Australia’s top performing suburbs for 2018 for house & units
On what has been a turbulent year in housing market movements throughout 2018, Corelogic has released their annual report Best of the Best, for 2018. The Corelogic Best of the Best 2018 report provides an in depth review of housing values based on all data current to November 2018. The report covers a range of housing data metrics such as median values, 12-month change, 5-year change and rental rates and yields over time. The data provides house and unit values across a national level and capital city-suburb level.
Our article provides a snapshot of the Best of the Best report, touching on some of the comments made by Corelogic’s Australian head of research Cameron Kusher, and the broader sentiment on the housing market.
When summing up the 2018 housing market, CoreLogic head of Australian research Cameron Kusher described it as a market which at a macro level is slowing quite rapidly however, when you dig under the surface you can see that market conditions are as mixed as they have ever been.
Over the past year the annual changes in dwelling values across the individual capital cities were recorded at:
- Sydney: -8.1% (largest annual fall since May 1983)
- Melbourne: -5.8% (largest annual fall since March 2009)
- Brisbane: +0.3%
- Adelaide: +1.4%
- Perth: -4.2%
- Hobart: +9.3%
- Darwin: -0.8%
- Canberra: +4.0%
Unlike previous housing market slowdowns which have typically been driven by an economic slowdown (such as the last recession or the GFC) or higher mortgage rates, this slowdown has been manufactured via tighter credit conditions while the economy continues to grow and mortgage rates sit at near record low levels. With access to money from banks and lenders being easy to come by over the last decade, more recently we are seeing increased scrutiny over lending practises and borrowing. Whereby investors and interest-only borrowers are now having to pay higher mortgage rates, borrowers with small deposits are finding it more difficult to obtain finance as are those with high levels of overall debt while all borrowers are having their expenses more forensically scrutinised before being given mortgages.
At the time this report was released, Cameron Kusher expects the outlook for 2019 to be more of the same. “The expectation is that there will be further value falls nationally with these declines largely being driven by Sydney and Melbourne however, value growth is expected to slow or remain stable in most other regions of the country on the back of the tighter credit conditions,” Mr Kusher says.
Australia’s top performing suburbs in the housing market, 2018
CoreLogic’s 38-page report includes property data snapshots on:
National Top 10 – Suburb level (House & Units)
- Highest Gross Rental Yields
- Highest Gross Rental Yields within 10kms of a Capital City
- Highest Median Advertised Rents (Weekly)
- Lowest Median Advertised Rents (Weekly)
- Highest Total Value of Sales
- Learn more
Top 10 Performing Suburbs – Per capital city (House & Units)
- Highest Median Value
- Lowest Median Value
- Lowest Median Value within 10km of a Capital City
- Greatest 12 month Change in Median Values
- Greatest 5 year Change in Median Values
- Highest Gross Rental Yields
- Highest Gross Rental Yields within 10kms of a Capital City
- Highest Median Weekly Advertised Rents
- Lowest Median Weekly Advertised Rents
- Highest Total Value of Sales
- Learn more
Quick snapshot of top performers per capital city
Sydney’s Best Performing Suburbs 2018
Highest Median Value
