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Australian Suburbs Forecast for Growth

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Analysis revealing a list of ten suburbs spanning Victoria, New South Wales and Queensland has been released with forecast median house price growth of up to 30 per cent across the next three years.

Melbourne’s inner city suburb Balaclava tops the list of suburbs, with an estimated median house price rise of 30.3 per cent across the three year period.

The suburb predictions, which also take in South Australia and the Australian Capital Territory, have a current median house price starting from $396,000 and ranges up to $1.3 million.

The research, by SuburbGrowth.com.au – part of the Select Residential Property Research Group, identified the suburbs using 17 market variables to narrow in on the locations.

“These suburbs all have a number of desirable features,” SRP research director Jeremy Sheppard said.

“However, one of the main reasons why house prices are forecast to grow is an imbalance of demand to supply.

“The research highlights that each major region has suburbs with price potential, regardless of what the market cycle is doing at the time,” Sheppard said.

Sydney’s northern beaches suburb Narraweena ranks in at second place, an area Sheppard says has seen increased buyer demand through 2019.

While consistent performers Adelaide and Canberra housing markets make the list with Fullerton and Colonel Light Gardens, located 4 and 8 kilometres, respectively, from Adelaide's CBD. Belconnen suburb Charnwood sits 20-kilometres from Canberra CBD.

Geelong, Victoria's second largest city, makes an appearance. A region that continues to benefit from its proximity to Melbourne along with its lower housing price points.

Sunshine Coast, which has experienced a strengthening economy and major infrastructure investment in recent years, appears on the list with coastal suburb Currimundi located on the northern boundary of the Caloundra (lead image) area.

While Brisbane suburb Grange, approximately 8-kilometres from the CBD, sits north of the city's river with a median house price of $884,000.

And of course, with all investing, undertaking research, understanding the local development and infrastructure plans, and assessing your own personal financial circumstances is number one.

Ten Suburbs: SRP Group

State and AreaSuburbMedian House Price3-year growth forecast %Forecast change $
VIC MelbourneBalaclava$ 1,072,000 30.3$324,711
NSW SydneyNarraweena$ 1,299,000 29.7$386,387
NSW WollongongHelensburgh$ 747,000 28.6$213,446
SA AdelaideFullarton$ 910,00028$255,214
VIC GeelongSt Albans Park$ 396,00027.5$109,050
ACT Canberra - QueanbeyanCharnwood$ 449,00027.4$122,949body
NSW Newcastle - MaitlandWaratah$ 494,00027.4$135,368body
QLD Sunshine CoastCurrimundi$ 537,00025.8$138,514
QLD BrisbaneGrange$ 884,00025.8$228,020
SA AdelaideColonel Light Gardens$ 732,00026.5$193,696
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Article originally posted at: https://theurbandeveloper.com/articles/australian-suburbs-forecast-for-growth