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The very surprising places where Australian apartment prices have soared by 40 per cent in a year

Apartment prices in pockets of regional Australia have surged by more than 40 per cent in just a year - bucking the national trend.

With interest rates at record lows, houses have vastly outperformed units as more people able to work from home sought more space and a backyard. 

In the year to October, median house prices across Australia have surged by 24.2 per cent compared with 13.3 per cent for apartments, CoreLogic data showed.

Capital city apartments have missed out on the housing boom, with values going up by just 9.2 per cent annually in Melbourne.

But the shift from big cities has pushed up regional apartment values.

Apartment prices in pockets of regional Australia have surged by more than 40 per cent in just a year - bucking the national trend. In the Clarence Valley area, covering Grafton and Yamba (pictured) on the NSW north coast, mid-point prices have climbed by 45.6 per cent to $494,756

They have risen by an annual pace of 22.5 per cent, almost double the 11.8 per cent increase across the capitals.

In 14 regional councils, the trajectory has been even more dramatic, with prices surging by more than 30 per cent in a year.

New South Wales had six spots on this list, compared with three for Queensland, four in and Victoria, and one in Tasmania.

In the Clarence Valley area, covering Grafton and Yamba on the NSW north coast, mid-point prices have climbed by 45.6 per cent to $494,756.

At close to half a million, apartments in this area halfway between Sydney and Brisbane are now more expensive than Brisbane, Adelaide, Perth or Darwin.

In another part of northern NSW apartment values at Armidale, the home of the University of New England, have risen by 43 per cent to $237,869.

A three-hour drive away by the coast, Coffs Harbour apartment values surged by 38 per cent to $521,569.

Nearby Nambucca apartment values have climbed by 31.4 per cent to $462,673. 

Inland areas were popular too with apartment prices in the Snowy Monaro council area covering Cooma, south of Canberra, climbing by 39.2 per cent to $610,262.

The biggest surprise, however, was the nearby gun-loving town of Gympie where house and apartment values have both surged by more than 40 per cent in a year

Tasmania had one entrant on the list, with apartment values in the West Tamar area, just north of Launceston, rising by 35 per cent to $407,414 (pictured is a home at Legana near Launceston)

Byron Bay's mid-point apartment price rose by 30.9 per cent to $1,190,511, making it one of two unit markets in Australia with a median price in the seven figures.

Noosa, on Queensland's Sunshine Coast, is the other, with apartment values surging by 36.9 per cent to $1,049,069.

The biggest surprise, however, was the nearby gun-loving town of Gympie where house and apartment values have both surged by more than 40 per cent in a year.

Apartment values rose by 41 per cent to $323,473 as house prices went up by 32.3 per cent to $502,764.

Tasmania had one entrant on the list, with apartment values in the West Tamar area, just north of Launceston, rising by 35 per cent to $407,414. 

Victoria also had three spots with median apartment values at Warrnambool, on the western side of the Great Ocean Road, climbing by 33.9 per cent to $410,191.

On the other side of Melbourne,  prices in the East Gippsland area, stretching from Bairnsdale to Mallacoota, rising by 31.2 per cent to $304,094. 

Victoria also had three spots with median apartment values at Warrnambool, on the western side of the Great Ocean Road, climbing by 33.9 per cent to $410,191

Where apartment prices have surged

Clarence Valley, NSW north coast: up 45.6 per cent $494,756

Armidale, NSW northern: up 43 per cent to $237,869

Gympie, Queensland south: up 41 per cent to $323,473

Snowy Monaro, NSW south: up 39.2 per cent to $610,262

Coffs Harbour, NSW Mid North Coast: up 38 per cent to $521,569

Noosa, Queensland Sunshine Coast: up 36.9 per cent to $1,049,069

West Tamar, Tasmania north-east: up 35 per cent to $407,414

Mansfield, Victoria north-east: up 34.9 per cent to $441,209

Warrnambool, Victoria west: up 33.9 per cent to $410,191

South Burnett, Queensland south: up 33.4 per cent to $197,093

Nambucca, NSW Mid North Coast: up 31.4 per cent to $462,673 

East Gippsland, Victoria south-east: up 31.2 per cent to $304,094

Byron Bay, NSW far north coast: up 30.9 per cent to $1,190,511 

Campaspe, Victoria north: up 30.5 per cent to $311,738