Macquarie and CoreLogic have released a Top Performing Suburbs Report identifying suburbs and towns that have overperformed, based on change in median value over the past 12 months and the longer term.

Homes in Wallan, Victoria came in at number one with 36.8 per cent change in median value in the last year, and 63.1 per cent five year change.

Stuart Rimmer, real estate agent and auctioneer at LJ Hooker has been in real estate in Wallan for 13 years, and said this does not surprise him.

“Wallan is a commutable distance to the city with only a 45 minute train ride and really easy freeway drive,” Mr Rimmer told WILLIAMS MEDIA.

“It is part of the great northern growth corridor.

Related reading: Tasmanian property boom rolls on: $1b property sales record June quarter

“Most people are moving out of the inner city suburbs to the country where you can save money and get more bang for buck.”

The report said the population of Wallan in 2011 was 8,502 people, and by 2016 the population was 11,064 showing a growth of 30.1 per cent in the area during that time.

“The north is one of the only places that still have space for development.

“We are late bloomers, but certainly coming to fruition now.

Mr Rimmer said Wallan is up and coming and there are huge plans in the next five to ten years.

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179 Fairfield Lane, Darraweit Guim for sale by Stuart Rimmer and Wayne Dent of LJ Hooker, as seen on Luxury List

“It will be big here, It will be another Craigieburn.

The report also showed the predominant age group in Wallan is 0-9 years, and households are primarily couples with children.

“We have a lot of young families and first home buyers, it is a very young town.”

Victoria dominated the list with units at Hastings coming in at number three, houses in Cockatoo at fourth place, and houses in Coolaroo rounding out the top five.

South Hobart came in second with 35.3 per cent annual median change and 64.1 per cent five year change.

Pam Corkhill of Knight Frank Hobart told WILLIAMS MEDIA overall this is not a shock but she thought Sandy Bay in Hobart would have been higher.

“South Hobart is on the cusp. It has many large stately homes and early settlements of Hobart.

“Properties in Davey Street command very high prices which would push the average up.

“It is also walking distance into the city so a very easy commuting suburb.

“There are good schools, a hospital, and a great restaurant strip. It’s always been desirable, Ms Corkhill continued.”

In 2011, 62.4 per cent of the homes in South Hobart were owner occupied compared with 63.4 per cent in 2016.

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The report showed the predominant age group in South Hobart is 20-29 years, and households are primarily childless couples.

“It used to be, but more young families are coming into area now as there are some very good schools.

“It is not a suburb that turns over quickly, it’s very settled."

Related reading: Predicted suburbs to watch in the second half of 2018

Ms Corkhill said St Michael's Collegiate located in the area is the top Anglican girls school in Hobart.

“The school has been there for many years and a lot of people are moving to that area because it's a good school and easy to get children to.

“We are seeing a market like we have never seen before," she continued.

“I would like to think Tasmania as a whole will continue down this positive path we are on at the moment.

“I can’t see any reason for it not to.”

Click here to view the full Macquarie and CoreLogic Top Performing Suburbs Report

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