Interest rate cuts have fuelled unit and house price growth across the nation, with home values up $200,000 in some suburbs.
While that’s fantastic news for homeowners, it comes as a further blow for those already struggling to get into the market.
Scroll to end to search every suburb. Here’s how it played out in our biggest cities:
ADELAIDE
Adelaide’s northern suburbs continue to be the state’s biggest performers for house price growth over the past year, but new data shows there are some rising stars that are well worth keeping an eye on.
PropTrack’s latest quarterly value data reveals the northern suburbs again dominated the top 20 with 14 of the identified locations situated in the northern suburbs.
The further flung coastal locale of Fisherman Bay notched up the greatest 12-month change in home value, with the town’s median house price jumping 31.l2 per cent from $73,976 to $97,079.
Home values are up in every suburb PropTrack has house or unit data for across South Australia. Picture: Ben Clark
It was followed by units in both Salisbury North, which jumped 24.5 per cent over the year and Murray Bridge where their values have climbed 24.2 per cent.
Houses in Elizabeth North and Elizabeth Downs rounded out the top five.
However, while the north shone for 12 month growth, when it comes to the top suburbs for quarterly value growth, it was a mixed bag.
BRISBANE
The Queensland property market has outpaced the national average growth by more than double, with home prices across the Sunshine State up about 14 per cent compared to just under 7 per cent Australia-wide.
Latest quarterly home values data shows Brisbane’s outer suburbs once again recorded the city’s biggest gains, as the ongoing affordability crisis drives heated competition for entry-level homes.
Priced-out buyers maximised savings by opting for units over houses, with the apartment sector recording the largest increases in these areas since January.
Homeowners in the Sunshine State have plenty of reasons to smile. Picture: Supplied
PropTrack’s report shows Queensland’s average annual growth of 13.56 per cent far eclipsed the national average of 6.77 per cent – though a suburb-by-suburb breakdown revealed far higher price hikes in a slew of areas.
The data shows 761 of the state’s house or unit markets saw annual growth of at least 10 per cent, with 226 where prices were up by 20 per cent or more.
MELBOURNE
Houses in nearly 130 Victorian suburbs are worth at least $10,000 more compared to three months ago, with signs the state’s property market has turned a corner.
New research from PropTrack has revealed that median house prices in 431 suburbs and towns across Victoria increased in the March quarter by as much as 5.5 per cent – equating to five-figure increases for several areas.
Houses are up by more than $10,000 over the past quarter in almost 130 Victorian suburbs. Pic: Tennis Australia/NICK LA GALLE
Across Greater Melbourne, the suburbs of West Melbourne, Albion and Waterways experienced the largest change in their median house prices.
Since December, West Melbourne’s typical median has stacked on almost $60,000 in value to hit $1,148,748.
SYDNEY
Interest rate cuts have fuelled another upswing in home prices across much of Sydney, with values rising in three quarters of city suburbs over the last three months.
Exclusive PropTrack data showed the rises were as high as 5-6 per cent in many areas over the period – a greater increase than what most Aussie suburbs usually get in a full year.
Most of that growth came in the weeks after the Reserve Bank slashed the cash rate by 0.25 per cent in mid-February.
The bumper property price growth broke a period of softer conditions in the housing market that had started in spring.
Home values in some Sydney suburbs are up by almost $200,000 than three months ago. Pic: Getty Images
PropTrack’s latest Quarterly Home Value Data showed prices rose in 75 per cent of Sydney suburbs since the end of December.
Higher-end housing markets including Coogee, Crows Nest, Cronulla and Clovelly experiencing price rises between 5-6 per cent over the last three months, up to $200,000 higher than the previous quarter.
Keen to know how much your suburb’s median has changed since interest rates started being cut?
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