2019 saw the end of the downturn that plagued the Australian real estate market from late-2017 to mid-2019.
The latter half of 2019 saw rapid growth in dwelling values due to a combination of the three cash rate cuts by the RBA (in June, July and October), relaxation of borrowing power by the APRA, and removal of market uncertainty around tax reforms after the federal election. This helped the Australian property market recover faster than expected.
And, this trend is likely to continue at the same pace in the first quarter of 2020.
National versus regional markets
Nationally, the 4.0% market rebound in national values during the last quarter of 2019 was led by Sydney (+6.2%) and Melbourne (+6.1%), according to CoreLogic Home Value Index January 2020. It led to year-on-year growth of 2.3% in the national property value in 2019.
However, the highest year-on-year growth was recorded between 13.1% (Woronora Heights, Greater Sydney) and 22.3% (South Hedland, Rest of WA). Also, despite the positive national growth, property prices in Darwin fell 1.4% over the last quarter of 2019 and 9.7% over the year.
What this disparity in growth shows is the property market performance at the national level does not necessarily reflect the changes in property values at the micro-level.
So, to analyse just how various other Australian cities and suburbs performed during the rapid market rebound in 2019, here is a list of top-performing regions nationally and around the eight major capital cities of Australia based on
the ‘Best of the Best 2019’ report by CoreLogic.
Top national and regional top-performers in 2019
Top housing market performers in 2019
| Housing Market | Highest Median Value | Lowest Median Value | Lowest Median Value Within 10km Of A Capital City |
|---|---|---|---|
| National | |||
| Houses |
$6,510,37 Darling Point, Sydney, NSW |
$36,867 Cunnamulla, Rest of QLD, QLD |
$287,616 Risdon Vale, Hobart, TAS |
| Units |
$2,201,086 Point Piper, Sydney, NSW |
$97,919 Newman, Rest of WA, WA |
$239,754 Osborne Park, Greater Perth, WA |
| Sydney | |||
| Houses |
$6,510,379 Darling Point, Sydney |
$427,510 San Remo, Central Coast |
$1,090,504 Arncliffe, Inner South West |
| Units |
$2,201,086 Point Piper, Sydney |
$230,766 Vineyard, Baulkham Hills and Hawkesbury |
$587,793 Eastlakes, City and Inner South |
| Melbourne | |||
| Houses |
$4,694,283 Toorak, Inner Melbourne |
$383,748 Melton, Melbourne West |
$833,514 Maidstone, West |
| Units |
$1,053,339 Brighton, Inner South |
$314,685 Bacchus Marsh, West |
$364,918 Carlton, Inner Melbourne |
| Brisbane | |||
| Houses |
$1,712,100 Teneriffe, Inner Brisbane |
$207,411 Russell Island, East Brisbane |
$397,273 Rocklea, South Brisbane |
| Units |
$607,379 Teneriffe, Inner Brisbane |
$97,919 Kooralbyn, Logan – Beaudesert |
$336,043 Spring Hill, Inner City |
| Adelaide | |||
| Houses |
$1,395,975 Unley Park, Central and Hills |
$176,542 Elizabeth North, North Adelaide |
$385,749 Athol Park, West Adelaide |
| Units |
$475,059 North Adelaide, Central and Hills |
$172,401 Salisbury, North Adelaide |
$248,940 Klemzig, North Adelaide |
| Perth | |||
| Houses |
$2,484,135 Dalkeith, Inner Perth |
$212,236 Medina, South West |
$347,176 Nollamara, North West |
| Units |
$747,405 Cottesloe, Inner Perth |
$174,947 Armadale, South East |
$239,754 Osborne Park, North West |
| Hobart | |||
| Houses |
$1,090,564 Battery Point, Hobart |
$241,660 Gagebrook, Hobart |
$287,616 Risdon Vale, Hobart |
| Units |
$637,735 Battery Point, Hobart |
$250,526 Brighton, Hobart |
$301,581 Glenorchy, Hobart |
| Darwin | |||
| Houses |
$717,334 Fannie Bay, Darwin |
$325,038 Zuccoli, Darwin |
$408,892 Anula, Darwin |
| Units |
$388,701 Woolner, Darwin |
