Hundreds of suburbs are tipped for further property price booms.
Prices are up 4.3% so far this year, with some individual suburbs achieving much higher levels of growth, according to PropTrack data.
It reveals double-digit price growth in almost 500 suburbs already this year.
PropTrack senior economist Eleanor Creagh says the subdued listings environment and stronger demand, underpinned by high migration, are pushing prices up.
She says rising prices mean affordable areas are highly sought after, which in turn is increasing prices in those locations.
The analysis found most of Australia’s top 10 suburbs by price growth for both units and houses, have a median value of less than $500,000.
“As interest rates are higher, people’s borrowing power has dropped, shrinking some buyers’ budgets, meaning regions that remain comparatively affordable are in demand,” Creagh says.
Riverview, east of Ipswich in Queensland, had the highest median value increase of 24% this year, although its median house price remains at about $446,000.