PHOTO: 14 Lentell Avenue, Sorrento
A handful of suburbs across Australia have recorded extraordinary double-digit price growth in the past five years, new figures reveal, showing why property continues to be king.
Despite the recent downturn, a range of suburbs in every state and territory saw remarkable price gains for both houses and units in the the five years ending in December 2019, Domain data shows.
When it came to houses, the Mornington Peninsula suburb of Sorrento saw the largest median house price increase across the country.
It was closely followed by the western Sydney suburb of Pitt Town in New South Wales.
The median house price for the postcode 59 kilometres north-west of Sydney’s CBD grew 70.7 per cent to $1,049,750.
Top house price gains
| STATE | SUBURB | REGIONLABEL | MEDIANPRICE | 5Y GROWTH |
| NSW | Pitt Town | West | $1,049,750 | 70.7% |
| VIC | Sorrento | Mornington Peninsula | $1,470,000 | 77.1% |
| QLD | Beachmere | Bayside North | $485,000 | 49.2% |
| SA | Somerton Park | Adelaide Metro South | $957,250 | 50.5% |
| WA | Claremont | City | $1,110,000 | 12.7% |
| ACT | Florey | Belconnen | $650,000 | 41.3% |
| TAS | Rokeby | Clarence | $330,000 | 66.2% |
| Source: Domain House Price Report, December 2019 Quarter |
READ MORE VIA DOMAIN