PropTrack reveals where property prices have doubled in 2023

Although home prices fell throughout last year, strong demand and dwindling stock have resulted in five months of price gains in 2023. Recent PropTrack data has revealed the 10 suburbs across Australia that have seen house prices double the quickest relative to their median sales price in May 2023.

Of the 10, Boat Harbour in NSW’s Hunter region saw the quickest growth overall, with the median house price rising by 102 per cent ($846,250 to $1,707,500) in the 16 months to May 2023, followed by Proston, Queensland ($117,500 to $235,000 in 20 months), Humpty Doo, Northern Territory ($300,000 to $600,000 in 20 months), and Nirimba Fields, NSW ($541,000 to $1,130,100 in 20 months).

The rest of the top suburbs included:

• Box Hill, NSW - $600,000 to $1,225,000 in 21 months
• Murrays Beach, NSW – $625,000 to $1,250,000 in 22 months
• Melonba, NSW – $544,950 to $1,160,000 in 24 months
• Wy Yung, VIC – $417,500 to $840,000 in 24 months
• Vineyard, NSW – $2,417,500 to $5,000,000 in 24 months
• Grantham Farm, NSW – $514,000 to $1,050,000 in 25 months

Speaking to Mortgage Business, director of Greater West Finance Lee-Anne Cusack said while it’s exciting to see the value in your property rise, it’s not so for those looking to enter the housing market.

“They need to be able to save a bigger deposit and service a bigger loan, which with the current interest rates is hard.

“Price rises give people more equity and can put them in better LVR brackets to obtain better interest rates, however, we are finding that due to the increased serviceability rates that a lot of people wanting to refinance are not even able to service what they have now,” Ms Cusack said.

What are the ‘most serviceable’ suburbs?

PropTrack data also found the “most serviceable” (defined by where mortgages are affordable relative to the average income within the area) suburbs in Australia to own a house or a unit.

The suburbs with the smallest mortgage repayments relative to incomes include:

• Fisherman Bay, regional South Australia – monthly house mortgage repayments of $270 are 2.7 per cent of the average total income in the area at $61,000 per annum.
• Kambalda West, regional Western Australia – monthly house mortgage repayments of $670 are 4.4 per cent of the average total income in the area at $92,000 per annum.
• Blackwater, regional Queensland – monthly house mortgage repayments of $860 are 5.2 per cent of the average total income in the area at $98,900 per annum.

[RELATED: ‘Most serviceable’ suburbs revealed: PropTrack]