Proximity to CBDs, access to schools and infrastructure are the key factors in property price growth, a new study has found.

RiskWise Property Research found no correlation between capital growth and areas affected by four natural catastrophes, including Cyclone Yasi in 2011 and the 2009 Black Saturday bushfires in Victoria.

“It really depends on the popularity of the areas,” the real estate risk assessor’s CEO Doron Peleg said. “We found each of the natural disaster areas that were closer to the CBD delivered higher capital growth than areas a greater distance from the CBD. This is despite any unpredictable future impact of floods or fire.”

Properties in the area affected by Black Saturday that are about 50km from Melbourne CBD recorded average price growth of 55.6% in the past five years.

Houses further from the city but also in bushfire-prone areas grew at 29.3%.