The latest edition of the Well Money Green Shoots Report covering the three months to January 2023 has identified 20 suburbs with imminent property price growth.
This comes despite the expectation of national housing prices to continue to dip in 2023 by up to a further 10%.
Well Money CEO Scott Spencer said there were notably fewer suburbs showing signs of imminent price growth in the January 2023 quarter than the October 2022 quarter.
“That said, there are some markets in which the data is pointing in the opposite direction – towards near-term price rises,” Mr Spencer said.
“When inventory levels and days on market are turning in favour of vendors, they generally sense the mood and start increasing their asking prices. That’s why, during the January quarter, vendors pushed up prices in 12 of the 20 suburbs on this list.”
Queensland and Western Australia dominated the list, accounting for 17 of the total 20 suburbs identified by Well Money.
Suburbs tipped to defy the downturn
|
Rank |
State |
Suburb |
Postcode |
Type |
Median Asking Price |
|
1 |
VIC |
Caulfield |
3162 |
Unit |
$750,000 |
|
2 |
WA |
Mount Hawthorn |
6016 |
Unit |
$500,000 |
|
3 |
WA |
Ferndale |
6148 |
Unit |
$359,000 |
|
4 |
QLD |
Clinton |
4680 |
Unit |
$229,000 |
|
5 |
WA |
Ballajura |
6066 |
Unit |
$329,000 |
|
6 |
QLD |
Toowoomba City |
4350 |
Unit |
$290,500 |
|
7 |
WA |
Collie |
6225 |
Unit |
$255,000 |
|
8 |
QLD |
Ashfield |
4670 |
House |
$605,280 |
|
9 |
WA |
Redcliffe |
6104 |
Unit |
$380,000 |
|
10 |
QLD |
Mooloolah Valley |
4553 |
House |
$935,000 |
|
11 |
WA |
Nollamara |
6061 |
Unit |
$400,000 |
|
12 |
WA |
Lockridge |
6054 |
Unit |
$269,000 |
|
13 |
NSW |
Booker Bay |
2257 |
House |
$1,375,000 |
|
14 |
QLD |
Harristown |
4350 |
Unit |
$289,000 |
|
15 |
QLD |
Mount Lofty |
4350 |
Unit |
$479,750 |
|
16 |
VIC |
Carrum |
3197 |
House |
$950,000 |
|
17 |
QLD |
Saunders Beach |
4818 |
House |
$400,000 |
|
18 |
QLD |
Darling Heights |
4350 |
Unit |
$350,000 |
|
19 |
WA |
Warnbro |
6169 |
Unit |
$297,840 |
|
20 |
WA |
Shoalwater |
6169 |
Unit |
$229,000 |
Are these the best buying conditions in the past decade?
Following the ninth consecutive cash rate increase delivered by the RBA on Tuesday, Real Estate Buyers Agents Association (REBAA) said buyers advocates are tipping the next fortnight to be the best time in a decade to place an offer on a property.
REBAA president Cate Bakos said most buyers were expecting the rate increase and had factored it into their purchasing strategy, with many mortgage pre-approvals in place.
“I don’t think (the RBA) announcement will send shockwaves to anyone who has been following the property market for the past year,” Ms Bakos said.
“With no cash rate moves due to January being an RBA meeting block out, there are some buyers who have used the time to get themselves ready with mortgage pre approvals in place.
“Certain lenders are offering a three-month validity period regardless of rate movements and a lot of consumers who are subject to borrowing capacity constraints are going down that path.”
Ms Bakos noted a number of buyers and investors are waiting in the wings, looking to use negative consumer sentiment to their advantage.
“We continue to maintain that the second half of 2023 will see increased buyer energy as those buyers who are waiting for the market to bottom will see that the cash rate reaches equilibrium and some level of certainty returns in respect of the RBA,” she said.
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