- 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|
|3||NSW||Albion Park Rail||2527||House||$772,500|
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.
Top 20 Australian suburbs where prices are set to grow
- Campbell Creek, VIC
- Corinda, QLD
- Albion Park Rail, NSW
- Tuncurry, NSW
- Lithgow, NSW
- Albion Park, NSW
- Smithfield, NSW
- Greenwith, SA
- Rylstone, NSW
- Gagebrook, TAS
- Chidlow, WA
- Calderwood, NSW
- Enoggera, QLD
- Glenunga, SA
- Cranbourne North, VIC
- Wangi Wangi, NSW
- Golden Grove, SA
- Banks, ACT
- Woodrising, NSW
- Cranbourne East, VIC