Australia’s property market is undergoing a fascinating recalibration, shedding the wild swings of recent years for a more measured, yet widespread, ascent.
PropTrack’s latest quarterly Home Price Index reveals a nationwide surge in September, with every capital city and regional market experiencing growth.
See below for a breakdown on how each key state performed.
QUEENSLAND
Queensland home prices have exploded by as much as 30 per cent in the past year, with shock new data revealing a string of regional suburbs among the nation’s fastest-rising markets.
While values across Greater Brisbane climbed a solid 10 per cent, several suburbs outside the capital have recorded triple that rate of growth as buyers pushed further afield in search of affordability.
SEE HOW YOUR SUBURB PERFORMED DURING THE SEPTEMBER QUARTER
The Sunshine State’s top performers were dominated by regional centres in Townsville, Central Queensland, Moreton Bay and Logan, underscoring how the affordability crunch has shifted the property boom beyond the southeast.
PropTrack’s price breakdown for every Aussie house and unit market showed apartments outperformed freestanding houses, while just two Greater Brisbane suburbs ranked among the state’s top ten growth hotspots.
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Rosslea units ranked first, up 34 per cent to $356,010, then Caboolture (+33pc, $706,449), Railway East (+32pc, $356,889), Hermit Park (+32pc, $321,903), and Kooralbyn (+31pc, $422,022).
For houses, Mount Morgan in Central Queensland led with a 31 per cent jump to $299,014. Other top house markets were: Hyde Park (+29pc, $679,702), Thuringowan (+29pc, $592,848), Slade Point (+28pc, $605,942) and Rasmussen (+28pc, $537,236).
Greater Brisbane’s top performers were the Southern Moreton Bay Islands group, where house prices were up more than 20 per cent to between $493,719 and $750,674.
Read the full story here.
TASMANIA
Hobart homeowners are getting richer while they sleep, as values in some areas grow by hundreds of dollars every day.
September’s best performers were Bellerive houses and Old Beach units, where the median value climbed by $36,262 and $30,303 throughout the quarter.
That’s $394 per day in Bellerive and $329 in Old Beach, per PropTrack’s Quarterly Home Values report.
Hobart homeowners are getting richer by the minute with the Tasmanian capital experiencing a massive property price surge during the September quarter.
The report also found that of the 51 greater Hobart suburbs where houses were analysed, 36 areas posted positive growth between 1 per cent – such as Moonah, Primrose Sands, Bridgewater – through to the top performer, Bellerive.
Unit suburbs recorded positive growth in 25 out of 31 areas, led by Old Beach but with Warrane, and West Moonah not far behind with a 5 per cent quarterly increase.
Read the full story here.
VICTORIA
Melbourne’s housing market has turned a corner, posting its fastest quarterly rise in more than two years and marking the end of the city’s post-pandemic slump.
PropTrack’s latest quarterly figures show 371 Melbourne suburbs recorded higher house values in the September quarter as part of a “healthy recovery”, while only 36 fell or held flat.
That means almost 90 per cent of suburbs are now in growth mode, confirming momentum has returned across every corner of the city.
The biggest jump for houses came in Hawthorn, where the median house price surged $223,000 (9 per cent) to $2.81m.
Shilpa Iyengar and her husband Yann Bodson have moved to Melbourne from Perth.
Hawthorn was the only inner-east suburb among Melbourne’s top-growth performers, outpacing a list dominated by more affordable northern and outer-south-east postcodes.
Coolaroo followed with a $41,000 (8 per cent) lift to $589,000, while Frankston North rose $43,000 (7 per cent) to $647,000.
Other strong performers included Wheelers Hill, where unit values jumped 20.2 per cent, and Campbellfield and Chelsea Heights,both recording quarterly gains near 9 per cent.
Middle-ring suburbs such as Preston, Wallan and Strathtulloh climbed about 3 per cent, in what economists have called “steady,sustainable growth”.
Read the full story here.
NEW SOUTH WALES
Sydney’s unit market has bounced back as interest rate cuts launch a scramble for apartments in cheaper western suburbs.
PropTrack figures provided exclusively to the Saturday Telegraph revealed multiple areas where there was a double digit rise in unit values over the past three months.
This was the period directly following the last cash rate cut by the Reserve Bank of Australia in August – one of three interest rate cuts announced this year.
Most of the suburbs with the biggest rises were cheaper markets within Sydney’s southwest and northwest, with agents reporting affordability barriers in the rest of the city made these areas popular.
Sydney’s unit market is going from strength to strength.
Lalor Park in the Blacktown region led the charge in growth, with unit prices jumping a staggering 20 per cent in the three-month period.
Other top growth suburbs, where values rose 10-12 per cent, were Yagoona and Bass Hill in the Canterbury-Bankstown region and, further southwest, Miller and Ashcroft.
Values for all types of dwellings in Greater Sydney as a whole rose by about 2 per cent over the same period.
Growth in unit prices across most of Sydney had been largely dormant over 2024, with houses tending to lead growth in most areas.
Read more here.
SOUTH AUSTRALIA
PropTrack’s latest quarterly home value report brings good news for most SA homeowners, and for those experiencing the pain of struggling to enter the market, some green shoots as home values fall in some areas.
According to the figures, Gilberton house values have grown the most over the past quarter – up 10 per cent to a $1.54m median – the only suburb to record double-digit growth for the quarter.
Its 12-month change was also solid at 10 per cent.
Kilburn units, Two Wells houses and Kurralta Park units also recorded a 9 per cent jump for the quarter, while houses in Croydon Park, Parafield Gardens and Devon Park, and units in Semaphore, Walkerville and Klemzig were all up 8 per cent for the quarter.
Some of our coastal suburbs came up trumps for 12 month growth, with Brighton units the star performers at an increase of 21 per cent, ahead of West Beach and Seacliff units – both up 19 per cent.
Somerton Park houses recorded the fourth-highest growth at 18 per cent, ahead of Hove units at 17 per cent.
Read the full story here.
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