No Stopping Price Growth

House prices rose in 70% of Australian suburbs during the first three months of the year and 71% of unit markets.

New valuations data from PropTrack shows that the more affordable regional markets and outer capital city suburbs had some of the biggest gains.

REA Group senior economist Anne Flaherty says that six of the top 10 performing suburbs for price growth during the quarter had a median house value below $1 million.  

In the house market the highest growth is 16% in Moree in New South Wales and Gelorup in Western Australia.

In the unit market, Geraldton in Western Australia is up 17% and Palmwoods on the Sunshine Coast in Queensland is up by 16%.

Flaherty says regional locations rank highly among the suburbs with the fastest rising home values.  

“People who are priced out of buying a home in a greater capital city are looking to regional markets,” she says.

“We have been seeing population growth in the regions, and as the population grows, there is a need for more goods and services, which also creates new jobs and more opportunities in those markets.”