Many experts believe regional capitals like Geraldton in Western Australia will play a vital role in Australia’s future, simply because people need new places to live as our cities grow.
This may be one reason why Geraldton ranks atop an ongoing list of top price growth suburbs nationally, as of April, as per property firm Real Estate Investar. Geraldton, like the other suburbs on this list, benefit greatly from its location. Then again, don’t all good property markets?
Median price growth on three bedroom units: 118%.
Geraldton is more than 420 kilometres north of Perth and has a small population, so it’s perhaps an unlikely place for property investment. Yet, its location between Pilbara and Perth is also the reason it stands out.
Above all else, it’s an important employment centre for the region’s mining, manufacturing, construction and tourism industries, as per the Western Australia government. There’s also the fact that the area is growing, with well established local infrastructure and a strong local business community helping draw people to its market.
For example, new units are popping up along the shoreline, sometimes with stunning panoramic views of the local marina. So while some two bedroom units are selling for just $530,000, others are closer to $1m, as per REA Group.
Despite sharp price growth on units, as per Real Estate Investar, Geraldton really offers a range of price points.
For those looking for low prices further afield, the median value of homes in Perth, Pilbara and Midland are all below $500,000, according to CoreLogic RP Data. However, large numbers of properties selling in those areas are actually houses.
Mermaid Beach, Qld
Median price growth on three bedroom townhouses: 101%
Mermaid Beach is a laid-back coastal spot with good dining options, markets and, of course, surfing. It’s also next to bustling Broadbeach, meaning it’s close to the Convention Centre, Star Casino and Pacific Fair Shopping Centre.
Currently, townhouses are going for around $450,000, based on sales reported by REA Group. Meanwhile, three bedroom units are closer to $704,000, says Domain Group.
Median price growth on a three-bedroom house: 75%
Kew is a leafy and sought-after inner city suburb of Melbourne, boasting period housing, parks, schools and handy transport links.
The majority of people living in Kew are couples with children, but there are also younger single people who love the quick trip into town, based on information from REA Group.
Three bedroom houses are typically in the $2m-$3m price range, though the median is currently $1.7m, as per Domain Group.
Median price growth on two bedroom houses: 74%
Karrinyup is a scenic Perth suburb that’s close to city and beach. It’s known as a great place for professionals to raise a young family, and is nicely complemented by parks, a lake, and the Karrinyup shopping centre.
More attractive and larger houses can go for closer to $700,000 or $800,000, according to Domain Group. For example, a four-bedroom single level house recently sold for $875,000, as per Domain.
There aren’t many two-bedroom houses for sale at present, but two-bedroom units go for around $400,000 - $550,000, depending on the style and location, based on REA Group listings.
Burleigh Heads, QLD
Median price growth on three bedroom townhouses: 70%
Burleigh Heads is an inviting beachside suburb on the Gold Coast that’s adjacent to a 27-hectare National Park. It also has more permanent residents than any other suburb on the strip, according to Domain Group.
Currently there are townhouses selling for $400,000, as per REA Group, which is slightly less than the median on two-bedroom units of $474,000. Move to three-bedroom units and the price jumps above $700,000. Three-bedroom houses are similarly priced, going by REA Group data.
By JP Pelosi.
Read more about property prices:
Growth in property prices gathers pace
Property prices at cyclical high: CoreLogic
Property prices in top school catchments grow up to five times the city average