The Australian suburbs where home values have more than doubled in five years

"Nearly 200 Australian suburbs have more than doubled in value over the past five years, with Queensland suburbs leading the list, counting 93 areas with value increases of 100 per cent. Joel Bowman, senior economist at Domain, said the shift was "remarkable". "I would say it's now more expensive to buy a home in Adelaide than in Melbourne." The suburbs with the highest growth Finally, Hackham West in Adelaide's Onkaparinga locality saw a property value increase of 152.8 per cent. Suburbs in South Australia showed the largest increases in property value over the last five years."

"Western Australia has also emerged as a major contributor to the rise in house medians, with the value of 45 suburbs doubling over five years. Across Australia, suburbs with the highest growth were concentrated in once-affordable areas. For property owners in these suburbs, the report signals a boon for their assets. But for renters and aspiring home buyers, it's a different story. Housing affordability crisis "It definitely speaks to a widening in the divide of the haves and have nots when it comes to the property market.""

"Bowman pointed to an increased interest in "lifestyle migration", which began during the widespread adoption of remote work during the COVID-19 pandemic. "The other thing we're seeing is the tight rental markets. A surge in population in these areas resulted in record-low vacancy rates across Australia. Low vacancy rates are pushing up these property prices." - With additional reporting from the Australian Associated Press."

Nearly 200 Australian suburbs more than doubled in value over the past five years, with Queensland accounting for 93 suburbs recording 100% or greater increases. South Australian suburbs showed the largest gains, led by Hackham West in Onkaparinga with a 152.8% rise. Western Australia had 45 suburbs double in value. Growth concentrated in formerly affordable areas increased homeowner equity while worsening prospects for renters and prospective buyers. Pandemic-era lifestyle migration and remote work boosted demand in regional and coastal locations. Tight rental markets and record-low vacancy rates have further driven up property prices and affordability pressures.

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