Report reveals top suburbs for capital growth in 2008

Staff Reporter Wednesday, 25 Mar 2009 1 minute read

Despite a generally flat market some areas have still achieved outstanding growth over the past 12 months a report released today has revealed.

According to an RP Data report properties under the $500,000 mark achieved the strongest capital growth over the course of 2008.

A majority of the top growth areas, 62.5 per cent, were also situated in capital city areas while the greater part of strong growth regional locations were in close proximity to major centres.

The strongest annual price growth was recorded for units in Greenwich, Sydney, with annual median price growth of 49.8 per cent.

Top capital growth suburbs by state

(Growth in year to Dec 08, median price)

NSW
Houses - McMahons Point – 47.4% - $1,675,000
Units - Greenwich – 49.8% - $490,000

VIC
Houses - Portsea – 38.6% - $1,455,000
Units- Dallas– 48.3% - $222,500

QLD
Houses – River Heads – 43.1% - $415,000
Units – North Lakes – 47.3% - $460,920

SA
Houses – Teringie – 49.5% - $830,000
Units – Underdale – 47.8% - $340,000

WA
Houses – Coolbinia – 43.1% - $1,331,000
Units – South Headland – 44.4% - $455,000

TAS
Houses - Campania – 46.3% - $275,000
Units – Hobart – 35.7% - $480,000

NT
Houses – Virginia – 30.9% - $540,000
Units – The Gardens – 39.0% - $535,000

ACT
Houses - Franklin – 25.6% - $515,000
Units – Campbell – 49.7% - $369,000