PropTrack data shows 49 capital city suburbs where prices jumped 22% or more — more than three times faster than the national pace. The last time home values climbed that quickly nationwide was in 2021, when record-low interest rates fuelled a broad housing boom.
“The housing upswing has gained momentum and home prices have hit a new record high,” said REA Group senior economist Eleanor Creagh (pictured), who added that lower mortgage rates and improved sentiment are driving renewed competition.
The strongest price growth remains concentrated in Brisbane, Adelaide, and Perth, which have been the nation’s top-performing markets in recent years.
“In Brisbane, Adelaide and Perth the pace of annual growth is easing from earlier highs, though prices are at record levels and continue to rise briskly,” Creagh said.
Perth led the gains with 19 suburbs up at least 22%, including Trigg, Como and Bicton.
“It’s got a real mix of properties,” said Yard Property’s Todd Grierson of Bicton, where prices lifted almost 24%. “There’s some premium riverfront homes as good as anywhere in Perth, but there’s also affordable properties for first-home buyers.”
Adelaide followed with 17 suburbs showing triple the national growth rate, led by higher-priced beachside and inner suburbs such as Somerton Park, Semaphore, and Clarence Gardens.
In Brisbane, eight suburbs exceeded 22% annual growth, including several in the Ipswich region, where affordability and first-home buyer demand remain strong.
“We’ve had pretty consistent growth for the past five years, but what’s really kicked it again is the 5% deposit scheme for first-home buyers,” Joshua Schweitzer of Schweitzer Estate Agents told realestate.com.au.
“Across Ipswich, that release of more buyers able to purchase in that price point under $1 million has strengthened demand.”
In Sydney, only three suburbs saw growth above 22%— Bayview, Kurrajong and Ashcroft — while Hobart’s Kingston Beach jumped nearly 30%, and Zuccoli in Darwin rose 22.5%.
Melbourne remains the only capital without a suburb above 22% growth, though its median has now surpassed early 2022 peaks, supported by renewed investor activity in affordable outer suburbs.
Creagh said the market’s momentum reflects a “synchronised expansion” underpinned by lower rates and tight supply, noting that while affordability limits how far prices can rise, competition among buyers remains intense heading into summer.
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