australian suburb
Image – Canva.
  • The 20 suburbs show signs of lower inventory and fewer days on the market
  • This has been combined with rising asking prices over the past three months
  • Most suburbs are outside the larger states of NSW and Victoria

A new report by Well Money (formerly Well Home Loans) has identified 20 locations across Australia where prices are expected to increase in the near future, despite declining house prices across most of Australia. 

The 20 suburbs shown have strong signs of lower inventory, fewer days on the market and an increase in the asking prices over the next three months.

For the October quarter, 12 metro and eight regional locations are shown, with 14 houses and six unit markets. Notably, the majority of markets are outside Queensland, New South Wales and Victoria, with five in WA and six in South Australia.

Scott Spencer, Well Money CEO, noted that inventory levels have fallen in each of these markets.

“The reason inventory levels are such an important leading indicator is because they tell you what’s happening with the balance of power in a particular market,” he said.

“When inventory levels are falling, that means buying conditions are becoming harder, which forces buyers to compete harder and puts upward pressure on prices.

20 Australians suburbs set to record price rises during the next three months

Rank State Suburb Postcode Type Median asking price
1 WA Burekup 6227 House $511,110
2 VIC St Albans 3021 Unit $518,160
3 SA Moonta 5558 House $320,000
4 SA North Brighton 5048 House $1,072,500
5 SA Glenelg 5045 House $1,101,998
6 NT Johnston 832 House $612,500
7 NSW Sunshine 2264 House $930,000
8 VIC Junction Village 3977 House $720,700
9 WA Wembley Downs 6019 House $1,249,990
10 NSW Wyee 2259 House $897,573
11 QLD Booval 4304 Unit $249,000
12 SA Two Wells 5501 House $486,000
13 VIC Cairnlea 3023 Unit $430,260
14 SA Munno Para 5115 House $384,500
15 WA Noranda 6062 Unit $325,000
16 WA Binningup 6233 House $415,000
17 WA Alkimos 6038 House $459,430
18 VIC Waterways 3195 House $1,540,800
19 NSW Brighton-Le-Sands 2216 Unit $750,000
20 SA Henley Beach 5022 Unit $492,900

“In all 20 of the suburbs, days on market have either remained unchanged over the past three months or fallen. When properties sell more quickly, that’s another sign of growing buyer competition,” continued Mr Spencer.

Scott Spencer Well Home Loans
Scott Spencer, Well Money CEO

“When supply falls and demand rises, vendors take notice. As a result, in all but two of the 20 suburbs, vendors raised their asking prices over the quarter.

“That’s why the Well Money Green Shoots Report is such an insightful report. Instead of looking backwards, it uses in-depth property data analysis to forecast what’s likely to happen in the not-too-distant future.”

  1. The house market of Burekup (WA, 6227)
Indicator Jul-22 Oct-22 Change
Inventory level 8.4 months 3.6 months -57.10%
Days on market 59 days 59 days 0.00%
Median asking price $495,030 $511,110 3.20%

2. The unit market of St Albans (VIC, 3021)

Indicator July 2022 October 2022 Change
Inventory level 3.7 months Under 1 month N/A
Days on market 56 days 51 days -8.9%
Median asking price $499,950 $518,160 3.6%
  1. The house market of Moonta (SA, 5558)
Indicator July 2022 October 2022 Change
Inventory level 8.8 months 5.7 months -35.7%
Days on market 63 days 51 days -19.0%
Median asking price $310,000 $320,000 3.2%
  1. The house market of North Brighton (SA, 5048)
Indicator July 2022 October 2022 Change
Inventory level 5.8 months 2.7 months -52.6%
Days on market 19 days 19 days 0.0%
Median asking price $1,050,000 $1,072,500 2.1%
  1. The house market of Glenelg (SA, 5045)
Indicator July 2022 October 2022 Change
Inventory level 6.8 months 3.8 months -44.4%
Days on market 29 days 27 days -6.9%
Median asking price $952,940 $1,101,998 15.6%

