Despite modest property price growth in Canberra during 2023, home values in some suburbs soared up to 29 per cent.
But one suburb just outside the ACT border outperformed the rest, recording the highest rate of house price growth in the country.
CoreLogic's annual Best of the Best report revealed where the biggest growth in house and unit values occurred in 2023.
The ACT's youngest suburb, Whitlam, recorded the strongest house price growth over the 12 months to November, the report found.
House values in the suburb were up 29.1 per cent to a median value of $1,158,983.
The top sale in Whitlam for 2023 was 21 Keith Bain Crest, which set a suburb record when it sold for $1.93 million. The Hamptons-inspired home sits on a 624-square-metre block and features five bedrooms.
Denman Prospect saw the second highest rate of growth across houses, with values up 18.2 per cent to a median of $1,237,190.
Next was Taylor where house values were up 14.8 per cent to a median value of $1,020,612.
CoreLogic head of residential research Eliza Owen said there were a few possible reasons for the growth in these suburbs.
"It's a combination of the fact that the suburbs are new, but it could also be the fact that these suburbs are just seeing more demand because the increased supply is helping to put downward pressure on prices a little," she said.
Ms Owen said "traditional aspirational markets" with much higher median values did not see as much growth in 2023.
This trend was consistent with other parts of the country, too.
Tralee, a new suburb in the Queanbeyan region, recorded the highest growth rate for house values in the country, up 34.2 per cent.
"The suburbs that have really stood out both across Canberra and across Australia are those that still have a pretty high price point but, relative to the more established high-end house markets, they are probably better value for money," Ms Owen said.
Rounding out the top five suburbs for house value growth was Braddon and Belconnen, both up 11.1 per cent to medians of $1,484,339 and $627,959 respectively.
Unit values up 6 per cent in one suburb
Chifley recorded the highest rate of growth in unit values for Canberra, with values up 6.2 per cent in the 12 months to November.
The median value for units in the suburb was $574,337.
Among Chifley's top sales in 2023 was a townhouse at 31A Maclaurin Crescent that sold for $1,315,000 in November.
Garran had the second highest rate of growth, with unit values up 5.2 per cent to a median of $826,685.
Forrest was next with 4.4 per cent growth in unit values to a median of $803,169.
A four-bedroom penthouse at 21/7 State Circle, Forrest was among the top sales of the year, selling for $2,439,000.
Bruce and Belconnen also made the top five, with unit values up 3.2 per cent and 2.9 per cent respectively.
Ms Owen said Canberra's property market performance was overall "pretty subdued" in 2023, with values down 0.3 per cent in the 12 months to November.
However market conditions had appeared to improve towards the end of the year. The quarterly growth rate across Canberra dwellings was up 1.1 per cent in the three months to November.
