Capital cities are expected to outshine regional areas this year, offering buyers promising investment potential. It comes after buyers flocked to the regions during the pandemic, pushing up property prices.
Canstar’s annual Rising Stars Report, powered by Hotspotting, has examined a series of forward-looking indicators to provide insight into the markets primed for price growth in 2024. This included factors like sales volumes, price growth, vacancy rates and rental growth, plus infrastructure spending and planned amenities.
After a more "subdued" performance in regional areas, Brisbane took out the top spot, with the best prospects for future growth out of the 14 key property markets considered. This was followed by Adelaide and Sydney.
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Hotspotting property expert Terry Ryder said Brisbane and Sydney had risen in the leaderboard off the back of infrastructure investments.
“Brisbane has multimillion-dollar projects on the go as it prepares for the 2032 Olympics and Sydney is benefiting from business investments and governments pouring millions into transport and education,” Ryder said.
“Adelaide is a different story. Its key driver is its relative affordability compared to other jurisdictions resulting in strong house price growth signalling good prospects for future growth.”
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Major cities outperformed regional centres this year, which previously experienced growth as buyers flocked to the areas in search of affordability and lifestyle benefits.
"It’s not to say there aren’t regional markets worth investing in but it has made our attention turn back to the capital cities where pockets of affordability remain with the benefits of urban living," the report said.
Zooming in on Brisbane, Adelaide and Sydney, these were the top 10 ‘Rising Star’ towns and suburbs the report found buyers should be watching and their median property prices for house prices, units or both.
Bellbird Park – $612,000
Bowen Hills – $420,000 (unit)
Cleveland – $930,000
Eagleby – $502,000
Goodna – $460,000
Milton – $445,000 (unit)
Nundah – $1,007,000 (house), $470,000 (unit)
Petrie – $680,000
Springwood – $780,000 (house), $390,000 (unit)
Wavell Heights – $1,160,000
Andrews Farm – $450,000
Christie Downs – $480,000
Elizabeth East – $375,000
Enfield – $685,000
Greenwith – $655,000
Mount Barker – $620,000
Hope Valley – $630,000
Salisbury – $500,000 (house), $320,000 (unit)
St Clair – $330,000
Woodcroft – $660,000
Ashfield – $1,885,000 (house), $720,000 (unit)
Casula – $995,000 (house), $690,000 (unit)
Guildford – $1,050,000 (house), $445,000 (unit)
Minto – $850,000 (house), $585,000 (unit)
Mt Druitt – $870,000 (house), $420,000 (unit)
Newtown – $1,720,000 (house), $720,000 (unit)
Padstow – $1,250,000 (house), $840,000 (unit)
Penshurst – $1,690,000 (house), $630,000 (unit)
St Marys – $815,000 (house), $595,000 (unit)
Westmead – $1,570,000 (house), $555,000 (unit)
Canstar ambassador and money expert Effie Zahos said rising interest rates and living costs were impacting affordability and the borrowing power of buyers.
“This is a concern for both new and existing homebuyers and explains why 54 per cent of Rising Star suburbs have a median unit or house price below $600,000,” Zahos said.
“The findings also show 37 per cent of this year's list consists of units, which is up from 18 per cent last year.”
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