A bumper year brought big equity gains to typical homeowners in these booming suburbs, and it’s not just people in Australia’s priciest neighbourhoods who are making bank.
The latest price data from PropTrack shows there were 77 suburbs where median home values jumped by at least $200,000 during 2024, earning some owners a huge windfall.
This five-bedroom Bellevue Hill house sold for $12.16 million last year. It changed hands for $10.4 million back in 2023 – a gain of $1.76 million in less than a year. Picture: realestate.com.au/sold
But while there were plenty of premium suburbs with multi-million dollar price tags on the list, especially in Sydney’s eastern suburbs and northern beaches, most suburbs were found in one of Australia’s most affordable capitals.
Of the 77 suburbs where prices rose by more than $200,000 last year, 52 were in Perth.
Half of these suburbs had median prices between $1 million and $1.5 million, and most recorded price rises of more than 20% during 2024.
PropTrack senior economist Angus Moore said part of the reason behind Perth’s strong price growth in the past few years was the fact that it was one of Australia’s most affordable capitals.
Since interest rates started rising in early 2022, buyers have increasingly searched in Australia’s more affordable housing markets, with increased competition causing prices to boom.
Even after an 18% jump in Perth prices last year to a citywide median value of $836,000, it’s still the third cheapest capital after Darwin and Hobart.
Perth’s outperformance came after the city’s housing market went through an extended trough when price growth lagged the rest of the nation, Mr Moore said, but values were now catching up.
![105 Bourke Street, Leederville, WA](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 800 450"%3E%3C/svg%3E)
The value of a typical house in Leederville in Perth’s inner north rose by $229,000 last year. This near-new Leederville home sold for $1.62 million last year. Picture: realestate.com.au/sold
“Perth had a soft decade through the 2010s following the mining investment boom when it saw enormous growth in home prices,” he said.
“After the end of that, home prices were expensive and haven’t seen the same growth over the 2020s as much of Australia has.”
“Even with the strong growth we’ve seen [recently], it does remain more affordable than the rest of Australia.”
Where house prices rose the most last year
In dollar terms, the suburb where house values increased the most during 2024 was Bellevue Hill in Sydney’s east.
With a median home value of just under $10 million, the affluent enclave is Australia’s priciest suburb. A 13% bump in house prices last year meant the value of a typical Bellevue Hill house rose by $1.1 million in the past year alone.
The median house value in Strathfield in Sydney’s inner west rose by almost half a million dollars to $3.94 million, while prices in Mermaid Beach on the Gold Coast rose by $447,000 to $3.07 million.
This three-bedroom house in Mermaid Beach sold for $3.715 million last year. The median house price in the Gold Coast suburb rose by more than $400,000 last year. Picture: realestate.com.au/sold
The data uses PropTrack’s automated valuation model (AVM) to determine a suburb’s median property value.
Mr Moore said even relatively modest growth in high value suburbs could result in prices rising by hundreds of thousands of dollars.
“Premium suburbs always show up with big dollar movements,” he said. “In general we’re not seeing the top end of the market outperform, although we are seeing some premium suburbs perform well.”
Prices rose by more than $300,000 in several pricey Perth suburbs, including Applecross, where this large Hamptons-inspired home recently sold for $6.2 million. Picture: realestate.com.au/sold
Six Perth suburbs — Applecross, Swanbourne, Churchlands, Trigg, City Beach and Rossmoyne — recorded price rises of $300,000 or more.
There was only one sub-$1 million suburb where prices rose by more than $200,000 – Gelorup, just south of Bunbury, where the median value increased by 30% last year to $947,000.
Four Adelaide suburbs — St Peters, West Lakes, Glenelg and Glenelg South — recorded gains of $200,000 or more, while Melbourne’s most expensive suburb, Toorak, was the only one in Victoria to make the list.
Homeowners in the Adelaide suburb of West Lakes were major beneficiaries of the city’s strong property market, with the suburb’s median house value rising by $213,000 last year. Picture: realestate.com.au/sold
Mr Moore said big jumps in house values could encourage some homeowners to upgrade to larger or more valuable properties. But in a tight market with big price movements across the board, it wasn’t always that simple.
“For some households it gives them more equity to upgrade sooner than they had otherwise planned,” he said.
“Of course, the house they want to move into probably has gotten more expensive as well, but they will have a large deposit, and alleviating that deposit strain can make a big difference.”
Perth real estate agent and Realty Lane director Daniel Gonzales said the shortage of properties on the market had been a key driver of the city’s price growth, but the number of homes being listed for sale was slowly starting to rise.
