Australian home prices have been a tale of many markets in 2024, with huge divergences seen across the country over the past 12 months.

Overall, most markets have experienced growth, with prices up in 85% of suburbs over the past year and about 1,500 suburbs even experiencing double digit growth.

So, which suburbs have closed out the year with the strongest gains?

Top performing suburbs in the capitals

Comparing the capital cities, Perth has been the clear out-performer when it comes to home prices in 2024. Nine of the top 10 suburbs for house price growth nationally and seven of the top 10 suburbs for unit price growth can be found in Perth.

The data uses PropTrack's automated valuation model (AVM) to determine a suburb's median property value.

Girrawheen, in Perth’s north west, has seen the strongest growth, with units up an astonishing 45% over the past 12 months and houses up 36%. In comparison, house and unit prices across the whole of Greater Perth rose by 18.7% and 19.4% respectively over the same period.

Both house and unit values surged in Girrawheen, in Perth's northern suburbs. Picture: realestate.com.au/sold

---

Following Perth, Adelaide and Brisbane were the second and third strongest performing cities for price growth in 2024, achieving growth of 14.6% and 12.6% across all dwellings over the 12 months ending November.

In Adelaide, most of the best performing suburbs were located in the northern suburbs, with Elizabeth Downs, Davoren Park and Elizabeth Park all achieving house price growth of 30% over 2024.

In Brisbane, it was the Logan – Beaudesert region that dominated, particularly for units, with 12-month growth in excess of 40% seen in Slacks Creek, Woodridge, and Waterford West.

On the other end of the spectrum was Melbourne, where home prices continued to deteriorate in 2024, falling 1.7% for houses and down 1.1% for units.

Melbourne's top performing suburbs for 2024 were largely outer suburbs, like Junction Village in the city's outer south east. Picture: realestate.com.au/sold

---

Despite most suburbs in Melbourne recording a decline, some bucked the trend, with many of the best performers located in the more affordable urban peripheries.

Albion topped the list for unit price growth in Melbourne over 2024, with prices up 18% over the 12 months ending November, while the strongest house price growth was in Junction Village, up 6%.

Price growth was similarly subdued across Hobart, Darwin, and Canberra, though these markets performed slightly better than Melbourne with overall positive growth seen in 2024.

Top performing suburbs in the regions

Turning to Australia’s regional markets, Queensland and Western Australia dominated for price growth, with all of the top 50 suburbs for home price growth found in either of these two states.

Western Australia’s Rangeway was the best performing regional suburb in 2024, with house prices up 41% over the year ending November.

Of all the rest of state regions, however, Townsville has been the clear outperformer, home to six of the nation's top 10 regional suburbs for home price growth in 2024.

Driving the performance of Townsville were Vincent, Cranbrook, and Heatley, which all recorded house price growth in excess of 35% over the past 12 months.

Several suburbs of Townsville were among the top performers for price growth in the regions. Picture: Getty

---

South Australia has been the next best performing regional market, with particularly strong growth seen the Barossa – Yorke – Mid North precinct.

Meanwhile in New South Wales, Richmond – Tweed has been the best performing regional market.

In Victoria, the regional suburbs that have seen the strongest performance are predominantly located in the North West and Shepparton, with Kerang, Rutherglen, and Dimboola coming out on top.

Where to in 2025?

While home price growth is predicted in most regions in 2025, the rate of growth is likely to be slower than in 2024.

Already we have seen the speed at which prices are rising slow over the second half of 2024, and this lower momentum is likely to continue into next year.

But just as we saw this year, performance will vary by market. Suburbs seeing stronger levels of population growth, and hence buyer demand, will continue to outperform, particularly those with strong lifestyle appeal and located within easy commuting distance of major towns and cities.

The biggest uncertainty for the property market in 2025 is likely to be interest rates. While the general expectation is that interest rates will move lower next year, the timing and magnitude of cuts remains uncertain.