The suburbs selected show 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 over the past three months.
Well Home Loans CEO Scott Spencer said while property markets in many places of the country are cooling, the Well Home Loans Green Shoots Report has found markets that are likely to heat up in the months ahead.
“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.
“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.
“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."
The report features nine metro locations and 11 regional locations, with suburbs in NSW featuring nine times. The Illawarra region features three suburbs.
Top 20 Growth Suburbs
|
Rank |
Suburb |
Type |
Median asking price |
|
1 |
Campbells Creek, Vic, 3451 |
House |
$659,000 |
|
2 |
Corinda, Qld, 4075 |
House |
$1,208,340 |
|
3 |
Albion Park Rail, NSW, 2527 |
House |
$772,500 |
|
4 |
Tuncurry, NSW, 2428 |
House |
$705,000 |
|
5 |
Lithgow, NSW, 2790 |
House |
$429,000 |
|
6 |
Albion Park, NSW, 2527 |
House |
$821,600 |
|
7 |
Smithfield, NSW, 2164 |
Unit |
$691,200 |
|
8 |
Greenwith, SA, 5125 |
House |
$545,000 |
|
9 |
Rylstone, NSW, 2489 |
House |
$480,000 |
|
10 |
Gagebrook, Tas, 7030 |
House |
$320,000 |
|
11 |
Chidlow, NSW, 6556 |
House |
$649,000 |
|
12 |
Calderwood, NSW, 2527 |
House |
$949,000 |
|
13 |
Enoggera, Qld, 4051 |
House |
$1,025,000 |
|
14 |
Glenunga, SA, 5064 |
House |
$1,400,000 |
|
15 |
Cranbourne North, Vic, 3977 |
Unit |
$490,000 |
|
16 |
Wangi Wangi, NSW, 2267 |
House |
$897,600 |
|
17 |
Golden Grove, SA, 5125 |
House |
$575,000 |
|
18 |
Banks, ACT, 2906 |
House |
$779,100 |
|
19 |
Woodrising, NSW, 2284 |
House |
$663,000 |
|
20 |
Cranbourne East, Vic, 3977 |
Unit |
$504,720 |
Source: Well Home Loans
Image by Maximillian Conacher via Unsplash
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