A typical homeowner in Mount Hawthorn in Perth gained $300,000 in equity during 2024, PropTrack data shows. This Mount Hawthorn house sold for $1.38 million last year. Picture: realestate.com.au/sold
“Now that we’re probably at the top of the market, we’ve started seeing more properties come on,” he said.
The total number of listings for sale in Perth at the end of last year was 5.9% higher than the same period in 2023, according to the latest REA Group Listings Report for December 2024.
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“A lot of clients are looking to pull out that capital,” Mr Gonzales said. “If they’ve been thinking of downsizing for the last few years, they’re thinking of making a move before things change.”
“Young families who bought into the market before Covid and have seen really good growth are seeing this as a really good opportunity to upsize.”
Home price surge creates ‘wealth effect’
Making it easier to upgrade wasn’t the only way big equity gains influenced homeowner behaviour, Mr Moore said.
“The other one is what we call the wealth effect,” Mr Moore said. “Households tend to buy things a bit more when they are a bit wealthier.”
“At the margin we might expect to see people spending a little bit more as a result.”
“That said, there’s a lot of things working in the other direction at the moment, particularly the fact that things have gotten a lot more expensive and interest rates are higher.”
The suburbs where house prices rose by $200,000 or more
| Suburb | State | Region (SA4) | Median value (AVM) | YoY change (%) | YoY change ($) | |
| 1 | Bellevue Hill | NSW | Sydney – Eastern Suburbs | $9,951,000 | 13% | $1,109,000 |
| 2 | Strathfield | NSW | Sydney – Inner West | $3,936,000 | 14% | $477,000 |
| 3 | Mermaid Beach | QLD | Gold Coast | $3,071,000 | 17% | $447,000 |
| 4 | Applecross | WA | Perth – South West | $2,258,000 | 20% | $376,000 |
| 5 | Swanbourne | WA | Perth – Inner | $2,671,000 | 16% | $367,000 |
| 6 | Churchlands | WA | Perth – North West | $2,021,000 | 19% | $324,000 |
| 7 | Trigg | WA | Perth – North West | $1,805,000 | 21% | $309,000 |
| 8 | North Curl Curl | NSW | Sydney – Northern Beaches | $3,556,000 | 9% | $305,000 |
| 9 | City Beach | WA | Perth – Inner | $2,782,000 | 12% | $303,000 |
| 10 | Mount Hawthorn | WA | Perth – Inner | $1,518,000 | 25% | $300,000 |
| 11 | Rossmoyne | WA | Perth – South East | $1,781,000 | 20% | $300,000 |
| 12 | Marmion | WA | Perth – North West | $1,620,000 | 22% | $295,000 |
| 13 | Wembley Downs | WA | Perth – Inner | $1,703,000 | 21% | $290,000 |
| 14 | Woodlands | WA | Perth – North West | $1,628,000 | 21% | $280,000 |
| 15 | Booragoon | WA | Perth – South West | $1,411,000 | 25% | $279,000 |
| 16 | Gumdale | QLD | Brisbane – East | $1,738,000 | 19% | $278,000 |
| 17 | Attadale | WA | Perth – South West | $1,758,000 | 18% | $273,000 |
| 18 | Ardross | WA | Perth – South West | $1,499,000 | 22% | $271,000 |
| 19 | Mount Pleasant | WA | Perth – South West | $1,706,000 | 19% | $267,000 |
| 20 | Winthrop | WA | Perth – South West | $1,460,000 | 22% | $266,000 |
| 21 | St Lucia | QLD | Brisbane – West | $1,993,000 | 15% | $264,000 |
| 22 | Cottesloe | WA | Perth – Inner | $3,370,000 | 8% | $263,000 |
| 23 | Oakford | WA | Perth – South East | $1,421,000 | 22% | $260,000 |
| 24 | Sorrento | WA | Perth – North West | $1,555,000 | 20% | $260,000 |
| 25 | Wembley | WA | Perth – Inner | $1,724,000 | 17% | $257,000 |
| 26 | Subiaco | WA | Perth – Inner | $1,875,000 | 16% | $257,000 |
| 27 | Gwelup | WA | Perth – North West | $1,407,000 | 22% | $256,000 |
| 28 | St Peters | SA | Adelaide – Central and Hills | $2,303,000 | 12% | $255,000 |