– HOUSES: Bellevue Hill, Woollahra, NSW: $4,670,239
– UNITS: Point Piper, Woollahra, NSW: $2,232,840
Greatest 12 month Change in Median Values
– HOUSES: Oakdale, Wollondilly, NSW: 18.1%
– UNITS: Eastgardens, Botany Bay, NSW: 22.8%
Greatest 5 year Change in Median Values
– HOUSES: Greenwich, Lane Cove, NSW: 91.6%
– UNITS: Ettalong Beach, Central Coast, NSW: 84.6%
Highest Gross Rental Yields
– HOUSES: Warragamba, Wollondilly, NSW: 4.8%
– UNITS: Carramar, Fairfield, NSW: 5.1%
Highest Median Weekly Advertised Rents
– HOUSES: Bellevue Hill, Woollahra, NSW: $2,500
– UNITS: Millers Point, Sydney, NSW: $1,200
See more of Sydney’s top performing suburbs
Melbourne’s Top Performing Suburbs 2018
Highest Median Value
– HOUSES: Toorak, Stonnington, VIC: $3,800,067
– UNITS: Brighton, Bayside, VIC: $1,071,726
Greatest 12 month Change in Median Values
– HOUSES: Gembrook, Cardinia, VIC: 13.6%
– UNITS: Wyndham Vale, Wyndham, VIC: 16.5%
Greatest 5 year Change in Median Values
– HOUSES: Rockbank, Melton, VIC: 92.1%
– UNITS: Rosebud, Mornington Peninsula, VIC: 66.3%
Highest Gross Rental Yields
– HOUSES: Melton, Melton, VIC: 4.2%
– UNITS: Carlton, Melbourne, VIC: 6.9%
Highest Median Weekly Advertised Rents
– HOUSES: Toorak, Stonnington, VIC: $1,200
– UNITS: Brighton East, Bayside, VIC: $620
See more of Melbourne’s top performing suburbs
Brisbane’s Best Performing Suburbs 2018
Highest Median Value
– HOUSES: Teneriffe, Brisbane, QLD: $1,501,064
– UNITS: New Farm, Brisbane, QLD: $608,945
Greatest 12 month Change in Median Values
– HOUSES: Woodford, Moreton Bay, QLD: 18.3%
– UNITS: Victoria Point, Redland, QLD: 16.2%
Greatest 5 year Change in Median Values
– HOUSES: Seven Hills, Brisbane, QLD: 49.4%
– UNITS: Woody Point, Moreton Bay, QLD: 34.0%
Highest Gross Rental Yields
– HOUSES: Russell Island, Redland, QLD: 6.7%
– UNITS: Kingston, Logan, QLD: 7.9%
Highest Median Weekly Advertised Rents
– HOUSES: Pullenvale, Brisbane, QLD: $830
– UNITS: Teneriffe, Brisbane, QLD: $528
See more of Brisbane’s top performing suburbs
Adelaide’s Best Performing Suburbs 2018
Highest Median Value
– HOUSES: Toorak Gardens, Burnside, SA: $1,430,509
– UNITS: Norwood, Norwood Payneham St Peters, SA: $487,302
Greatest 12 month Change in Median Values
– HOUSES: Seacliff, Holdfast Bay, SA: 12.6%
– UNITS: Lightsview, Port Adelaide Enfield, SA: 14.2%
Greatest 5 year Change in Median Values
– HOUSES: Kingswood, Mitcham, SA: 40.0%
– UNITS: West Beach, Charles Sturt, SA: 26.1%
Highest Gross Rental Yields
– HOUSES: Elizabeth North, Playford, SA: 8.3%
– UNITS: Salisbury, Salisbury, SA: 7.0%
Highest Median Weekly Advertised Rents
– HOUSES: Walkerville, Walkerville, SA: $645
– UNITS: Adelaide, Adelaide, SA: $425
See more of Adelaide’s top performing suburbs
Perth’s Top Performing Suburbs 2018
Highest Median Value
– HOUSES: Dalkeith, Nedlands, WA: $2,374,232
– UNITS: Cottesloe, Cottesloe, WA: $777,310
Greatest 12 month Change in Median Values
– HOUSES: Floreat, Cambridge, WA: 8.1%
– UNITS: Bayswater, Bayswater, WA: 8.0%
Greatest 5 year Change in Median Values
– HOUSES: Cottesloe, Cottesloe, WA: 12.1%
– UNITS: Applecross, Melville, WA: -1.4%
Highest Gross Rental Yields
– HOUSES: Cooloongup, Rockingham, WA: 6.3%
– UNITS: Baldivis, Rockingham, WA: 6.2%
Highest Median Weekly Advertised Rents
– HOUSES: Dalkeith, Nedlands, WA: $950
– UNITS: North Fremantle, Fremantle, WA: $550
See more of Perth’s top performing suburbs
Hobart’s Top Performing Suburbs 2018
Highest Median Value
– HOUSES: Sandy Bay, Hobart, TAS: $920,464
– UNITS: Battery Point, Hobart, TAS: $654,919
