Unique new research by Aussie Home Loans and CoreLogic has followed home prices over the last 25 years to identify those suburbs that have delivered the highest long term price growth. And one suburb sits atop the national leader board amassing total price growth of 1,496% since 1993.
That suburb is Suffolk Park in the Byron region of NSW. Here, in this idyllic corner of the state, the median house price has risen from just $74,250 in 1993 to a massive $1.185 million today.
Just as exciting, suburbs in regional areas of NSW also took out a number of the national top five spots. In Millfield near the Hunter Valley town of Cessnock, houses have enjoyed 25-year gains of 1,348% with the median price rising from $29,000 in 1993 to $420,000 today.
In the Illawarra, the Shoalhaven suburb of Callala Bay has achieved house price growth of 1,270% since 1993, rising from $43,000 to $589,500.
Outer suburbs shine for value growth
Looking at Sydney as a whole, the city has delivered strong gains over the past 25 years with today’s median house price of $1.026 million being a far cry from the median value of $166,000 back in 1993. Apartments have performed well too, rising from a median value of $163,000 in 1993 to today’s median of $753,000.
And here’s the real crunch – according to CoreLogic’s estimates, over the next 25 years Sydney’s median house price could rise to $6.3 million and apartments could reach $3.47 million!
Nonetheless, the big question that five million Sydneysiders are undoubtedly asking, is which Sydney suburb has performed best over the last 25 years? Could it be your patch?
Here too, you may be surprised.
Currans Hill near Camden on the outskirts of Sydney, has taken out top place for the city’s 25-year price gains, with house prices jumping 1,135%, taking the median value from $53,000 in 1993 to $655,000 in 2018.
Clovelly, to the city’s east, comes in at second place for Sydney’s strongest value growth. Here, the median house price has skyrocketed from $273,000 in 1993 to $3.3 million today – a long term gain of 1,111%.
Perhaps surprisingly, many of the top performing suburbs in Sydney over the past 25 years lie on the city’s fringe. Suburbs in the Hills District, Campbelltown, Gosford, and Liverpool have all performed extremely well spurred by population growth.
Regional areas dish up outstanding gains
As we’ve already seen, the Hunter Valley has performed well for price growth since 1993. In the Upper Hunter for instance, the mining town of Singleton has seen 25-year house price growth of 1,270%. And in towns like Dora Creek in Lake Macquarie, a house that may have cost $87,000 25 years ago could now set a buyer back around $600,000.
But further away from Sydney, on the mid-north coast, Boambee in Coffs Harbour is proving no slouch in the growth stakes, having recorded gains of 984% since 1993. That’s taken the median house price from a tiny $65,000 to $705,000 today.
To the south of the state, in Gundaroo in the Yass Valley, a house would have cost around $70,000 back in 1993 but today the median house price is $880,000 – an exceptional long term gain of 1,157%. Discover which New South Wales suburbs have been the top performers over the past 25 years by viewing the full Aussie/CoreLogic 25 years of housing trends report or contact your Aussie Broker for a free copy.
