Many were surprised that home prices in Sydney dropped by a 3.1 percent as home prices in Melbourne increased. According to chief economist Dr. Andrew Wilson of the Domain Group, Melbourne's growth can possibly outdo Sydney this year between 2 to 5 percent. Meanwhile in Australia's third biggest city, there are 10 suburbs that are also seeing growing home prices just like Melbourne.
According to Domain, these suburbs consistently show signs of standout growth. New data shows that the number one performer when it comes to price growth is Graceville that is 7.8 kilometers south-west of the Brisbane CBD. Median home prices are now up 18.4 percent to $799,250 over the last six months with strong demand for river suburbs that is closer to the city.
The house growth in Graceville is not surprising for Dr. Wilson who said, "It shows that river frontage in the inner-city is still very attractive for buyers, and it is no surprise that Graceville is showing such positive market activity."
The other nine suburbs trailing behind Graceville, their corresponding median prices and percentage increase, according to Domain, are as follow: Banyo, $515,000 (17 percent); Holland Park West, $673,567 (14.1 percent); Eight Mile Plains, $740,000 (13.8 percent); Calamvale, $606,500 (12.3 percent); Hendra, $850,000 (11.8 percent); Cannon Hill, $770,000 (11.7 percent); McDowall, $618,000 (11.7 percent); Moggill, $572,500 (10.8 percent); and Nundah, $615,000 (10.8 percent).
According to Dr. Wilson, new development, affordability and location close to the airport and new facilities are the factors that are attracting many people not to mention that its median home price is $100,000 less than Brisbane's. On the other hand, the 10th suburb in terms of price growth is Nundah in which the growth of 10.8 percent has pushed the median price to $615,000. In general, Dr. Wilson attributes the continuing growth to the continuing low interest rates.
