Where Values Double Faster

The old adage that property values double every ten years has been smashed by 179 suburbs where values have doubled in just five years.

Queensland leads the list of top-performing suburbs according to the data from Domain, which shows 93 suburbs in that state where values doubled or more in the past five years. Its best performer is Woodridge, which is up by 171.4%.

Although Queensland had the largest number of top performers, it is South Australia where the increases are the highest.

Of the 35 South Australian suburbs on the list, six have increases of more than 150% over five years, while Davoren Park had the highest growth in Australia of 192.5%.

Domain senior economist, Joel Bowman, says Western Australia also has strong results with 45 of its suburbs doubling in value over five years, led by Armadale ,which is up by 149.3%.

New South Wales has six entries on the list, led by Colebe,e which is up 182.4%.

Bowman says the areas with the biggest price growth are those where prices are well below the state’s typical median prices.