Suburbs that have largest year-on-year growth?
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Where is everyone moving to? It seems some areas are in very high demand, leading to staggering price increases.

We’ve compiled a list of the suburbs in Australia which, according to REA data, have experienced the greatest house price growth in the last year (June 2020 to June 2021).

If you’ve been shopping in these suburbs without luck, you may have your answer as to why you’re being outbid. This could be the sign you’ve been looking for to reassess your budget or redirect your focus to somewhere more affordable.

Remember, when budgeting to buy a home, don’t forget to factor in the fees along the way.

These can include pest inspections, building reports, conveyancing fees and getting pre-approved for your loan.

It also includes home insurance, which you should consider getting as soon as possible after purchase for protection. A product like AAMI’s home and content insurance can cover your home and contents in the event of loss or damage caused by fire, theft, storms and a range of other insured events that can leave you out of pocket.*

Homes are selling at record rates in some areas. When bidding remember to budget for everything. Picture: Unsplash

“Buying a new home is a huge investment, so it is worth taking the time to understand your insurance and what you’re covered for,” Head of AAMI, Joshua Kelland, says.

“In regards to who is responsible for insuring the home following the sale, the answer can vary from state to state. It’s important to understand key details such as the terms of the sale contract, the terms with your financier, settlement dates and any relevant laws or regulations to ensure you have the cover you need.”

Want to know which suburbs are in your budget and which are likely to leave you hanging? We have a few insights.

The top 10 suburbs (YOY price growth)

If you’re wondering which suburbs nationwide experienced the greatest year-on-year median house price growth from June 2020 to June 2021 , here’s the full top 10 list:

  1. Byron Bay, NSW – 86.21%
  2. Somers, VIC – 84.21%
  3. Katherine East, NT – 80.73%
  4. Copacabana, NSW – 76.09%
  5. Mortlake, VIC – 66.42%
  6. Merredin, WA – 65.75%
  7. South Headland, WA – 65%
  8. Sylvania Waters, NSW – 64.71%
  9. Kembla Grange, NSW – 64.54%
  10. Austral, NSW – 62.96%

Let’s examine some of these in depth…

Byron Bay, NSW

In news that will surprise few, the world’s latest celebrity hotspot has seen a serious upturn in real estate prices.

In fact Byron Bay, on New South Wales’ north coast, is now a more expensive locale than Sydney.

We imagine this luxury six-bedroom Byron mansion will fetch a fine price. Picture:

There’s multiple reasons for Byron’s popularity. Firstly, it’s a coastal destination and Australian beach suburbs tend to be highly sought after no matter where you go. Secondly, unlike many semi-regional beach towns, Byron is well established with big city cultural and lifestyle amenities, including cool shops, eateries and plenty of entertainment.

Finally, it seems the international elite is cottoning on to this secret paradise. Chris Hemsworth and Zac Efron own property in the area, while plenty more celebs have been spied stopping by for film shoots or simply holidays.

Agents also suspect the COVID-19 pandemic has led wealthy Aussies to flee our cities for this more relaxed destination.

If you’re wondering just how much more expensive Byron real estate has gotten over the past 12 months, house prices have seen a whopping 86% increase with the median price sitting at $2.7 million. Whoa!

Somers, VIC

Houses in Somers tend to vary between very pricey and reasonably cheap. The average house price is $1.75 million and most properties tend to sit closer to $1 million than not. However, you can still find the odd holiday home for under $300k.

Like Byron, the market in Somers will definitely appeal to those wanting luxurious homes by the sea, away from the hustle and bustle.

In December last year, this stunningly decorated, four-bedroom home fetched over $2.5 million. It may also have to do with the 84% increase of Somers’ median house price.

While the top 10 list in this article strictly examines house prices, Somers held the top spot for year-on-year price growth of units.

Katherine East, NT

Unlike Byron and Somers, Katherine East‘s place on this list is a little more complex. While there has indeed been a staggering 80% rise in the median house price, the area has very few house sales overall, resulting in fewer properties influencing this data.

Having said that, there is still growth in the area.

Like a lot of areas in the Top End, Katherine is enjoying a fairly prosperous period when it comes to real estate. Rental returns are surging, as it remains a bustling regional city and a base for many industries.

“Katherine benefits from its location as a key transport hub for the Northern Territory,” REA economist Anne Flaherty says. “Supporting demand for houses is employment, relating to its mining, agricultural and defence sectors.”

Merredin, WA

At first glance, Merredin may not seem like a town that would experience a significant increase in property prices over a single year. It doesn’t share the same glamorous profile as other locations on this list, sitting in regional WA in its famously dusty wheatbelt. However, that’s not to say it’s without its charms.

In the past year, the median house price has risen 66% to $150,000. If we are venturing guesses as to why, it may have something to do with mining activity in the area.

Increased interest in gold mining lately may be one possible cause for a shift in the market. Another explanation is that the town is bouncing back after WA’s state-wide real estate dry spell. However, house prices in Merredin still aren’t what they were several years ago; the median sat at $175,000 back in 2012.

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