Boom time for suburbs

Written By miftah nugraha on Kamis, 25 April 2013 | 19.55

Battery Point is the leading Tasmanian suburb for house price growth over the past five years.

UP-MARKET suburb Battery Point leads the state in average annual growth in house prices over the past five years, but it is some of the lesser known suburbs and towns leading the way outside of the capital city.

There are 13 areas in Tasmania that are on track to see house prices double from 2008-2018.

And tenants in eight suburbs are potentially set to have their weekly rent double in the same time, according to new research by RP Data.

The RP Data Autumn Investors Report looks at the performance of every suburb across the country over the past five years and determines which areas have seen strong home value growth and strong rental growth.

"What we're doing is pointing out those suburbs that have over the last five years recorded [annual] growth of more than 7.2 per cent, which would mean that the value would double in a 10-year period," report co-author Cameron Kusher said.

"It's certainly no guarantee. These are just the suburbs which are on track to do so."

"The only one in Hobart was Battery Point, with an average annual growth of 12.1 per cent."

More surprisingly, regional areas that recorded strong growth included Wivenhoe (7.6%), Relbia (8%), Adventure Bay (8.1%) and Nubeena (7.3%).

Rents for houses in East Launceston, South Arm and Lewisham, as well as units in Invermay, Mt Nelson, Kings Meadows, Burnie and Rokeby are on track for an increase of at least double.

Mr Kusher said not all of the suburbs mentioned in the report would continue on trend.

She said those hoping to buy or who are still renting could take heart that many others would not see such dramatic growth.

The report identified 263 suburbs across Australia where values are on track to double over the 10-year period and 792 where weekly rents are on track to double.

To view the full list, visit myrp.com.au/investorsguide.


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