The best-performing suburbs around Australia in 2023

We reveal the suburbs in each state and territory that increased in value the most over 2023. Did yours make the list?

Rising rates did little to dampen the Australian residential housing market in 2023. Nationally, home values increased by 7% in the year to November, according to CoreLogic. “The performance of the housing market has been stress tested under the pressure of climbing interest rates, stretched affordability and the transition of many mortgage holders from low fixed rates, to high variable rate loans,” said Eliza Owen, CoreLogic’s Head of Research Australia. “Home values were not only resilient under these conditions, but reached new record highs.”

Capital cities performed better than regional locations. Perth led the way with annual growth of 13.5%, followed by Brisbane and Sydney where home values rose by 10.7% and 10.2% respectively.

Ms Owen described the rise in values as a “thinly traded upswing”. “Since February, CoreLogic estimates there have been an average 41,810 dwelling transactions a month, compared with 48,547 in the previous upswing between July 2020 and April 2022,” she explained.

In its Best of the Best 2023 report, CoreLogic identified the suburbs that had the greatest change in values in the 12 months to November 2023.

Tralee in Queanbeyan experienced the highest annual growth in the country with values rising by 34.2%, however, it is only one of two regional areas to make the cut. Capital city locations dominate the list of suburbs that experienced the highest house and unit growth over the year. Perth suburbs, in particular, feature very heavily.

With a median house price of more than $3 million Bayview in Sydney’s Northern Beaches is the most expensive suburb on the list but the vast majority of suburbs are significantly more affordable.

“As with historic periods of upswing, some of the strongest annual capital growth rates in the year to November were concentrated across the relatively ‘high end’ of the market, such as Whitlam houses in the ACT and Bayview houses in Sydney’s Northern Beaches,” noted Ms Owen. “However, in the context of high interest rates, limited borrowing capacity diverted more demand to relatively affordable pockets as the year progressed.” In the Perth suburbs of Brookdale, Armadale and Hilbert, for example, house values increased by more than 30% annually but remained below $550,000.

You can see the full list of best-performing suburbs in the tables below. Of course, it’s important to remember that past performance is not an indicator of future returns.

Houses: Top 10 suburbs based on growth in value nationally

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Source: CoreLogic Best of the Best 2023. Ranked by 12-month change in value which is the percentage difference between the hedonic home value index as at 30 November 2023 compared to 12 months before. 

Units: Top 10 suburbs based on growth in value nationally

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Source: CoreLogic Best of the Best 2023. Ranked by 12-month change in value which is the percentage difference between the hedonic home value index as at 30 November 2023 compared to 12 months before. 

Best-performing suburbs in each capital city

CoreLogic also identified the best-performing suburbs in each of the capital cities. The tables below show the suburbs in each state that experienced the greatest 12-month change in value for houses and units.

Perth had the best-performing suburb of all of the capital cities when looking at the change in the value of houses. The median house value in Brookdale grew by 32.8% over the 12 months to November 2023 to reach $474,532. It was also the second-best-performing suburb in the country.

Slacks Creek in Brisbane came up trumps when it came to growth in unit values which increased by 27.4%. The median unit value in the suburb was still a very affordable $341,460.

The majority of the suburbs featured in these tables experienced double-digit growth in the 12 months considered. The exceptions were Darwin for both houses and units and Canberra and Hobart for units only.

Houses: Best-performing suburb in each capital city

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Source: CoreLogic Best of the Best 2023. 12-month change in value is the percentage difference between the hedonic home value index as at 30 November 2023 compared to 12 months before. Sorted alphabetically by capital city.

Units: Best-performing suburb in each capital city

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Source: CoreLogic Best of the Best 2023. 12-month change in value is the percentage difference between the hedonic home value index as at 30 November 2023 compared to 12 months before. Sorted alphabetically by capital city.

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