The best and worst performing suburbs of 2024 - Quantiphy
 

The best and worst performing suburbs of 2024

December 19, 2024

With the year almost done and dusted, it’s time to take names and numbers and crown the winners and losers. Using CoreLogic’s Best of the Best report findings alongside PopTrack data, let’s do just that. Without further ado, here are the best and worst performing suburbs of 2024.

Actually, first, a small amount of ado. Taking a quick look at the property market nationally, 528,000 homes were sold in the 12 months to November, with a 5.5% increase in median values across Australia. In every state, units outperformed houses significantly, with demand expected to soar in 2025 as housing affordability and high interest rates continue to drive buyers out of the house market.

Nation-wide, Dolphin Heads in the Mackay region took out the top spot for best performing suburb, with unit values climbing by 52.8%, 14.4% higher than the country’s best performing house market of Beachlands in WA, which increased by 38.4%.

In NSW, overall values rose by about 2% for 2024. Zooming in on the scene in Sydney, Bellevue Hill has retained its crown as Australia’s most expensive suburb thanks to a median house price tag of $9.99 million. Second place goes to Vaucluse at $8.65 million, and Rose Bay at $6.42 million.

But when it comes to growth, the suburb of Gables, in the Hills District of Sydney, saw the fastest growth in house prices with a 39.2% increase from last year, as medians climbed to $1,490,000. Meanwhile, Wiley Park in South-Western Sydney rose 30.8%, increasing from last year’s median house sale price of $1,013,000 to $1,326,000.

North Curl Curl on the Northern Beaches saw a 24.4% increase this year, or a house price increase of $745K. The Hawkesbury suburb of Pitt Town increased 23.5% ($362,000.00), with the median house price in the historic town now $1.9M. Pennant Hills saw a similar increase of 23.4%, and Bexley North 23%.

On the flip side of the coin, Bayview on the northern beaches recorded the worst performing house prices, declining -17.4%, a loss of $590,000. In the Sutherland Shire, Sylvania Waters suffered a similar blow, down -14.5% or $434K.

Vaucluse, Sydney’s second richest suburb, saw a decrease of -12.8%, though with a current median of $8.1M, they’ll likely cope. Harbourside suburb Cremorne saw a -10.9% dip, bringing the median down from $4M to $3,565,000. Perhaps the most surprising poor performance this year goes to Cronulla, the Sutherland Shire’s coveted beachside suburb, recording an -8.4% fall in house prices, from $3,262,000 to $2,990,000.

In the unit market, Elizabeth Bay saw a $260K increase in price values, up $1.16M from $900,000 last year. Eastern suburbs Little Bay, Waverly, and Double Bay recorded median unit price rises of $260,000-$395,000, likely due to the scarcity of land to build more homes in these exclusive and tightly held areas.
Meanwhile, Punchbowl, in the south west of Sydney, enjoyed an incredible 27% increase in price over the year, with medians now at $550K. Fellow Canterbury-Bankstown suburb Greenacre saw a 19.6% increase, as the median unit price jumped from $650K to $778K.

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According to PopTrack, Milsons Point topped the worst performing suburb list when it came to unit price growth this year, falling -21.3% or a loss of -$500K. Fellow lower north shore suburb Crows Nest also saw a -20.7% decrease in unit values, from a median of $1,135,000 in 2023 to $900K in 2024.

Interestingly, despite its neighbouring suburb of Elizabeth Bay topping the best performing list, Potts Point found itself shedding $134K off its median unit price over the year, a loss of -14.8%.

And speaking of neighbours, inner-west suburbs Forest Lodge and Glebe both made the list of surprising underperformers, with the former recording a -15.7% fall in unit prices and the latter a -11% drop, or -$118,000.00.

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