31 suburbs see house prices skyrocket

Seven states and territories had at least one suburb where median house prices grew more than 40 per cent last year, according to CoreLogic RP Data.

Leading the charge was the north-west NSW town of Brewarrina, where the median house price grew 50 per cent to $124,000.

The Wollongong suburb of Wombarra placed second, with house prices growing 49.9 per cent to $1.26 million.

The Gosford suburb of Bar Point wasn’t far behind, with house prices growing 48.7 per cent to $435,000.

In total, 31 suburbs around Australia experienced median house price growth of more than 40 per cent – 19 in NSW, three each in Queensland and South Australia, two each in Victoria and Tasmania, and one each in Western Australia and the Northern Territory.

Victoria’s leader was Ripponlea in Melbourne, where house prices grew 48.7 per cent to $1.42 million.

In South Australia, the Yorke Peninsula town of Stansbury grew 47.8 per cent to $340,000.

Although Darwin as a whole performed poorly in 2015, the suburb of Bayview excelled, with the median house price growing 46.1 per cent to $1.15 million.

Western Australia’s top performer was the town of Albany, which enjoyed growth of 45.3 per cent, to $730,000.

The Tasmanian town of Strahan, on the state’s west coast, grew 44.1 per cent to $245,000.

In Queensland, the border town of Coolangatta grew 43.7 per cent to $787,000.

ACT was the only place not to have a suburb grow more than 40 per cent. Its highest growth suburb was Wright, where the median house price grew 37.8 per cent to $798,000.

[Related: Melbourne's 2016 investment hotspots revealed]