Australian Property News
Fringe suburbs deliver top growth
Posted on Saturday, March 13 2010 at 4:19 PM
Affordable fringe suburbs have delivered the fastest growth in property prices in Australia’s capital cities over the past decade, RP Data research reveals.
RP Data has named the top 20 best-performing capital city property markets over the past 10 years. Perth dominates, taking 11 places on the list.
The best capital city performer was units at Oakdowns in Hobart, which showed a growth rate of 34.6 per cent per annum over the past decade.
RP Data senior research analyst Cameron Kusher says many of the locations on the list have seen such strong percentage growth because they're coming from a very low base.
New developments have undoubtedly helped boost prices in many of these areas, he notes.
"A cause for concern within these more affordable areas will likely be the longer-term capital growth prospects of these suburbs," Kusher says.
"Whilst these areas generally see strong price growth initially, over the longer term the prospects aren't so rosy."
"Undoubtedly, getting into newly developed areas early can be a great strategy for making money, however longer term when reality kicks in and the lack of amenity strikes home, the growth prospects tend to not be as strong."
The top 20 growth locations over the past 10 years in Australia's capital cities, based on their average annual growth, are:
1. Oakdowns units, Tas (34.6%)
2. Herne Hill houses, WA (34.4%)
3. Blairmount houses, NSW (33.3%)
4. Jindalee houses, WA (33.3%)
5. Bertram houses, WA (33.3%)
6. Hammond Park houses, WA (33.1%)
7. Beecroft units, WA (32.7%)
8. Gunn houses, NT (32.7%)
9. Wattle Grove houses, WA (32.6%)
10. Gardenvale units, Vic (32.4%)
11. Aubin Grove houses, WA (32.3%)
12. Butler houses, WA (32.1%)
13. Bossley Park units, NSW (31.8%)
14. Adventure Bay houses, Tas (30.5%)
15. Carramar houses, WA (29.9%)
16. Marlow Lagoon houses, NT (29.4%)
17. Darch houses, WA (29.3%)
18. Sinagra houses, WA (29.0%)
19. Beeliar houses, WA (28.5%)
20. Daleys Point houses, NSW (28.1%)
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