Australia's top growth suburbs of 2023

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Published on Jan 17, 2024

Many leading economists predicted a major slump for Australian property prices in 2023. Instead, we saw home values rebound rapidly in markets all over the country.

The year capped off with a new record high for Aussie home prices, and dozens of suburbs from every state delivered outstanding gains.

Here are the standout growth suburbs of 2023 according to PropTrack data.

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Sydney and NSW

Suburb	Area	Average home value	Annual growth
Denistone East	Ryde	$2,332,000	17%
Clontarf	Northern Beaches	$5,523,000	17%
Parklea	Blacktown	$1,378,000	16%
Queens Park	Eastern Suburbs	$3,381,000	15%
Millers Point	City and Inner South	$2,707,000	15%
Banksmeadow	City and Inner South	$1,002,000	15%
Beacon Hill	Northern Beaches	$2,223,000	15%
Kings Langley	Blacktown	$1,431,000	14%
North Balgowlah	Northern Beaches	$3,123,000	14%
Darlington	City and Inner South	$1,807,000	14%

Suburb	Area	Average home value	Annual growth
Culcairn	Murray	$325,000	13%
Coolamon	Riverina	$478,000	11%
Grenfell	Central West	$334,000	11%
Leeton	Riverina	$414,000	10%
Springvale	Riverina	$1,314,000	10%
Scone	Hunter Valley exc Newcastle	$515,000	10%
Deniliquin	Murray	$334,000	9%
Calala	New England and North West	$563,000	9%
Tolland	Riverina	$421,000	9%
Junee	Riverina	$400,000	9%

Melbourne and Victoria

Suburb	Area	Average home value	Annual growth
Harkaway	South East	$1,294,000	10%
Officer South	South East	$820,000	10%
Balnarring	Mornington Peninsula	$1,388,000	8%
Balwyn	Inner East	$2,079,000	8%
Somers	Mornington Peninsula	$1,666,000	8%
Deepdene	Inner East	$3,006,000	8%
Canterbury	Inner East	$2,708,000	8%
Glen Waverley	South East	$1,507,000	8%
Vermont South	Outer East	$1,458,000	7%
Forest Hill	Outer East	$1,155,000	7%

Suburb	Area	Average home value	Annual growth
Rosedale	Latrobe - Gippsland	$493,000	11%
Heyfield	Latrobe - Gippsland	$404,000	8%
Yallourn North	Latrobe - Gippsland	$348,000	8%
Beechworth	Hume	$753,000	8%
Kyabram	Shepparton	$414,000	8%
Orbost	Latrobe - Gippsland	$349,000	7%
Golden Beach	Latrobe - Gippsland	$388,000	5%
Cobram	Shepparton	$427,000	5%
Dimboola	North West	$251,000	5%
Stratford	Latrobe - Gippsland	$505,000	5%

Brisbane and Queensland

Suburb	Area	Average home value	Annual growth
Riverview	Ipswich	$464,000	24%
Acacia Ridge	Brisbane - South	$681,000	22%
Rochedale	Brisbane - South	$1,513,000	21%
Salisbury	Brisbane - South	$967,000	21%
Leichhardt	Ipswich	$468,000	20%
Browns Plains	Logan - Beaudesert	$624,000	20%
Silkstone	Ipswich	$545,000	20%
Regency Downs	Ipswich	$655,000	20%
Woodridge	Logan - Beaudesert	$481,000	19%
Laidley Heights	Ipswich	$626,000	19%

Suburb	Area	Average home value	Annual growth
Chinchilla	Darling Downs - Maranoa	$323,000	20%
Main Beach	Gold Coast	$1,282,000	17%
Biloela	Central Queensland	$387,000	16%
Port Douglas	Cairns	$478,000	16%
Surfers Paradise	Gold Coast	$666,000	16%
Blackwater	Central Queensland	$206,000	16%
Wondai	Wide Bay	$328,000	14%
Murgon	Wide Bay	$256,000	14%
Oakey	Darling Downs - Maranoa	$380,000	14%
Roma	Darling Downs - Maranoa	$381,000	14%

Adelaide and South Australia

Suburb	Area	Average home value	Annual growth
Elizabeth North	Adelaide - North	$366,000	30%
Elizabeth Downs	Adelaide - North	$407,000	27%
Davoren Park	Adelaide - North	$387,000	27%
Elizabeth South	Adelaide - North	$404,000	26%
Smithfield Plains	Adelaide - North	$399,000	25%
Elizabeth Vale	Adelaide - North	$489,000	24%
Smithfield	Adelaide - North	$438,000	24%
Elizabeth Grove	Adelaide - North	$435,000	23%
Elizabeth Park	Adelaide - North	$411,000	22%
Gawler West	Adelaide - North	$389,000	22%

