Australia's top 10 suburbs where house prices have doubled in less than four years
House prices typically double every seven to 10 years, but new research shows that figure has more than halved in some parts of the country.
Using data from PropTrack, Mortgage Choice has collated a list of regions where prices have more than doubled in less than three years.
Elizabeth South, Adelaide
The median house price in Elizabeth South in Adelaide's north has doubled in just two years.
The suburb saw the most rapid growth in all of Australia with the median house price now sitting at $440,000.
Elizabeth North, Adelaide
Surrounding neighbourhoods in the northern suburbs have soared just as fast with house prices in Elizabeth North doubling in three years.
The average cost of a house here is $414,500
Boolaroo, Lake Macquarie in NSW
House prices in Boolaroo, Lake Macquarie doubled in four years with the media house sitting at $940,000.
PropTrack senior economist Eleanor Creagh said regions outside of metropolitan areas experienced rapid growth due to a combination of factors.
"The pandemic accelerated trends like remote working, expanding residential choice for some and prompting many to move away from urban centres in search of larger homes and better lifestyles at lower costs," Creagh said.
Terang, Corangamite, Victoria
The media house price in Terang in Corangamite, Victoria, has doubled in just four years with the average home costing around $400,000.
Queenstown, Tasmania
Queenstown in Tasmania's West Coast region saw property value double in four years with the median house price $196,500.
"These areas often start with lower base prices, making them attractive to a broad range of buyers including first-time buyers and investors seeking value for money," Creagh said.
Riverview, Ipswich, Queensland
The suburb of Riverview in Ipswich, Queensland saw property values double in three years.
The average house price $537,500.
Elliot Heads, Bundaberg, Queensland
Growing just as rapidly was the suburb of Elliot Heads in the state's Bundaberg region.
Property value doubled in three years with a house costing an average of $712,500.
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