Famous for its vineyards, Mornington Peninsula locality Dromana has gained the distinction of becoming Victoria’s fastest growing unit market, witnessing 12-month growth of 29%, according to RP Data.
Hot on its heels as the state’s second fastest growing unit market and the fastest growing in Melbourne is Hampton East, a suburb approximately 20km south-east of the CBD. Hampton East’s positioning as the second fastest growing unit market is something of an anomaly, considering that few Melbourne suburbs are within the top 20 performers for units.
Only Abbotsford joins it as a Melbourne market that has seen prices growth topping 20% in the 12 months to May, while Keilor East, South Kingsville and Notting Hill all saw growth of between 16% and 20%.
Meanwhile, growth seems to have hit Geelong in a big way. North Geelong was its best performing unit market over the 12 months to May, showing a price increase of 18%. Fellow Geelong suburbs Portarlington, Newcomb, Newtown and Norlane also performed among the best in the state, showing the city’s growing status as a promising property investment market.
New South Wales’ best performing unit markets over the 12 months to May tell a different story about where the property market in that state is headed. Newcastle appears to have enjoyed a lot of demand for units, with popular beach side community Bar Beach seeing prices growth of 35%. Other Newcastle suburbs Islington and The Hill saw growth of over 25%.
Slightly further north, Singleton has also seen sizeable growth in its unit market, arguably brought about by resource-led investment. Singleton unit prices have surged 24%.
VICTORIA’S BEST UNIT PERFORMERS
|
Suburb |
LGA |
Median Price |
12 month Growth |
|
DROMANA |
Mornington Peninsula |
405000 |
29% |
|
HAMPTON EAST |
Bayside |
500000 |
27% |
|
SPRING GULLY |
Greater Bendigo |
222500 |
24% |
|
ABBOTSFORD |
Yarra |
557500 |
22% |
|
SHEPPARTON |
Greater Shepparton |
234000 |
21% |
|
NORTH GEELONG |
Greater Geelong |
325000 |
18% |
|
KEILOR EAST |
Brimbank |
482500 |
18% |
|
SOUTH KINGSVILLE |
Hobsons Bay |
433500 |
17% |
|
MANSFIELD |
Mansfield |
257500 |
17% |
|
NOTTING HILL |
Monash |
360000 |
16% |
|
MOOROOPNA |
Greater Shepparton |
168000 |
16% |
|
MARYBOROUGH |
Central Goldfields |
187500 |
15% |
|
KYABRAM |
Campaspe |
200000 |
15% |
|
METUNG |
East Gippsland |
223750 |
15% |
|
TORQUAY |
Surf Coast |
487500 |
15% |
|
PAYNESVILLE |
East Gippsland |
260500 |
13% |
|
NORLANE |
Greater Geelong |
236250 |
13% |
|
NEWTOWN |
Greater Geelong |
357000 |
13% |
|
NEWCOMB |
Greater Geelong |
262750 |
12% |
|
RYE |
Mornington Peninsula |
357500 |
11% |
|
PORTARLINGTON |
Greater Geelong |
378000 |
11% |
Source RP Data, May 2012
NSW’S BEST UNIT PERFORMERS
|
Suburb |
LGA |
Median Price |
12 month Growth |
|
DURAL |
Hornsby |
536000 |
39% |
|
ULLADULLA |
Shoalhaven |
291250 |
35% |
|
BERKELEY VALE |
Wyong |
239000 |
35% |
|
BAR BEACH |
Newcastle |
350000 |
35% |
|
BOOKER BAY |
Gosford |
378500 |
28% |
|
ISLINGTON |
Newcastle |
405000 |
26% |
|
BLACKWALL |
Gosford |
335000 |
25% |
|
THE HILL |
Newcastle |
322000 |
25% |
|
MURWILLUMBAH |
Tweed |
227500 |
25% |
|
CAMDEN |
Camden |
355000 |
24% |
|
SINGLETON |
Singleton |
260000 |
24% |
|
EAST TAMWORTH |
Tamworth Regional |
200000 |
23% |
|
HUNTLEYS COVE |
Hunters Hill |
872500 |
22% |
|
PETERSHAM |
Marrickville |
545000 |
21% |
|
YOUNG |
Young |
205000 |
21% |
|
LEWISHAM |
Marrickville |
472000 |
19% |
|
POINT CLARE |
Gosford |
280000 |
19% |
|
JANNALI |
Sutherland Shire |
485000 |
19% |
|
MULWALA |
Corowa Shire |
292500 |
19% |
|
GYMEA BAY |
Sutherland Shire |
721128.5 |
18% |
Source: RP Data, May 2012
