A home at Kilda West for sale for $1.85m. Prices in the suburbs have grown by 27.3 per cent over the past year. Source: Supplied
UNITS in Lilyfield in Sydney, Belmont in Perth and St Clair in Adelaide have recorded the highest price growth of all capital city suburbs with median prices rising as high as 50 per cent over the past 12 months.
The top 50 suburbs from RP Data reveals units in Lilyfield jumped by 50 per cent this year from a median sale price of $480,000 to a whopping $720,000 this year.
Units in Belmont in Perth were selling for $327,500 in 2012 but this year, their median sale price is $477,750 - growth of 45.8 per cent. In third position is Gregory Hills in outer Sydney, where apartments are currently selling around $489,900 which is 44.1 per cent higher than last year. Saint Clair in South Australia is next with units now 43.6 per cent more expensive at $405,000.
The best growth suburbs are a grab bag of apartments in areas of increasing urban density, and high end houses close to the city.
The most affordable property in the list is Smithfield Plains in South Australia, where the median price of a unit is just $215,000. This however, is a 43 per cent increase in price from last year. The most expensive high-growth suburb is Peppermint Grove in Perth, where houses leapt by 38.7 per cent to a whopping $3,537,500.
Other million plus suburbs with strong growth include houses in Kyle Bay in Sydney, where median prices grew 30.4 per cent to $1,372,500, St Kilda West in Melbourne where homes are now $1,655,000 (growth of 27.3 per cent) and Mount Pleasant in Perth which grew 30.4 per cent to $1,200,000.
Nineteen of the top 50 suburbs were located in NSW, three were in Queensland and five in Northern Territory, while South Australia had 10. There were only two in Victoria - units in Dromana (28.4 per cent) and houses in St Kilda West in 50th place and just one in Tasmania, where property price growth has long been in the doldrums. In the southern capital, the sought after Battery Point, with its old world charm on the edge of the CBD reported 28.5 per cent growth.
"It's a really varied bunch with a heap of cheap and cheerful suburbs together with high end premium areas close to the city," said senior research analyst at RP Data, Cameron Kusher.
"It shows that it's been the low end and middle end suburbs that have been strongest to date with the highest growth and most of these top growth suburbs are in the more affordable ranges."
But Mr Kusher said the data revealed the prestige market was also back on the move.
"Over the past six months, there has been quite a lot of strength in premium housing market - not the absolute top end but between $900,000 to $3m."
But while the figures showed every suburb in the top 50 had grown by more than 20 per cent, continued growth at that level should not be expected.
"The highest growth - 30 to 50 per cent growth - is hard to maintain year on year," Mr Kusher said.
He said he expected more suburbs in Brisbane and Adelaide to enter the list next year, while Melbourne would also be better represented.
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