australian housing
Australian housing dwelling values rose to their highest ever value during the pandemic. Image – Canva.
  • 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.

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Top 20 Australian suburbs where prices are set to grow

  1. Campbell Creek, VIC
  2. Corinda, QLD
  3. Albion Park Rail, NSW
  4. Tuncurry, NSW
  5. Lithgow, NSW
  6. Albion Park, NSW
  7. Smithfield, NSW
  8. Greenwith, SA
  9. Rylstone, NSW
  10. Gagebrook, TAS
  11. Chidlow, WA
  12. Calderwood, NSW
  13. Enoggera, QLD
  14. Glenunga, SA
  15. Cranbourne North, VIC
  16. Wangi Wangi, NSW
  17. Golden Grove, SA
  18. Banks, ACT
  19. Woodrising, NSW
  20. Cranbourne East, VIC
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