$213,013 Karama, Darwin |
$240,751 Millner, Darwin |
| Canberra | |||
| Houses |
$2,409,992 Forrest, ACT |
$468,487 Charnwood, ACT |
$529,686 Scullin, ACT |
| Units |
$726,423 Forrest, ACT |
$263,797 Curtin, ACT |
$263,797 Curtin, ACT |
Top rental market performers in 2019
| Rental Market | Highest Gross Rental Yields | Highest Gross Rental Yields Within 10km Of A Capital City | Highest Median Weekly Advertised Rents | Lowest Median Weekly Advertised Rents |
|---|---|---|---|---|
| National | ||||
| Houses |
15.0% Blackall, Rest of QLD, QLD |
8.1% Risdon Vale, Hobart, TAS |
$2,200 Bellevue Hill, Sydney, NSW |
$160 Blackall, Rest of QLC, QLC |
| Units |
14% South Hedland, Rest of WA, WA |
7.6% Curtin, ACT |
$1,100 Millers Point, Sydney, NSW |
$145 Newborough, Rest of VIC, VIC |
| Sydney | ||||
| Houses |
5.1% Warragamba, Outer West and Blue Mountains |
3.8% Sydenham, Inner West |
$2,200 Bellevue Hill, Eastern Suburb |
$320 Willmot, Blacktown |
| Units |
5.5% Wyong, Central Coast |
5.0% Ultimo, City and Inner South |
$1,100 Millers Point, City and Inner South |
$310 Carramar, Parramatta |
| Melbourne | ||||
| Houses |
4.7% Lancefield, North West |
3.9% Collingwood, Inner Melbourne |
$1,200 Toorak, Inner Melbourne |
$320 Melton, Melbourne West |
| Units |
7.1% Carlton, Inner Melbourne |
7.1% Carlton, Inner Melbourne |
$628 Brighton East, Inner South |
$280 Albion, Wes |
| Brisbane | ||||
| Houses |
6.8% Kilcoy, Moreton Bay, North |
5.1% Rocklea, South Brisbane |
$1,200 Toorak, Inner Melbourne |
$245 Lamb Island, Brisbane |
| Units |
8.1% Edens Landing, Logan – Beaudesert |
6.9% Spring Hill, Inner City |
$628 Brighton East, Inner South |
$260 Sandgate, North Brisbane |
| Adelaide | ||||
| Houses |
8.0% Elizabeth North, North Adelaide |
5.1% Athol Park, West Adelaide |
$663 Glen Osmond, Central and Hills |
$240 Elizabeth South, North Adelaide |
| Units |
7.3% Salisbury, North Adelaide |
6.0% Brooklyn Park, West Adelaide |
$450 Kent Town, Central and Hills |
$240 Salisbury, North Adelaide |
| Perth | ||||
| Houses |
6.7% Medina, South West |
5.0% Westminster, North West |
$963 Cottesloe, Inner Perth |
$260 Armadale, South East |
| Units |
6.9% Armadale, South East |
6.5% Glendalough, Inner Perth |
$525 North Fremantle, South West |
$220 Shoalwater, South West |
| Hobart | ||||
| Houses |
8.7% Gagebrook, Hobart |
8.1% Risdon Vale, Hobart |
$650 Gagebrook, Hobart |
$320 Melton, Melbourne West |
| Units |
6.9% Brighton, Hobart |
6.7% Glenorchy, Hobart |
$510 Battery Point, Hobart |
$320 Claremont, Hobart |
| Darwin | ||||
| Houses |
8.6% Zuccoli, Darwin |
5.5% Jingili, Darwin |
$750 Bayview, Darwin |
$365 Moulden, Darwin |
| Units |
8.1% Karama, Darwin |
7.2% Parap, Darwin |
$490 Bayview, Darwin |
$310 Karama, Darwin |
| Canberra | ||||
| Houses |
6.9% Taylor, ACT |
4.9% Scullin, ACT |
$900 Yarralumla, ACT |
$480 Banks, ACT |
| Units |
7.6% Curtin, ACT |
7.6% Curtin, ACT |
$625 Yarralumla, ACT |
$340 Hackett, ACT |
Are you looking to buy property in 2020?
It is quite an exciting time to get into the property market right now, with all the data pointing towards a positive momentum in the Australian property market.
But it can still be tough to get approved for a home loan if your situation is a little outside-of-the-box, such as being over 50 or a non-resident or being self-employed with little to no income evidence.
As specialist mortgage broker with a proper understanding of credit policies of almost 40 Australian lenders, we can usually find you a solution.
We understand that getting approved boils down to building a strong case with the right lender.
Call us on 1300 889 743 or complete our short no-obligation assessment form to speak with one of our specialist mortgage brokers.