Growth suburbs defy the gloom
Despite the economic downturn, many parts of Australia saw strong property price growth during 2008, RP Data statistics show.
Units and apartments at Greenwich in North Sydney were the top-performing assets, showing 49.8 per cent growth over the 12 months to December 2008, RP Data’s Property Pulse report says.
Stephen Armstrong, a residential sales specialist with First National Real Estate in North Sydney, says higher unit prices in Greenwich reflect burgeoning demand.
“I’d certainly say that we have a lot more people interested now in looking in Greenwich than we have in the past,” Armstrong says.
“People have now realised what a good area Greenwich is. They’re looking a little further afield beyond Crows Nest, North Sydney and Wollstonecraft and realising Greenwich is still in that area but for quite a while was perhaps overlooked and as a result the prices were a little bit lower.”
Armstrong says houses in Greenwich have always had a deal of cachet, while apartments are now attracting some of that attention.
“People’s general thoughts about Greenwich are the leafy streets and large houses but now there are some very nice apartments there,” he says.
“Greenwich is a very attractive area so when people see it, they think, gosh, why didn’t I think of this before.”
Property values fell 2.9 per cent across Australia during 2008, RP Data senior research analyst Cameron Kusher says, but Greenwich was just one of many pockets that recorded solid growth.
Nearby McMahons Point was the best performer for houses in New South Wales, showing 47.4 per cent growth.
“It won’t come as a surprise to read that the RP Data list of growth areas is dominated by suburbs located within capital city statistical divisions,” Kusher says.
Around the country, the locations with the top growth rates were:
- In Victoria, Portsea houses (38.6 per cent) and Dallas units (48.3 per cent);
- In Queensland, River Heads houses (43.1 per cent) and North Lakes units (47.3 per cent);
- In South Australia, Teringie houses (49.5 per cent) and Underdale units (47.8 per cent);
- In Western Australia, Coolbinia houses (43.1 per cent) and South Hedland units (44.4%);
- In Tasmania, Campania houses (46.3 per cent) and Hobart units (35.7 per cent);
- In the Northern Territory, Virginia houses (30.9 per cent) and The Gardens units (39 per cent);
- In the ACT, Franklin houses (25.6 per cent) and Campbell units (49.7 per cent)
