A new PropTrack report has revealed the 10 suburbs in Australia where property prices have doubled the quickest, relative to May 2023.

Boat Harbour, about 40kms north of Newcastle, was the standout, with the median property price taking just 16 months to go from $846,250 to $1,707,500 in May 2023.

All but three of the top 10 were in NSW.

The recent peak for property prices Australia wide was in April '22, before the cash rate increases saw CoreLogic's Home Value Index drop nearly 10% by the end of the year.

Since then, strong demand and limited supply have seen prices hold up far beyond expectation so far in 2023.

These suburbs though have likely defied broader trends, and enjoyed fairly uninterrupted growth in the past 18-24 months.

Suburb Months to double Original median price May 2023 median price
Boat Harbour (Rest of NSW)




Proston (Rest of QLD)




Humpty Doo (Greater Darwin)




Nirimba Fields (Greater Sydney)




Box Hill (Greater Sydney)




Murrays Beach (Rest of NSW)




Melonba (Greater Sydney)




Wy Yung (Rest of VIC)




Vineyard (Greater Sydney)




Grantham Farm (Greater Sydney)




Domain report highlights low supply

Coming into this year, many economists felt that with the cost of borrowing high, and likely to continue to increase, less Australians would take on home loans, decreasing demand in the property market and bringing down prices.

While borrowing capacity may have reduced, extremely tight supply conditions have meant prices have held up far beyond expectations, growing in both April and May.

Speaking to the Savings Tip Jar podcast, Ray White chief economist Nerida Conisbee said vendors were likely nervous about the state of the market, and holding off on selling.

"Sellers are a little bit nervous about the market. And we know that most sellers are subsequent buyers. One of the problems it's creating is that even though we have had all these interest rate rises, this shortage of properties on market is creating faster price growth than anyone expected," Ms Conisbee said.

A new Domain report has laid bare just how limited supply is at the moment, with several areas without a single listing in the past twelve months.

Anyone looking for a unit in Barossa, Yorke or Mid North (all SA) is out of luck, while there was a 90% reduction in houses for sale in the WA outback.


SA4 Region Percentage change of new listings in past 12 months
Outback (WA) -90.44%
Far west and Orana (NSW) -88.82%
Mandurah (WA) -88.24%
Brisbane-South (QLD) -88.14%
Perth-South East (WA) -88.01%


SA4 Region Percentage change of new listings in past 12 months
Barossa - Yorke - Mid North (SA) -100%
Darling Downs - Maranoa (QLD) -100%
Outback (QLD) -100%
Warrnambool and South West (VIC) -100%
Geelong (VIC) -95.45%


Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
Principal & Interest
Featured 4.6 Star Customer Ratings
  • No monthly or ongoing fees
  • Unlimited free redraw
  • No application fee
5.99% p.a.
5.90% p.a.
Principal & Interest
Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.09% p.a.
6.11% p.a.
Principal & Interest
Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Picture by Binyamin Mellish on Unsplash

Ready, Set, Buy!

Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

With bonus Q&A sheet and Crossword!

By subscribing you agree to our privacy policy