Aerial view of the Mornington Peninsula property market.
Property prices in the Mornington Peninsula, featured, are showing strong growth. IMAGE: Adobe Stock
  • Hotspotting has identified several Australian suburbs with a strong potential for future price rises.
  • The Sunshine Coast, Byron Bay, and Mornington Peninsula are seeing renewed growth.
  • Many regional areas continue to see high demand and low listings, leading to rising prices.

In his latest contribution to The Property Tribune, Tim Graham, general manager of real estate data company Hotspotting, highlights the locations in Australia experiencing strong property price growth.

The pace of property price growth may be slowing in some cities, but a number of Australia’s COVID-19 boom stars are already gaining a second wind.

Analysis by Hotspotting has revealed the locations which experienced extremely high property price growth during Covid that are once again gaining momentum.

Hotspotting General Manager, Tim Graham, said there was plenty of steam left in the market and investors should not discount the potential for further growth in locations that had already performed well.

“Many locations across Australia were at the peak of their up-cycles in 2021 and subsided notably in 2022 and part of 2023,” Mr Graham said.

“We’ve analysed every suburb in Australia for our latest Winter Price Predictor Index and what we’ve come up with is a list of locations which are now getting a second wind and are primed for further price growth.”

Mr Graham said activity was rising in the first part of 2024 for suburbs in:

  • Sunshine Coast, QLD
  • Albury, NSW
  • Hervey Bay, QLD
  • Geelong, Victoria
  • Byron Bay, NSW
  • Ballarat, VIC
  • Mornington Peninsula, VIC
  • Canberra, ACT (unit market)

“The Sunshine Coast recorded three years of stellar growth up to 2022 with the top-end suburbs doubling in value in just three years,” Mr Graham said.

“I know it can be hard to believe it has any more to give but our data analysis shows the beginnings of a revival. We predict it is about to take off again.”

Mr Graham said Byron Bay, which he believed overshot its true value during Covid by doubling in two years, was now picking up pace again.

Weekly asking prices for Byron Bay 2481

“We can see evidence in the sales data of a pickup in activity and also the first signs of prices recovering,” he said.

The Mornington Peninsula local government area is also showing significant signs of recovery after having been a national star during the Covid boom. In the past five quarters, transaction numbers have been in the mid to high 800s with Hastings, Blairgowrie, and Balnarring recording increasing transaction numbers which are generally a precursor to price growth.

Albury and Lavington in the New South Wales/Victoria border town of Albury/Wodonga have so much potential that Hotspotting has named them in Australia’s National Top 50 Supercharged Suburbs list.

Weekly asking prices for Albury 2640

Suburbs on that list have the strongest growth patterns and are most likely to deliver future price growth.

“Albury is showing the early signs of revival, while the big three of Regional Victoria – Geelong, Bendigo and Ballarat – are all notable for consistent sales levels and appear to be gaining a second wind,” Mr Graham said.

Demand is still high in these mostly regional locations and with listings remaining extremely low, prices are rising.

“Some of the nation’s regional areas are the leading markets in the nation.”

Tim Graham, Hotspotting

“The Price Predictor Index for several years has charted the trend we call The Exodus to Affordable Lifestyle and our analysis suggests the demographic drift from the biggest capital cities is still well and truly evident.”



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