Strong property price growth means the number of locations where home prices are doubling in less than five years is on the increase. Mortgage Choice analysis of PropTrack data reveals Australia’s best-performing property markets for price growth.

PropTrack senior economist Eleanor Creagh says while in the past many markets doubled their medians in ten years, strong price growth in recent years meant some are achieving that level of growth much quicker. “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 says.

In Adelaide, Elizabeth South’s median house price has doubled in just two years to $440,000 while neighbouring suburb Elizabeth North doubled in three years to $414,500. In NSW, Warnervale, on the Central Coast, doubled in three years to $960,000, while Boolaroo, in Lake Macquarie, doubled in four years to $940,000.

In Western Australia, South Hedland, in the Pilbara region, doubled in four years to $499,500, and Terang, in Corangamite, doubled in the same period to $400,000. Tasmania’s Queenstown doubled in four years to a still very low $196,500. In Queensland, the Ipswich suburb of Riverview ($537,000) and Elliot Heads in Townsville ($712,500) both doubled in three years.