Australia’s fastest appreciating suburbs (under $350k)

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Forget Perth, the latest RP Data figures show that the country’s fastest growing suburbs for property prices are largely small towns in rural Australia. They represent some of the more surprising markets for capital growth.

 

It’s one of property investing’s golden rules: don’t invest in small areas that rely too strongly on agriculture alone. It’s a solid argument – but try telling it to property owners in Cleve,SA, Cloncurry, Qld or Nathalia, Vic.

All three towns are deep within rural regions of their respective states and constitute markets where agriculture reigns supreme over their economy. Despite this, each has seen 12-month prices growth outstripping 35%, according to March RP Data figures.    

Cleve, on South Australia’s Eyre Peninsula and 226km southwest of Port Augusta, is the leader of the pack among these, and was Australia fastest growing suburb over the 12 months to March. The town of 738 people saw property values jump 48%, over the period, a truly staggering amount.

If you’re unsure of what such growth equates to, imagine this. If you purchased a house in Cleve last year for $100,000, taking out a mortgage at 80% of the purchase price, you would have seen a value increase equal to 60% of your mortgage (baring interest expenses) – in only 12 months.

Cattle town Cloncurry, 770km west of Townsville, was Queensland’s fastest growing suburb over the same period, recording a 46% increase in the median house price, according to RP Data. Other high performers include Victorian agricultural centres Nathalia, Rutherglen and Myrtleford and New South Wales’ Werris Creek.

The results:

 

State Suburb Region Median Price 12 month Growth
SA CLEVE Cleve $155,000 48%
QLD CLONCURRY Cloncurry $260,000 46%
SA MUNNO PARA Playford $320,000 41%
VIC NATHALIA Moira $200,500 36%
SA BERRI Berri and Barmera $210,000 35%
NSW WERRIS CREEK Liverpool Plains $135,000 35%
VIC RUTHERGLEN Indigo $234,000 34%
QLD HUGHENDEN Flinders $125,000 32%
TAS BEACONSFIELD West Tamar $213,000 28%
NSW CONDOBOLIN Lachlan $127,500 28%
VIC MYRTLEFORD Alpine $240,000 25%
SA ANGASTON Barossa $355,000 25%
NT TENNANT CREEK Barkly $232,500 24%
VIC STRATFORD Wellington $285,000 24%
VIC WARRACKNABEAL Yarriambiack $116,000 23%
NSW WALLERAWANG Lithgow $246,000 23%
VIC YARRAGON Baw Baw $257,000 22%
VIC CORRYONG Towong $155,000 21%
VIC HEYFIELD Wellington $187,500 21%
SA BURRA Goyder $199,500 21%
NSW MOREE Moree Plains $220,000 21%
NSW CANOWINDRA Cabonne $174,750 21%
NSW NAROOMA Eurobodalla $325,000 20%
NSW BLACKALLS PARK Lake Macquarie $345,000 20%
VIC IRONBARK Greater Bendigo $286,750 19%
NSW PELAW MAIN Cessnock $260,000 19%

 Source: RP Data, March 2012

 

 

 

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