Aussie suburbs where home prices have crashed

Despite record growth in many property markets across the country, there are also a number of suburbs where prices have slumped. This is where.

Nationally, Aussie home prices shrugged off skyrocketing interest rates to hit a new peak in 2023. But despite the growth in values in a majority of markets, there were still suburbs across the country that witnessed declines.

According to PropTrack, national home prices hit a fresh peak in November before falling 0.09 per cent in December to round off the year with overall values rises of 5.52 per cent across capital cities and the regions.

Perth led the way in terms of capital city growth with a spike of 14.75 per cent in home values for 2023. Adelaide was next with a 10.89 per cent rise followed by Brisbane, 10.45 per cent, then Sydney, 7.72 per cent.

Melbourne home values only increased 0.89 per cent last year with homes in the ACT growing just 0.25 per cent in value. Values slumped by minus 1.49 per cent in Darwin and minus 3.5 per cent in Hobart.

Home values have slumped in the northern NSW town of Mullumbimby. Source: Supplied

In the regions, SA led the way with 11.02 per cent growth, with regional Qld (up 8.47 per cent, regional WA (up 6.84 per cent) regional NSW (up 1.9 per cent) and regional Tasmania (1.05 per cent) all in positive territory.

Meanwhile, prices slumped in regional Victoria by 1.8 per cent and regional NT by 3.16 per cent.

So while there were impressive home price gains across Australia over the past 12 month, there are areas where the opposite has occurred.

WHERE HOME PRICES HAVE CRASHED IN VICTORIA

Prices in Melbourne have fallen 4.6 per cent since their peak to a median of $803,000.

In regional Victoria, home values have fallen 4.23 per cent since their peak to a median of $588,000.

Five Victorian suburbs that had the biggest price drops in 2023

• Avoca -8% (median price fell by $33,283)

• Mount Pleasant -7.92% (median price fell by $41,577)

• Redan -7.88% (median price fell by $38,784)

• Foster -7.62% (median price fell by $46,625)

• Bendigo -7.15% (median price fell by $43,979)

Home prices have fallen by up to almost $45,000 in Bendigo. Picture: Bendigo Council agenda.

See full list of Victorian suburbs home prices

WHERE HOME PRICES HAVE CRASHED IN QLD

Brisbane home prices currently sit at an all-time peak, with a median of $783,000. In regional Queensland, home values are also at an all-time high with a $634,000 median.

Despite that, there are areas that suffered prices falls.

Five QLD suburbs that had the biggest price drops in 2023

• Sunset -7.76% (median price fell by $23,326)

• Healy -7.12% (median price fell by $28,757)

• Soldiers Hill -6.82% (median price fell by $22,777)

• Woombye -0.73% (median price fell by $6,171)

• Peachester -0.40% (median price fell by $3,997)

See full list of Queensland suburbs home prices

WHERE HOME PRICES HAVE CRASHED IN NSW

Sydney home prices continued their impressive bounceback from the post-Covid blues last year but are still 0.08 per cent from their peak, at a median of $1.062m. In the regions, NSW home values are 1.58 per cent below their peak with a median of $711,000.

Below are the suburbs that bucked the price growth trend in NSW in 2023.

Five NSW suburbs that had the biggest price drops in 2023

• Mullumbimby -12.35% (median price fell by $154,400)

• Forresters Beach -11.38% (median price fell by $187,503)

• Kurrajong Heights -10.71% (median price fell by $115,167)

• Ocean Shores -9.51% (median price fell by $114,561)

• Glossodia -8.63% (median price fell by $76,059)

See full list of New South Wales suburbs home prices

WHERE HOME PRICES HAVE CRASHED IN SOUTH AUSTRALIA

Homeowners in Roxby Downs have taken a hit.

Like, Queensland, home prices in the South Australian capital of Adelaide sit at a current all-time peak of a median $707,000 and in regional SA they are at an all-time median peak of $412,000.

Below are the suburbs that bucked the price growth trend in South Australia in 2023.

Three South Australia suburbs that had the biggest price drops in 2023

• Roxby Downs -1.94% (median price fell by $6,483)

• Woodforde -1.40% (median price fell by $13,213)

• Semaphore -0.23% (median price fell by $2,041)

See full list of South Australian suburbs home prices

Originally published as Aussie suburbs where home prices have crashed