Find out which areas of Australia are showing potential for purchasing property.
The latest Price Predictor Index (PPI) research from specialist property website hotspotting.com.au highlights the top 50 suburbs in Australia in which to purchase property, and the areas bucking the trend are rather surprising.
As the Sydney and Melbourne markets slow down, there are a number of locations which have shown strong growth over consecutive quarters and could prove to be a goldmine.
Strong performers are often conveniently close to city centres, are thriving due to a strong local economy, are enjoying significant infrastructure investment or lie in regional towns experiencing a resurgence.
Hotspotting.com.au creator Terry Ryder said these ‘supercharged’ suburbs are often in clusters where a range of different factors have made them great places to buy. “Generally these suburbs exist in places where the economy is strong,” he said. “Ballarat is one, for example. It has a strong local economy, it’s close to Melbourne and it’s getting a ripple effect from a capital city.”
The common denominator here is that as the capital city markets in these states wind down, the regional markets are cranking up.
“I would venture right now that the three strongest jurisdictions in Australian real estate are regional New South Wales, regional Victoria and regional Tasmania,” said Mr Ryder. “The common denominator here is that as the capital city markets in these states wind down, the regional markets are cranking up.”
Mr Ryder said Newcastle in NSW has arguably the strongest market in Australia right now with the area well advanced into its cycle. Suburbs in the area have experienced a median price increase of more than 20% in the past 12 months, with nearby Cessnock, Maitland, Singleton and Muswellbrook now tapping into that growth.
There has also been significant sustained growth in small or remote regional towns such as Broken Hill, Griffith, Inverell, Kempsey, Leeton and Tumut in NSW. Shepparton in northern Victoria and Alice Springs are also areas to watch.
In general terms though, it will be interesting to track changes in business, investment and real estate sectors following the tumultuous changes to the nation’s leadership.
While a strong sentiment of dismay at the process is being expressed by many, there seems also to be a hope that a more united leadership team and a personable Prime Minister might engender greater confidence across the nation.
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