Greatest 12 month Change in Median Values
– HOUSES: Risdon Vale, Clarence, TAS: 23.3%
– UNITS: West Hobart, Hobart, TAS: 23.7%
Greatest 5 year Change in Median Values
– HOUSES: Old Beach, Brighton, TAS: 78.3%
– UNITS: West Hobart, Hobart, TAS: 65.2%
Highest Gross Rental Yields
– HOUSES: Herdsmans Cove, Brighton, TAS: 8.9%
– UNITS: Claremont, Glenorchy, TAS: 6.8%
Highest Median Weekly Advertised Rents
– HOUSES: Sandy Bay, Hobart, TAS: $650
– UNITS: Battery Point, Hobart, TAS: $500
See more of Hobart’s top performing suburbs
Darwin’s Top Performing Suburbs 2018
Highest Median Value
– HOUSES: Fannie Bay, Darwin, NT: $769,733
– UNITS: Bayview, Darwin, NT: $402,897
Greatest 12 month Change in Median Values
– HOUSES: Johnston, Palmerston, NT: 14.7%
– UNITS: Bakewell, Palmerston, NT: 1.6%
Greatest 5 year Change in Median Values
– HOUSES: Herbert, Litchfield, NT: 4.5%
– UNITS: Nightcliff, Darwin, NT: -22.2%
Highest Gross Rental Yields
– HOUSES: Zuccoli, Palmerston, NT: 8.4%
– UNITS: Bakewell, Palmerston, NT: 7.1%
Highest Median Weekly Advertised Rents
– HOUSES: Fannie Bay, Darwin, NT: $800
– UNITS: Bayview, Darwin, NT: $525
See more of Darwin’s top performing suburbs
Canberra’s Top Performing Suburbs 2018
Highest Median Value
– HOUSES: Griffith, Unincorporated ACT, ACT: $1,546,882
– UNITS: Garran, Unincorporated ACT, ACT: $577,532
Greatest 12 month Change in Median Values
– HOUSES: Throsby, Unincorporated ACT, ACT: 30.9%
– UNITS: Kambah, Unincorporated ACT, ACT: 14.9%
Greatest 5 year Change in Median Values
– HOUSES: Crace, Unincorporated ACT, ACT: 74.6%
– UNITS: Pearce, Unincorporated ACT, ACT: 27.9%
Highest Gross Rental Yields
– HOUSES: Phillip, Unincorporated ACT, ACT: 6.7%
– UNITS: Wright, Unincorporated ACT, ACT: 6.5%
Highest Median Weekly Advertised Rents
– HOUSES: Red Hill, Unincorporated ACT, ACT: $828
– UNITS: City, Unincorporated ACT, ACT: $593
See more of Canberra’s top performing suburbs
Data and recency behind the report
The Best of the Best 2018 highlights the top 10 suburbs (house & unit) nationally & across each of the capital cities based on the below criteria:
- All data highlighted is current to November 2018: Total value of sales to September 2018.
- Median value data: Based on the middle value of all automated valuations across the suburb.
- 12-month change: The percentage difference between the median AVM value in the same period compared 12 months ago.
- 5-year change: The percentage difference between the median AVM value in the same period compared 5 years ago.
- Rental rates: Quotes are based on the median across all rental advertisements over the 12 months to November 2018.
- Gross rental yields: Calculated across those properties advertised for rent. The annualised rental listing is divided by the valuation estimate to derive a gross yield for individual properties. The displayed gross yield is the median across the region over the period.
- Total Value of Sales data: The total value of all property transactions recorded over the 12 months to September 2018. Included in the analysis are only those suburbs that had at least 200 dwellings, 20 rental observations, 20 sales with a minimum of 100 AVM observations.
Note: Included in the analysis are only those suburbs that had at least 200 dwellings, 20 rental observations, 20 sales with a minimum of 100 AVM observations.
To read the overview and download the full report, click here.
Source:
– Best of the Best 2018, Corelogic, Cameron Kusher, 18 December 2018. Read article
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