 

  1. The house market of Johnston (NT, 0832)
Indicator July 2022 October 2022 Change
Inventory level 5.7 months 2.8 months -50.0%
Days on market 66 days 66 days 0.0%
Median asking price $629,000 $612,500 -2.6%

 

  1. The house market of Sunshine (NSW, 2264)
Indicator July 2022 October 2022 Change
Inventory level 5.7 months 2.8 months -50.1%
Days on market 31 days 31 days 0.0%
Median asking price $929,000 $930,000 0.1%

8.The house market of Junction Village (VIC, 3977)

Indicator July 2022 October 2022 Change
Inventory level 7.6 months 4.9 months -35.7%
Days on market 24 days 22 days -8.3%
Median asking price $715,100 $720,700 0.8%

9. The house market of Wembley Downs (WA, 6019)

Indicator July 2022 October 2022 Change
Inventory level 3.2 months Under 1 month N/A
Days on market 50 days 50 days 0.0%
Median asking price $1,212,000 $1,249,990 3.1%

10. The house market of Wyee (NSW, 2259)

Indicator July 2022 October 2022 Change
Inventory level 7.2 months 4.6 months -35.3%
Days on market 38 days 28 days -26.3%
Median asking price $896,733 $897,573 0.1%

11. The unit market of Booval (QLD, 4304) 

Indicator July 2022 October 2022 Change
Inventory level 5.1 months 2.5 months -49.9%
Days on market 53 days 53 days 0.0%
Median asking price $239,000 $249,000 4.2%
  1. The house market of Two Wells (SA, 5501)
Indicator July 2022 October 2022 Change
Inventory level 4.5 months 2.0 months -55.6%
Days on market 40 days 28 days -30.0%
Median asking price $460,080 $486,000 5.6%
  1. The unit market of Cairnlea (VIC, 3023)
Indicator July 2022 October 2022 Change
Inventory level 8.3 months 6.0 months -27.3%
Days on market 66 days 59 days -10.6%
Median asking price $439,000 $430,260 -2.0%

14. The house market of Munno Para (SA, 5115)

Indicator July 2022 October 2022 Change
Inventory level 4.8 months 2.6 months -46.4%
Days on market 35 days 35 days 0.0%
Median asking price $363,200 $384,500 5.9%

15. The unit market of Noranda (WA, 6062)

Indicator July 2022 October 2022 Change
Inventory level 6.0 months 3.8 months -36.3%
Days on market 66 days 66 days 0.0%
Median asking price $320,000 $325,000 1.6%
  1. The house market of Binningup (WA, 6233)
Indicator July 2022 October 2022 Change
Inventory level 3.2 months 1.2 months -61.6%
Days on market 55 days 53 days -3.6%
Median asking price $399,000 $415,000 4.0%
  1. The house market of Alkimos (WA, 6038)
Indicator July 2022 October 2022 Change
Inventory level 5.7 months 3.8 months -33.5%
Days on market 52 days 52 days 0.0%
Median asking price $444,075 $459,430 3.5%
  1. The house market of Waterways (VIC, 3195)
Indicator July 2022 October 2022 Change
Inventory level 2.8 months 1.0 months -66.5%
Days on market 29 days 29 days 0.0%
Median asking price $1,513,600 $1,540,800 1.8%

 

  1. The unit market of Brighton-Le-Sands (NSW, 2216)
Indicator July 2022 October 2022 Change
Inventory level 2.1 months Under 1 month N/A
Days on market 24 days 24 days 0.0%
Median asking price $728,000 $750,000 3.0%
  1. The unit market of Henley Beach (SA, 5022)
Indicator July 2022 October 2022 Change
Inventory level 2.6 months Under 1 month N/A
Days on market 32 days 23 days -28.1%
Median asking price $485,000 $492,900 1.6%

~~

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