Canstar’s annual examined a series of forward-looking indicators to provide a glimpse into the markets posed for price growth in 2023.
Canstar editor-at-large Effie Zahos said the rapid price growth seen in the past few years was not expected to continue.
“Bargains may be just around the corner, with some forecasts predicting price drops of up to 20 per cent. But not all bargains will get you the same gains,” Zahos said.
“Whether you plan to wait a while to buy and hopefully snap up a bargain or you’re ready to jump into the market now, the number one rule when it comes to buying property hasn’t changed. You’ve got to get your location right.”
Canstar joined forces with property expert and founder of Hotspotting Terry Ryder to assess the country’s top property spots.
The Rising Stars Report identified 110 promising property locations around the country based on sales volumes, price growth, vacancy rates and rental growth, plus infrastructure spending and amenities.
But, despite falling prices, Zahos warned that buying in a market of rising interest rates also required buyers to factor in affordability.
“Shopping for the perfect house in the perfect street won’t matter if you can’t afford the loan. Buyers must carefully consider their future plans and if they can still reasonably make repayments,” Zahos said.
“Rising interest rates and living costs will be impacting affordability and the borrowing power of buyers. This could see more buyers locked out.”
How the cities and regions rank for 2023
There has been quite a shake-up in the rankings of Australian real estate markets when comparing results from last year to the latest Rising Stars Report.
Ryder said that, while last year regional locations dominated the top three locations to buy, this year it was the smaller capital cities stealing the limelight.
Adelaide was at the top of the leaderboard, with the best prospects for future capital growth of the 14 jurisdictions assessed. The South Australian capital was followed by Brisbane and Perth.
“All three markets have been strongly resistant to the downturn pressures and have benefited from the pursuit of affordability, which is the strongest theme pervading property markets across Australia in 2022,” Ryder said.
Regional Western Australia
Regional New South Wales
Regional South Australia
New South Wales
The top 10 best suburbs to consider purchasing a home in Sydney are:
The top 10 best regional markets to consider buying in New South Wales are:
The top 10 best suburbs to consider purchasing a home in Melbourne are:
North Melbourne (Units)
The top 10 best regional markets to consider buying in Victoria are:
The top 10 best suburbs to consider purchasing a home in Brisbane are:
Kangaroo Point (Units)
West End (Units)
The top 10 best regional markets to consider buying in Queensland are:
The top 10 best suburbs to consider purchasing a home in Adelaide are:
The top 5 best regional markets to consider buying in South Australia are:
The top 10 best suburbs to consider purchasing a home in Perth are:
The top 5 best regional markets to consider buying in Western Australia are:
The top 5 best suburbs to consider purchasing a home in Hobart are:
The top 5 best regional markets to consider buying in Tasmania are:
Australian Capital Territory
The top 5 best suburbs to consider purchasing a home in Canberra are:
The top 5 best suburbs to consider purchasing a home in Darwin are:
Darwin City (Units)