Investors in Victoria may welcome the news that their state is home to most of Australia’s top-performing suburbs in terms of consistent median value growth, according to a recent CoreLogic report.
Located approximately 45 kilometres from the Melbourne CBD, the town of Wallan has experienced consistently strong median value growth over the past five years, making it the top performing suburb in Australia.
According to CoreLogic, Wallan’s median house value of $533,062 as of July 2018 experienced growth of 36.8% over the past 12 months; 55.2% over the past three years; and 63.1% over the past five years.
The only non-Victorian suburb in the top five was South Hobart in Tasmania, whose median value of $623,094, growing 35.3% over the past 12 months, 46.7% over the past three years and 64.1% over the past five years, earned it the number two spot.
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Out of the top 50 suburbs in CoreLogic’s recent July 2018 Top Performing Suburbs report, Victoria dominated the national list in terms of median value growth with 41 of the 50 suburbs, compared to six suburbs in New South Wales, two in Queensland, and just one in Tasmania.
CoreLogic research director, Tim Lawless, described these results as being “in alignment with the performance of the housing market generally being a two-speed market of Victoria and NSW performing more strongly than the rest of the country.”