Property prices are continuing to surge with analysis by PropTrack showing the top performers in the past 12 months.

The Perth suburb of Armadale was the best performer, with 42.9% growth in house values year on year. In Adelaide, Davoren Park is at the top with nearly 38% growth while Sydney’s Gables had 33% growth, Brisbane’s Kingston, 29.2% and Victoria’s Ivanhoe, 17.3%.

PropTrack senior economist Eleanor Creagh says what all those areas have in common is tight supply and higher migration levels due to affordable prices. Creagh says higher interest rates mean buyers were more attracted to the affordable end of the market and a chronic shortage of housing in both rental and buying markets is also driving up prices. “Addressing the supply of suitable homes across the country is of paramount importance,” she says. “Perth has been the nation’s strongest performing market over the past year.”

Western Australia prices have surged by more than 23% in the past 12 months.