Homebuyers and investors who are on the lookout for suburbs with sure-fire growth prospects this year should consider the 20 suburbs identified by Well Home Loans.
Well Home Loans CEO Scott Spencer said the list features a diverse set of markets with affordable prices that show the “clearest signs” of price gains over the next months.
"Median prices start as low as $165,000 for the Whyalla Norrie house market in regional South Australia and go no higher than $820,000 for the Burwood unit market in Melbourne,” he said.
Mr Spencer said the list was based on several market indicators other than median prices, which include inventory levels and days-on-market.
All listed markets reported decreasing inventory levels, this means that the current supply of properties in the suburb are likely to be sold over a shorter period.
“With these indicators, you get a sense for whether market conditions are tilting towards sellers or buyers, and therefore whether prices are likely to rise or fall in the year ahead,” he said.
Unit markets to watch out for
Of the 20 markets listed, nine are unit markets that are scattered across states and territories.
Well Home Loans listed the unit market of Hallam in Victoria as one of the top spots to check out this year.
Over the past three months, Hallam reported a 1.2% increase in median unit price to $505,000.
South Australia’s West Lakes in Charles Sturt is also a good option for buyers, with its median price growing by 10.2% over the same period to $529,000.
Units in West Lakes sold faster over the quarter, with days-on-market declining to 28 days.
Mango Hill in Queensland is also a top spot for units. It reported a 5.6% growth in median unit price to $359,000 and a slightly lower selling time at 55 days.
Here are the other unit markets that are poised for a strong growth this year:
Top suburbs for units 2022 |
|||
|
Suburb (State) |
Median Price, January 2022 ($) |
Price Growth (%) |
Days-on-market |
|
Hallam (Vic) |
505,000 |
1.2 |
38 |
|
West Lake (SA) |
529,000 |
10.2 |
28 |
|
Mango Hill (Qld) |
359,000 |
5.6 |
55 |
|
Newtown (Qld) |
270,000 |
4.2 |
70 |
|
Burwood, (Vic) |
820,000 |
4.7 |
35 |
|
Gungahlin (ACT) |
469,000 |
2.2 |
44 |
|
Kirrawee (NSW) |
760,000 |
7.0 |
25 |
|
Belconnen (ACT) |
450,000 |
1.1 |
40 |
|
Devonport (Tas) |
319,000 |
6.3 |
35 |
House markets slated to post stellar gains
The overall trend of houses outperforming units is apparent in the list, as house markets take up 11 spots in the list.
Broome in Western Australia is a great option for buyers and investors, with its median asking price increasing by 7.1% over the past three months to $589,000.
Houses in Broome have higher days-on-market at 84 days compared to other suburbs in the list, but it also recorded a significant decline in inventory over the period.
Buyers can also consider Whyalla Norrie in South Australia to invest into. This suburb reported a 1.6% uptick in median prices to $165,000, one of the most affordable in the list.
It takes around 66 days for a property to get sold in Whyalla Norrie.
Victoria’s Wyndham Vale are among the house markets predicted to strongly perform this year.
The median price of a home in Wyndham Vale increased by 2.2% to $513,000.
Here are the other house markets included in Well Home Loans’ list:
Top suburbs for houses 2022 |
|||
|
Suburb (State) |
Median Price, January 2022 ($) |
Price Growth (%) |
Days-on-market |
|
Broome (WA) |
589,000 |
7.1 |
84 |
|
Whyalla Norrie (SA) |
165,075 |
1.6 |
66 |
|
Wyndham Vale (Vic) |
513,000 |
2.2 |
33 |
|
Evanston Gardens (SA) |
346,900 |
2.4 |
49 |
|
Bohle Plains (Qld) |
440,000 |
3.5 |
49 |
|
Collingwood Park (Qld) |
435,319 |
3.6 |
33 |
|
Mount Barker (SA) |
439,900 |
1.9 |
36 |
|
Eynesbury (Vic) |
606,400 |
0.4 |
42 |
|
Leda (WA) |
325,500 |
2.0 |
47 |
|
Djugun (WA) |
625,000 |
5.0 |
75 |
|
Jurien Bay (WA) |
450,000 |
2.3 |
119 |
—
Photo by @nknezevic on Unsplash
