cent in the past year, but it is still just $522,500 – well below the national median of $1.16 million.

OFFERS OVER $599,000

64 Brownell Crescent, Medina WA 6167

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“[Medina is] just undervalued,” says real estate agent Sue Done Southern of Gateway Real Estate.

“In the past, it’s been considered one of the poorer areas, but now there’s a lot of renovation going on. And because a lot of the properties were built in the 1950s, they’re all ready for renovation now.

“There is investor activity, but [the suburb] still appeals to families, and first-time home buyers can get in at that [$522,500 median] price,” she says.

With a budget of roughly $520,000, a buyer can find a three-bedroom, one-bathroom house on a 728-square-metre block, says Done. However, it would need some renovations, so she suggests having a budget closer to $535,000 to find properties that don’t need work.

Done expects Medina to continue experiencing high levels of price growth well into 2025 due to a lack of available supply.

In Brisbane, Highgate Hill’s median unit price soared by 48.2 per cent over the past year to $1,022,500.

Offers Over $3,450,000

3/39 Colville Street, Highgate Hill QLD 4101

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“One of our biggest kept secrets is that there is not a lot of developments going [in Highgate Hill],” says local agent Michael Hatzifotis of Place Estate Agents Kangaroo Point.

“There are a lot of boutique developments that have been around over the last few years where you’re finding a lot of people from the suburbs, from large homes, coming into the area. So, there’s been a bit more demand.

“Empty-nesters [are] coming into the area … There are also families that have teenagers and are moving out of the suburbs to come close to universities, close to work. A lot of people relocating from southern states.”

With a budget of $1 million, it’s possible to find a two-bedroom apartment with a multipurpose room that can be used as an office or a hobby room, says Hatzifotis.

Seven hours drive north of Brisbane CBD is Rockhampton City, where the median house price increased by 46.8 per cent but is still just $350,000.

Offers Over $299,000

18 Alma Street, Rockhampton City QLD 4700

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“We’ve seen an influx of investors from down south [because] you can’t really buy properties for the same price in any of the bigger cities,” says local agent Centelle Winstanley of McGrath Rockhampton.

“We get a lot of people from, you know, Sydney, Melbourne, even Brisbane, purchasing investment properties in this area, which has driven the pricing up. And because we are a mining town, the rental prices here have always been quite high compared to other places. So, you get quite a lot of rental yield as an investor.”

The median weekly rent in Rockhampton City has increased by an eye-watering 73.2 per cent in the past five years, bringing it up to $420 a week, according to Domain data.

With a budget in the $300,000 range, most properties available will need renovating, says Winstanley, but for something that requires little to no work, the ideal budget is upwards of $400,000 to $450,000.

“The majority of the properties here are three bed, one bath. Kind of cookie-cutter homes,” she says.

Powell believes this trend of more affordable towns or cities leading the pack in terms of growth will not last forever.

“What you tend to find in price cycles is that the premium end of the housing market does lead, and then the rest follow, you know, including like the mid-market and the lower end of the housing market,” she says.

“While we’ll probably see our more affordable markets hold up better relative to some of those more premium locations, I think over time, it kind of evens out.”