If you have a mortgage in Cockatoo, Victoria, your investment may be performing well, according to CoreLogic. The town in the Dandenong Ranges has topped the new CoreLogic Top Performing Suburbs Report, based on its consistent capital growth, and leads a strong contingent of Victorian towns and suburbs.
According to the report, houses in Cockatoo grew in value by 41.6% over the past 12 months and 64.6% over 3 years, reaching a present median value of $569,177.
Victoria was strongly represented in the report, with 6 suburbs in the national top 10, and 39 suburbs in the national top 50. New South Wales saw the second most representation, with seven suburbs in the top 50, which also included two Queensland suburbs and one each from Tasmania and Western Australia.
CoreLogic research director, Tim Lawless, described these results as being in alignment with the nation’s wider two-speed housing market, where the housing markets of Victoria and New South Wales are performing more strongly than those of the rest of the country.
“Every suburb in the top 50 national report had median value growth higher than 15%. The range of growth for 12 months performance was between 41.6% as the highest and 25% at the lowest. The range of median value growth across 5 years for these suburbs was 126.3% and 31.1%.” – Tim Lawless
Median house values in the report ranged from $383,348 in Melton, Victoria to $3,095,398 in Cremorne, NSW. Median unit values ranged from $369,773 in Cranbourne, Vic to $801,754 in Byron Bay, NSW. Just nine of the report’s top 50 suburbs were included based on the performance of their unit market, with the inclusion of the remaining 41 suburbs being based on their strong housing markets.
Mr Lawless described the Perth suburb of Cottesloe, WA’s sole entry in the top 50, as a surprise inclusion, as the Perth market had under-performed as a whole compared to the eastern states. However, with a 12 month median value growth of 38.7% and a median house value of $2,308,698, Cottesloe demonstrated that “desirable locations with quality homes at the premium end of the market would often buck general trends.”
Top 5 performing suburbs by consistent median value growth
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