Domain’s latest house-price report revealed Australia’s best-performing suburbs of the past five years.
Byron Bay is the number-one growth spot in the country, with median house prices in the area rising 117% since June 2014.
Young families itching to escape Sydney influenced Byron Bay’s staggering price growth.
“We get these young families who are dying to escape Sydney, and for them, Byron Bay is the ideal. They get to come up here, live the country town lifestyle with the beautiful beaches, but still get that urbanised feel, swapping their Sydney apartment for a Byron Bay house for $1.3 million,” said Domain research analyst Eliza Owen.
Units in Adelaide’s Norwood, houses in Sydney’s Vaucluse, apartments in Queensland’s Noosa Heads, and homes in Burradoo, in NSW’s Southern Highlands, also saw strong growth.
In Noosa Heads, the median unit value has increased 80.4% since 2014. Meanwhile, house prices in Burradoo rose 79% over the past five years.
Avoca Beach, Fairy Meadow, Pitt Town, and Elizabeth Ray in NSW all made the list, joining Victoria’s Koo Wee Rup.
At the other end of the list, some areas with the biggest falls in median prices are in Western Australia, including Pilbara towns Newman, South Hedland, and Port Headland. Queensland’s mining towns such as Moranbah and West Gladstone also experienced falling median house prices.
The end of the country’s mining boom greatly affected the local property markets.
“Over the course of 2014, the iron ore price essentially halved, so it makes sense that several suburbs on this list are in the Pilbara region, which is tied to the iron ore market. We’ve seen a similar effect in mining areas of Queensland. When mining projects halt, there’s less migration, less work, and less demand for property in these in these areas, which is exactly what happened,” Owen said.