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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
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