Suburb Level Figures Paint Stronger Picture

While national property figures paint a negative picture of how the property market is faring, suburb-level data shows a better performance.

According to PropTrack data, prices in the majority of Australian suburbs have increased in the past 12 months.

Prices are higher in 85% of house markets and 90% of unit markets. Most of the suburbs which recorded a decline were down by 3% or less.

Suburbs with medians in the more affordable end of the market recorded the biggest price growth.

REA Group senior economist Anne Flaherty says regional areas have broadly outperformed the capital city markets.

Ravenswood in northern Tasmania recorded the highest growth of 41%, followed by Home Hill in Townsville which is up by 40% and Waverley – also in northern Tasmania – which is up by 39%, along with Rangeway in Western Australia.

In the unit market, Hillcrest and Beenleigh in Logan and Orelia in South-West Perth are all up 42% in the past 12 months.