Fastest growing unit markets in NSW, Vic

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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

 

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