Over the past 3-5 years, home prices have experienced tremendous growth. Though interest rate hikes dampened prices from mid-2022, some metro suburbs have had values double in less than two years.
Since May 2020, the median price a home sold for has increased by 22% nationally, despite the falls seen last year.
This was driven by record low interest rates throughout 2020 and 2021 and has been upheld by shortages in homes available for sale.
While it's more difficult for people to secure loans with higher interest rates, demand also remains higher than pre-pandemic times, with the number of potential buyers per listing 1.8 times greater than in February 2020.
Remote work and lifestyle changes throughout the pandemic, as well as relative affordability, saw regional price growth exceed levels seen in capital city areas.
However, many suburbs in our capitals still performed exceptionally well and have continued to be popular among buyers.
To get a better sense of the strongest performing suburbs, we looked at those where median sale prices doubled in the shortest amount of time.
| Suburb | SA4 | Current Median | Previous Median | Month of previous median | Months taken for median to double |
| Nirimba Fields | Sydney - Blacktown | $1,130,100 | $541,000 | 30/09/2021 | 20 |
| Humpty Doo | Darwin | $600,000 | $300,000 | 30/09/2021 | 20 |
| Box Hill | Sydney - Baulkham Hills and Hawkesbury | $1,225,000 | $600,000 | 31/08/2021 | 21 |
| Melonba | Sydney - Blacktown | $1,160,000 | $544,950 | 31/05/2021 | 24 |
| Vineyard | Sydney - Baulkham Hills and Hawkesbury | $5,000,000 | $2,417,500 | 31/05/2021 | 24 |
| Grantham Farm | Sydney - Blacktown | $1,050,000 | $514,000 | 30/04/2021 | 25 |
| Red Hill | Mornington Peninsula | $2,500,000 | $1,245,000 | 30/11/2020 | 30 |
| Lamb Island | Brisbane - East | $356,000 | $177,500 | 31/07/2020 | 34 |
| Macmasters Beach | Central Coast | $2,500,000 | $1,200,000 | 31/05/2020 | 36 |
| Bardia | Sydney - Outer South West | $899,000 | $445,000 | 29/02/2020 | 39 |
For houses, suburbs in the Blacktown region in Sydney were a standout, with prices in Nirimba Fields, Melonba, and Grantham Farm doubling in 20 months, 24 months and 25 months, respectively.
Humpty Doo in Darwin and Box Hill in the Baulkham Hills and Hawkesbury region of Sydney were also popular among buyers, with house prices doubling in less than two years.
Recent development and upgrades in these areas have drawn in buyers and driven up median sale prices.
| Suburb | SA4 | Current Median | Previous Median | Month of previous median | Months taken for median to double |
| Dawes Point | Sydney - City and Inner South | $6,200,000 | $2,900,000 | 31/08/2020 | 33 |
| Salisbury | Adelaide - North | $343,000 | $171,500 | 31/05/2020 | 36 |
| New Norfolk | Hobart | $461,500 | $225,000 | 31/03/2019 | 50 |
| Campbelltown | Adelaide - Central and Hills | $557,000 | $278,000 | 31/03/2019 | 50 |
| Geebung | Brisbane - North | $597,500 | $288,193 | 30/09/2018 | 56 |
| Montrose | Hobart | $487,500 | $242,500 | 31/03/2018 | 62 |
| Millers Point | Sydney - City and Inner South | $2,900,000 | $1,447,500 | 31/01/2018 | 64 |
| Rokeby | Hobart | $545,100 | $272,000 | 31/12/2017 | 65 |
| Midway Point | Hobart | $471,000 | $233,500 | 30/11/2017 | 66 |
| Glenorchy | Hobart | $468,500 | $230,000 | 31/10/2017 | 67 |
Dawes Point in Sydney and Salisbury in North Adelaide topped the list for units, with prices doubling in 33 months and 36 months, respectively.
New Norfolk in Hobart and Campbelltown in Adelaide also performed well in recent times. Their unit prices doubled in just over 4 years.
The remarkable pace of growth in these areas reflects the demand for suburbs with more affordable homes as well as continued demand for blue-chip suburbs.
In the upcoming months, interest rates are forecast to rise further. While this will add more pressure on potential buyers, it is likely that home prices will continue to rise as listings remain low and demand remains elevated.
We expect suburbs with relative affordability to experience higher than average growth as those looking to buy see a decrease in their borrowing capacities.