Suburb	Area	Average home value	Annual growth
Murray Bridge	South East	$400,000	20%
Wallaroo	Barossa - Yorke - Mid North	$413,000	17%
Normanville	South East	$632,000	16%
Tailem Bend	South East	$295,000	15%
Angaston	Barossa - Yorke - Mid North	$532,000	14%
New Town	Barossa - Yorke - Mid North	$437,000	14%
Port Hughes	Barossa - Yorke - Mid North	$532,000	13%
Kapunda	Barossa - Yorke - Mid North	$419,000	13%
Moonta Bay	Barossa - Yorke - Mid North	$465,000	13%
Mannum	South East	$390,000	13%

Perth and Western Australia

Suburb	Area	Average home value	Annual growth
Armadale	Perth - South East	$404,000	34%
Brookdale	Perth - South East	$441,000	34%
Camillo	Perth - South East	$427,000	33%
Hilbert	Perth - South East	$533,000	32%
Gosnells	Perth - South East	$468,000	31%
Haynes	Perth - South East	$528,000	31%
Champion Lakes	Perth - South East	$604,000	30%
Orelia	Perth - South West	$429,000	30%
Parmelia	Perth - South West	$437,000	30%
Kwinana Town Centre	Perth - South West	$436,000	29%

Suburb	Area	Average home value	Annual growth
Withers	Bunbury	$347,000	23%
Carey Park	Bunbury	$361,000	22%
College Grove	Bunbury	$502,000	20%
Usher	Bunbury	$409,000	19%
Waroona	Bunbury	$405,000	17%
Collie	Bunbury	$304,000	17%
Glen Iris	Bunbury	$438,000	16%
Augusta	Bunbury	$728,000	15%
Eaton	Bunbury	$463,000	15%
East Bunbury	Bunbury	$445,000	14%

Tasmania, NT and ACT

2023 was a tougher year for Tasmania — only one Hobart suburb, Kingston Beach, saw positive growth over the 12-month period.

There were, however, some shining lights elsewhere in the state that brought solid gains.

Tasmania top performing suburbs 2023

Suburb	Area	Average home value	Annual growth
Westbury	Launceston and North East	$501,000	8%
Devonport	West and North West	$457,000	5%
Smithton	West and North West	$390,000	5%
Deloraine	Launceston and North East	$477,000	4%
Perth	Launceston and North East	$536,000	4%
Ulverstone	West and North West	$473,000	4%
Turners Beach	West and North West	$612,000	3%
East Devonport	West and North West	$396,000	3%
Youngtown	Launceston and North East	$528,000	3%
Port Sorell	West and North West	$611,000	3%

Westbury, just west of Launceston, had the strongest performance with +8 per cent added to home values, followed by Devonport and Smithton on the state's north coast.

The NT was a bit of a mixed bag over the year, although Darwin still produced some strong successes.

Northern Territory top performing suburbs 2023

Suburb	Area	Average home value	Annual growth
Berrimah	Darwin	$455,000	13%
Humpty Doo	Darwin	$503,000	6%
Muirhead	Darwin	$700,000	4%
Bayview	Darwin	$687,000	4%
Rapid Creek	Darwin	$456,000	3%
The Gardens	Darwin	$446,000	3%
Coconut Grove	Darwin	$373,000	2%
Larrakeyah	Darwin	$441,000	2%
Johnston	Darwin	$489,000	1%
Woolner	Darwin	$466,000	1%

By far the top mover was Berrimah with a standout +13 per cent uplift. Humpty Doo, Muirhead and Bayview were also among the suburbs that significantly outperformed the average.

Canberra's housing market ended 2023 more-or-less where it began with prices holding just about flat across the capital.

ACT top performing suburbs 2023

Suburb	Average home value	Annual growth
Aranda	$1,233,000	8%
Red Hill	$2,004,000	6%
Ainslie	$1,454,000	5%
Pearce	$1,062,000	4%
Torrens	$1,065,000	4%
O'Connor	$1,211,000	4%
Cook	$900,000	3%
Throsby	$981,000	3%
Gordon	$791,000	3%
McKellar	$967,000	3%

Suburbs like Aranda, Red Hill and Ainslie all bucked the trend by lifting home values by +5 per cent or more.

Source: PropTrack AVM price growth over 12 months to November 2023

Thinking of selling your property?

On the whole, 2023 delivered some amazing growth for homeowners around Australia despite the high interest rate environment, as evidenced by the numbers above.

It's key to consider, however, that if the median sale price in your suburb has jumped by +20 per cent, that doesn't necessarily mean that your home has grown +20 per cent in value. It may just reflect that more valuable homes have been sold in your market recently.

Getting a more accurate understanding of how properties like yours are performing in your area will require some research. Look at how similar sold homes have performed in your area to get a better sense of where your property sits in the market.

Making use of a free online estimation tool, getting a free property report, or speaking to a top local agent to get an appraisal are great ways to get a more tailored view of how your home should be valued in current local conditions.

Who's the right agent for you?