Despite the current downturn, several housing markets across Australian states and territories have proven their stability as they recorded high level of activity and solid price growth.
Hotspotting’s latest report identified the 10 best leading growth markets in Australia over the last months of 2022, which are comprised of big and small cities and regional areas.
Hotspotting director Terry Ryder said these markets are proof that “real estate is essentially a local affair, with markets within markets.”
“Our analysis of locations across the nation reveals numerous growth clusters that are resisting the downward trend,” he said.
Armadale, Western Australia
Mr Ryder said Perth continues to be a nation-leading market as it maintains high level of sales activity and good price growth.
“Suburbs with rising sales activity include most of the suburbs in the City of Armadale in the far south of Greater Perth, many of them places with median house prices in the $300,000s and $400,000s, providing attractive affordability,” he said.
Canterbury- Bankstown, New South Wales
Despite the Sydney market experiencing a decline over the year, some sectors are still witnessing growth.
Mr Ryder said while there is decline at the top end and the shift in focus to more affordable suburbs, there remains strong buyer demand in precincts where houses are typically available in the price range from $900,000 to $1.5m.
“These areas, which continue to attract buyer activity at similar levels to 2021, include the Canterbury-Bankstown LGA, where 17 of the 23 suburbs are rising or consistency markets, a marked improvement on the situation six months ago,” Mr Ryder said.
Darwin, Northern Territory
Darwin has been the strongest Northern Territory market over the past seven years.
“The Darwin market remains strong – of 19 suburbs analysed, 11 are rising markets and three are consistency markets,” Mr Ryder said.
Mr Ryder said while the Melbourne market overall has dropped steadily throughout 2022, the affordable end of the market remains as strong as before.
“Clearly buyers are chasing affordability and one of the places they are finding it is in the City of Hume in the north,” he said.
“Many of these suburbs have median prices between $580,000 and $650,000, including Kalkallo ($620,000), and Tullamarine ($780,000).”
Marion, South Australia
The middle-market City of Marion is one of Adelaide’s steadiest performers.
“This LGA attracts demand because has the Flinders Medical Precinct, Flinders University and Tonsley innovation precinct,” Mr Ryder said.
Playford and Salisbury, South Australia
Playford and Salisbury LGAs form a strong precinct in the city’s affordable north. 21 suburbs in these two LGAs are classified as rising markets.
“Given that many of these suburbs have median house prices in the $200,000s and $300,000s, this is clearly an area targeted for its affordability,” Mr Ryder said.
Mr Ryder said Toowoomba has a vibrant economy, boosted by major infrastructure.
“The most influential infrastructure projects – the $15bn Inland Rail Link and a $1bn hospital — are still to come. This is energising the Toowoomba property market, with affordable prices, low vacancies, and high rental yields attracting investors,” he said.
Townsville, dubbed as the unofficial capital of North Queensland, is one of Australia’s stand-out markets.
“The market benefits from a sturdy, diverse local economy which underpins a real estate market boosted by the city’s attractive affordability, lifestyle, and ability to generate employment,” Mr Ryder said.
Wanneroo, Western Australia
The City of Wanneroo is one of the biggest contenders for the best-performing housing market for the year.
Mr Ryder said 18 suburbs in Wanneroo are classified as rising markets while four suburbs have reported rising quarterly sales over the past three years.
Wollongong. New South Wales
The City of Wollongong has defied the trend among other regional housing markets and is now the state’s strongest.
“Of the 15 Wollongong suburbs in our analysis, 12 are classified as rising or consistency markets,” Mr Ryder said.
“These locations have surged in 2022, in defiance of rising interest rates and other downturn pressures.”
Photo by Tourism Australia on Canva.
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