Top 20 Australian suburbs where prices are set to grow

Markets are assessed based on a decrease in inventory levels and days on market decreasing
Campbells Creek in Victoria tops the list
Buying conditions across these 20 suburbs have become harder despite a cooling market nationally

While the housing market has shown signs of cooling down, Well Home Loans has identified 20 metro and regional locations across Australia where strong price growth is still forecasted.

The Well Home Loan Green Shoots Report identifies the 20 markets through the use of suburbs with the strongest combination of inventory levels decreasing over the past three months, days on market decreasing over the past three months and asking prices increasing during the same time.

This particular list features nine metro and 11 regional locations across seven states and territories. 17 are house markets with the remaining unit markets.

Campbells Creek tops the list, with a median asking price of $659,000.

Scott Spencer, Well Home Loans, said that while property markets are cooling across the board, these markets are likely to heat up in the coming months.

“Inventory levels and days on market have fallen in all 20 locations over the three months to April, often from already low levels, which shows buying conditions have become harder,” he said.

Rank	State	Suburb	Postcode	Type	Median asking price
1	VIC	Campbells Creek	3451	House	$659,000
2	QLD	Corinda	4075	House	$1,208,340
3	NSW	Albion Park Rail	2527	House	$772,500
4	NSW	Tuncurry	2428	House	$705,000
5	NSW	Lithgow	2790	House	$429,000
6	NSW	Albion Park	2527	House	$821,600
7	NSW	Smithfield	2164	Unit	$691,200
8	SA	Greenwith	5125	House	$545,000
9	NSW	Rylstone	2849	House	$480,000
10	TAS	Gagebrook	7030	House	$320,000
11	WA	Chidlow	6556	House	$649,000
12	NSW	Calderwood	2527	House	$949,000
13	QLD	Enoggera	4051	House	$1,025,000
14	SA	Glenunga	5064	House	$1,400,000
15	VIC	Cranbourne North	3977	Unit	$490,000
16	NSW	Wangi Wangi	2267	House	$897,600
17	SA	Golden Grove	5125	House	$575,000
18	ACT	Banks	2906	House	$779,100
19	NSW	Woodrising	2284	House	$663,000
20	VIC	Cranbourne East	3977	Unit	$504,720

The house market of Campbells Creek (Heathcote – Castlemaine – Kyneton, Victoria)

Indicator	January 2022	April 2022	Change
Inventory level	2.5 months	Under 1 month	N/A
Days on market	39 days	37 days	-5.1%
Median asking price	$649,000	$659,000	1.5%

“Vendors have noticed, raising their asking prices in all but two of the locations. This is likely to translate to higher selling prices in the second half of the year,” he added.

“Real estate is often reported in national terms, but it’s actually very localised. Each suburb has its own unique supply and demand dynamics.

“This top 20 list shows locations where the balance between supply and demand has been shifting towards vendors.

“This is the value of the Well Home Loans Green Shoots Report. Most reports tell you what’s already happened, but this report analyses key leading indicators to work out what’s likely to occur in the months ahead,” he concluded.