Regions where home prices are up 20% over the past year

Home prices are growing strongly again after a slowdown in recent months. In some regions, prices are more than 20% higher than a year ago.

According to PropTrack’s February Home Price Index, dwelling prices have risen by 6.2% over the year to February 2024.

This was mainly driven by capital cities where prices grew by 7.1%, however regional areas have also seen strong growth, with prices up 3.9% in the past 12 months.

Not only are prices increasing but they have also hit a new peak nationally.

In Queensland, South Australia and Western Australia property prices are at record highs after double digit yearly growth.

The strength of these markets is evident when we look at Australia’s SA4 regions with the largest annual increases in home prices. SA4 regions are areas geographically split into populations of between 100,000 to 500,000, using standards from the Australian Bureau of Statistics.

Almost all of the top growth regions were in these three states.

Regions with the largest year-on-year growth in house prices

Perth’s Mandurah and South West regions saw house prices rise 21% over the past year, the highest across all regions in the country.

Houses in Perth’s South East and North West also observed a surge in their prices. They were respectively 18% and 17% higher compared with February 2023.

Houses in Adelaide’s North also continues to experience strong growth, with prices up 16% annually.

Regions with the largest year-on-year growth in unit prices

For units, Queensland has outperformed, with seven of the the top ten top growth regions from the sunshine state.

Unit prices in Logan – Beaudesert grew most since last February, with a 19% increase over the previous year.

Units in Adelaide’s North and Ipswich performed well too. Prices rose by 16% and 14% respectively over the same period.

Regions in Greater Perth saw their house prices grow most in the past year. Picture: Getty

---

The smaller states have been in high demand in recent times as housing affordability worsens. Their relative affordability has not only encouraged people to migrate from other states but has also driven increased interest from overseas property seekers.

As interest rates stabilise, population growth remains strong and the supply of new homes falls short, prices are likely to continue rising across the country.

However, we anticipate that the growth in these states and their respective capitals will remain stronger as a result of the elevated level of demand they are attracting.

More insights from the expert team at PropTrack