State by state: take a look at which pockets are performing

Parts of the country show no signs of slowing when it comes to property prices in 2022 and 2023. Have a look at how South East Queensland is performing. 

There are markets within property markets, which is why you have to take the overall news about ‘Australian property prices’ with a big grain of salt. 

This week, we’re taking a deep dive into the best performing property ‘pockets’ on a state by state level, starting with Queensland, where it really is all happening.  

Queensland

The Courier Mail recently reported Queensland is leading the country when it comes to the best suburbs to invest in. Of the top 20 suburbs named, 11 were in Queensland thanks to strong capital gains for houses and units. Many of these were in the SEQ region, which is proving to be a hotspot for investors and generating excellent outcomes for sellers. 

It’s also interesting to note Brisbane is currently home to Australia’s fastest-selling suburb, with homes in Capalaba taking less than three weeks to sell on average at this point in time. This demonstrates how popular any postcode close to the city is right now.

According to Ray White Chief Economist Nerida Conisbee, “Price growth is continuing in Brisbane, the Sunshine Coast and the Gold Coast, with double-digit increases in some areas over the last twelve months. This is very different to Melbourne and Sydney, which are recording declining prices.”

Population growth is a big factor in rising home values. “There is also the fact the economy is doing well in Southeast Queensland, which wasn’t impacted so much by lockdowns,” says Nerida, “We have the Olympics, which is giving a boost, and we are seeing the Cross City River Rail project, Olympic villages and other infrastructure being ramped up.”  

For individuals who want to capitalise on a quick and easy sale, now is the time to take action. According to Nerida, “Southeast Queensland house prices are still moving relatively quickly in comparison to other cities, even though the market is coming into a different cycle. Another thing to consider if you’re investing is the way population growth and construction industry shortages are impacting the rental market. Rents are increasing because of a limited amount of new development.” 

South Australia

Adelaide city is holding strong, with suburbs in the north and south being very popular for investors. Adelaide has seen impressive growth over the last year — the top investor suburb of Elizabeth South experienced 46% annual price growth and prices in Hackham West doubled. 

Domain says houses are selling very quickly in “suburbs in Adelaide’s south-west like Seacombe Gardens, Mitchell Park, Morphettville, Hallett Cove and Marino.” However, the time on market is double in comparison to Brisbane hotspots.  

New South Wales

Sydney property prices have flatlined, with reports saying close to 30,000 people left the city during the pandemic.

One area where they seem to have ended up is the Tweed Shire, which is close to the Queensland border. Prices around this region are sitting between $863,000 and +$2 million, having risen in towns/suburbs such as Bangalow, Lismore, Ballina and Murwillumbah by around 30-40%. These areas form a ring around Byron Bay, which experienced a huge surge in newcomers during the pandemic. 

Another popular pocket in NSW is the area outside of Newcastle; the population grew in the suburb of Maitland and it experienced house price growth of more than 35% over the last twelve months.

The NSW south coast is also booming, with Batemans Bay, St Georges Basin, Nowra and Ulladulla prices increasing at above-average levels.

Victoria

Take a look at the best performing areas in Victoria and the locations you will see named are Geelong and Bendigo. These are close enough to the CBD to make a manageable day-trip but are more affordable than inner city locations, which is why prices have risen by between 20 and 40%. 

Warrnambool on the Great Ocean Road and suburbs within the Mornington Peninsula have also experienced excellent growth over the last twelve months. 

Western Australia

Our Perth friends have been doing relatively well despite the little blip last year when nobody was allowed in or out. Top performing suburbs in the city are listed as Marmion, North Beach and Gwelup, which are all located near to the beach and north of the city. 

Outside the metro area, the ‘wine region’ towns of Augusta, Margaret River and Busselton have experienced a great deal of interest from buyers and homes are being snapped up fast. 

ACT

The average cost of a home in Canberra is now more than $1 million and recent reports say the top suburbs are areas such as Woden, Queanbeyan (which is outside of the capital), Dickson and Kaleen. 

Tasmania

Outside of Hobart, Launceston and Devonport in the north are some of Tasmania’s top performers. Growth percentages have been high but Tasmania is definitely the place to score a bargain, with average prices well under $1 million. 

Northern Territory

Outside Darwin, figures show Palmerston and Litchfield are gaining in popularity and growing in population at a faster rate than the city itself.

In this metro area, it can be more about what you buy than where, with 20% growth in unit prices over the last year and excellent rental yield of more than six percent. Meanwhile, housing approvals in the Northern Territory are now at their highest rate in five years; making it a state to keep an eye on.  

Is it time to sell in your suburb?

The best real estate agents keep an eye on the big picture in terms of interest rates and general market movements but are mostly focused on their ‘patch’. This allows them to offer in-depth insights and to help their clients make smart decisions when it comes to the exchange of property. 

To find out what’s happening, right now, in New Farm and surrounding suburbs, contact us today. 

I hope you enjoy the read.

Matt Lancashire