Yahoo Finance Top 20 suburbs to buy where prices are set to skyrocket
Property price growth is expected to slow down this year, but these 20 suburbs are expected to see prices accelerate instead, according to new research.
A report, commissioned by Well Home Loans, has identified some specific property markets, in capital cities as well as regional locations, where prices are likely to grow during 2022.
The 20 suburbs chosen 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.
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Well Home Loans CEO Scott Spencer said the report contained a diverse mix of property markets, generally at affordable prices.
"The top 20 list includes markets in seven different states and territories. Of the 20 locations, there are 11 metro and nine regional locations, as well as 11 house and nine unit markets,” he said.
"Median prices start as low as $165,000 for the Whyalla Norrie house market in regional South Australia and go no higher than $820,000 for the Burwood unit market in Melbourne."
Spencer said while the Well Home Loans Green Shoots Report is helpful for anyone planning to enter the market, buyers should also seek professional advice.
“Buying a property is a major financial decision, so it’s important you do your due diligence,” Spencer said.
“It’s also a good idea to get a pre-approval … so you have your finance in place before you attend open homes and place bids.”
Here are the top 20 suburbs.
Rank | State | Suburb | Postcode | Type | Price |
1 | VIC | Hallam | 3803 | Unit | $505,000 |
2 | WA | Broome | 6725 | House | $589,000 |
3 | SA | West Lakes | 5023 | Unit | $529,000 |
4 | QLD | Mango Hill | 4509 | Unit | $359,000 |
5 | QLD | Newtown | 4350 | Unit | $270,000 |
6 | SA | Whyalla Norrie | 5608 | House | $165,075 |
7 | VIC | Wyndham Vale | 3024 | House | $513,000 |
8 | SA | Evanston Gardens | 5116 | House | $346,900 |
9 | QLD | Bohle Plains | 4817 | House | $440,000 |
`10 | QLD | Collingwood Park | 4301 | House | $435,319 |
11 | SA | Mount Barker | 5251 | House | $439,900 |
12 | VIC | Burwood | 3125 | Unit | $820,000 |
13 | VIC | Eynesbury | 3338 | House | $606,400 |
14 | ACT | Gungahlin | 2912 | Unit | $469,000 |
15 | WA | Leda | 6170 | House | $325,500 |
16 | NSW | Kirrawee | 2232 | Unit | $760,000 |
17 | WA | Djugun | 6725 | House | $625,000 |
18 | ACT | Belconnen | 2617 | Unit | $450,000 |
19 | TAS | Devonport | 7310 | Unit | $319,000 |
20 | WA | Jurien Bay | 6516 | House | $450,000 |
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