Hottest 100 suburbs to buy property in 2023
It was a crazy year for the property market in 2022 - reaching the highest of highs, which promptly turned around when interest rates started rising in May.
But potential buyers are still keen and next year there are a number of suburbs in the spotlight, according to new research from realestate.com.au (REA).
PropTrack director of economic research Cameron Kusher said market uncertainty had increased in recent months due to the Reserve Bank's aggressive approach to interest rates.
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“Despite the rapid increases in rates through 2022 and subsequently reduced borrowing capacities and lower home prices, there are still plenty of suburbs that offer great opportunities,” Kusher said.
“That’s why it’s imperative that anyone thinking of buying does their own research to understand what drives a local market and how it is likely to evolve over the coming years.”
The top 100 suburbs were selected based on various mid- and long-term growth drivers, including:
Affordability - either low prices suiting buyers on a budget or relative affordability compared to nearby suburbs
Amenity - the level of lifestyle pluses, from bars and restaurants to boutiques and parklands
Family appeal - such as dwelling type, perceived safety and proximity to good schools
Location - including proximity to the CBD or major hubs, or closeness to natural amenities like beaches
Investment prospects - from rental market conditions to expected imminent upside
Gentrification - the changing face of a suburb
Population growth - representing a projected increase in the number of locals
Demographic change - indicating a shift from the current make-up of residents, for example young families replacing downsizing elderly locals
Infrastructure - looking at major investments in projects that will benefit the suburb or surrounds
New South Wales top suburbs in 2023
Victoria top suburbs in 2023
Queensland top suburbs in 2023
South Australia top suburbs in 2023
Western Australia top suburbs in 2023
Australian Capital Territory top suburbs in 2023
Tasmania top suburbs in 2023
Northern Territory top suburbs in 2023
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