The national real estate market is "one in transition" and produced diverse results over 2017, according to CoreLogic's Best of the Best report, which has captured the standout suburbs across all states and territories.
Looking at metrics such as median value, gross rental yield and price increases across both the 12 months to 30 November and the past five years, CoreLogic research analyst Cameron Kusher identified "a slowing growth trend throughout the year", with "a levelling out of national dwelling values" towards the end of 2017.
"The diversity of the market was most evident in the double-digit values rise over the past 12 months in Hobart (+11.5%) and Melbourne (+10.1%) while values continued to fall over the year in Perth (-2.6%) and Darwin (-5.5%)," said Kusher.
"Although the heat is now clearly coming out of the housing market, Sydney and Adelaide are the only capital cities to see the annual change in dwelling values now lower in November 2017 relative to November 2016."
State by state
Every state has produced at least one superlative suburb ('highest', 'lowest' etc) for CoreLogic's metrics.
Despite the Sydney slowdown this year, unsurprisingly the Harbour City is still home to Australia's most expensive suburbs for both houses and units. It's also where the suburbs offering the greatest median value increases over the past five years can be found, along with the highest median weekly advertised rents.
- Highest median value (houses): Darling Point ($5.683m)
- Highest median value (units): Dawes Point ($3.177m)
- Greatest 12-month change in median values (houses): McMahons Point (45%)
- Greatest five-year change in median values (houses): St Leonards (207%)
- Greatest five-year change in median values (units): Thurgoona (167%, suburb of Albury)
- Highest median weekly advertised rents (houses): Bellevue Hill ($1875)
- Highest median weekly advertised rents (units): The Rocks ($1050)
- Highest total value of sales (houses): Mosman ($1.179bn)
Also worth mentioning: Sydney produced nine of the country's top 10 most expensive suburbs for houses, all of which have a median price of around $4m or more. All the most expensive suburbs for apartments can also be found here, as can the top 10 for highest advertised median rents for both houses and units.
Melbourne outperformed Sydney in 2017 but Victoria only offered four superlative suburbs in CoreLogic's report.
- Highest gross rental yields (houses): Ouyen (9.9%, north-west Vic)
- Highest gross rental yields within 10kms of a capital city (units): Carlton (7.2%)
- Greatest 12-month change in median values (units): Queenscliff (47%, southern Vic)
- Highest total value of sales (units): Melbourne ($818m)
Also worth mentioning: The prestigious eastern suburb of Toorak was the only non-Sydney one to make the national top 10 for highest median house prices ($4.762m).
The Sunshine State produced mixed results in 2017, with some markets performing notably better than others.
- Highest gross rental yields (units): Port Douglas (9.3%, far-north town)
- Lowest median weekly advertised rents (houses): Barney Point ($150, suburb of Gladstone)
- Lowest median weekly advertised rents (units): South Gladstone ($120)
Also worth mentioning: Almost all the suburbs with the highest gross rental yields for units can be found in Cairns. And several with the lowest median unit rents are in Gladstone.
Western Australia looks on track to recover some of its lost value in 2018 following several years of price falls.
- Lowest median value (houses): Mount Magnet ($68,605, mid-west WA)
Also worth mentioning: The western Perth suburb of Floreat was the only non-NSW one to make the top 10 nationally for greatest five-year change in median unit prices (116%).
Adelaide remains Australia's most affordable mainland capital, although Darwin's weak performance this year means it's on track to take that title.
- Lowest median value (units): Elizabeth Vale ($128k)
Also worth mentioning: Three Whyalla suburbs rounded out the top 10 nationally for lowest median unit rents.
Hobart was the star performer of 2017 and looks set to continue its strong growth in 2018. But it's still an affordable entry-level market offering relatively low asking prices and high rental yields.
- Lowest median value within 10km of a capital city (houses): Clarendon Vale ($158k)
- Lowest median value within 10km of a capital city (units): Montrose ($212k)
- Highest gross rental yields within 10kms of a capital city (houses): Risdon Vale (8.5%)
Also worth mentioning: All of Australia's most affordable suburbs for houses within 10kms of a capital can be found in Hobart, as can several for units. Similarly, the top 10 suburbs for highest gross rental house yields within 10kms of a capital are all here.