| 29 | Salter Point | WA | Perth – South East | $1,657,000 | 18% | $250,000 |
| 30 | Shenton Park | WA | Perth – Inner | $1,899,000 | 15% | $250,000 |
| 31 | Carine | WA | Perth – North West | $1,361,000 | 22% | $249,000 |
| 32 | North Beach | WA | Perth – North West | $1,530,000 | 19% | $243,000 |
| 33 | Paddington | QLD | Brisbane Inner City | $1,925,000 | 14% | $243,000 |
| 34 | Surfers Paradise | QLD | Gold Coast | $2,583,000 | 10% | $243,000 |
| 35 | Mount Claremont | WA | Perth – Inner | $2,091,000 | 13% | $240,000 |
| 36 | Stirling | WA | Perth – North West | $1,224,000 | 24% | $235,000 |
| 37 | Bicton | WA | Perth – South West | $1,401,000 | 20% | $235,000 |
| 38 | Karrinyup | WA | Perth – North West | $1,383,000 | 20% | $233,000 |
| 39 | Burns Beach | WA | Perth – North West | $1,305,000 | 22% | $232,000 |
| 40 | Toorak | VIC | Melbourne – Inner | $4,825,000 | 5% | $232,000 |
| 41 | Collaroy | NSW | Sydney – Northern Beaches | $3,696,000 | 7% | $232,000 |
| 42 | Coolbinia | WA | Perth – North West | $1,855,000 | 14% | $230,000 |
| 43 | Leederville | WA | Perth – Inner | $1,343,000 | 21% | $229,000 |
| 44 | Floreat | WA | Perth – Inner | $2,116,000 | 12% | $229,000 |
| 45 | Cronulla | NSW | Sydney – Sutherland | $3,119,000 | 8% | $228,000 |
| 46 | South Fremantle | WA | Perth – South West | $1,664,000 | 16% | $227,000 |
| 47 | Hillarys | WA | Perth – North West | $1,329,000 | 20% | $225,000 |
| 48 | Broadbeach Waters | QLD | Gold Coast | $2,228,000 | 11% | $225,000 |
| 49 | Mount Lawley | WA | Perth – Inner | $1,496,000 | 18% | $224,000 |
| 50 | Bondi | NSW | Sydney – Eastern Suburbs | $4,016,000 | 6% | $224,000 |
| 51 | Duncraig | WA | Perth – North West | $1,194,000 | 23% | $221,000 |
| 52 | Gelorup | WA | Bunbury | $947,000 | 30% | $220,000 |
| 53 | Mosman Park | WA | Perth – Inner | $2,101,000 | 12% | $220,000 |
| 54 | West Leederville | WA | Perth – Inner | $1,641,000 | 15% | $218,000 |
| 55 | Alfred Cove | WA | Perth – South West | $1,231,000 | 21% | $216,000 |
| 56 | Iluka | WA | Perth – North West | $1,302,000 | 20% | $216,000 |
| 57 | Lindfield | NSW | Sydney – North Sydney and Hornsby | $3,806,000 | 6% | $215,000 |
| 58 | South Perth | WA | Perth – South East | $1,711,000 | 14% | $214,000 |
| 59 | West Lakes | SA | Adelaide – West | $1,173,000 | 22% | $213,000 |
| 60 | Bondi Beach | NSW | Sydney – Eastern Suburbs | $4,166,000 | 5% | $213,000 |
| 61 | Glenelg South | SA | Adelaide – South | $1,870,000 | 13% | $212,000 |
| 62 | Melville | WA | Perth – South West | $1,206,000 | 21% | $211,000 |
| 63 | Bateman | WA | Perth – South West | $1,208,000 | 21% | $211,000 |
| 64 | Glenelg | SA | Adelaide – South | $1,450,000 | 17% | $211,000 |
| 65 | Shelley | WA | Perth – South East | $1,363,000 | 18% | $210,000 |
| 66 | Burraneer | NSW | Sydney – Sutherland | $3,266,000 | 7% | $208,000 |
| 67 | Doubleview | WA | Perth – North West | $1,172,000 | 21% | $207,000 |
| 68 | Ocean Reef | WA | Perth – North West | $1,193,000 | 21% | $205,000 |
| 69 | Belmont | QLD | Brisbane – East | $1,304,000 | 19% | $205,000 |
| 70 | Dover Heights | NSW | Sydney – Eastern Suburbs | $7,007,000 | 3% | $205,000 |
| 71 | Kallaroo | WA | Perth – North West | $1,089,000 | 23% | $204,000 |
| 72 | Leeming | WA | Perth – South West | $1,148,000 | 22% | $204,000 |
| 73 | Clear Island Waters | QLD | Gold Coast | $2,147,000 | 10% | $204,000 |
| 74 | Mindarie | WA | Perth – North West | $1,110,000 | 22% | $203,000 |
| 75 | Mullaloo | WA | Perth – North West | $1,174,000 | 21% | $203,000 |
| 76 | Dalkeith | WA | Perth – Inner | $3,477,000 | 6% | $201,000 |
| 77 | Spring Hill | QLD | Brisbane Inner City | $1,597,000 | 14% | $200,000 |
