While Australia’s housing market has taken hit after hit over the last year, things are looking up for a few suburbs in some of the country’s most prominent areas.
Potential homebuyers should look to suburbs in Adelaide, Melbourne, Sydney, Brisbane and the Gold Coast – where there are several suburbs which are expected to grow in the next year.
Chief economist from realestate.com.au Nerida Conisbee says there are many factors that contribute to why these suburbs boom compared to others.
While Australia’s housing market has taken hit after hit over the last year, things are looking up for a few suburbs in some of the country’s most prominent areas (stock image)
Industrial and residential hub 4 kilometres south of Sydney’s CBD, Waterloo, is due to become one of Sydney’s ‘reborn residential hot spots’, according to Mr Driscoll.
Talking to news.com.au, Ms Conisbee said factors include construction and infrastructure projects, lifestyle factors, price and how the suburb looks to young people.
One of the suburbs on the rise is Upwey, 32 kilometres east of Melbourne’s CBD due to its affordability.
Upwey attracts first homebuyers as Ms Consibee said beautifully designed homes can be found for under $700,000.
Park Orchards, 23 kilometres north-east of Melbourne’s CBD, has a higher median price but the houses are much bigger and found on acreages of land with similar prices to inner-city Melbourne ‘shoebox’ apartments.
Middle Park, a beachside suburb of Melbourne, is extremely popular with homebuyers despite having a high median price of $2.6 million.
In Adelaide’s south, Unley has always been a booming suburb and Ms Coonisbee said there’s no signs of it slowing down in the new year.
The entire Adelaide Hills area, located east of the city has growing interest as it holds bigger blocks of land and offers rural living while still being close to Adelaide’s CBD
The entire Adelaide Hills area, located east of the city has growing interest as it holds bigger blocks of land and offers rural living while still being close to Adelaide’s CBD.
Paddington, an affluent residential suburb located in Brisbane’s inner north, appeals to both younger and older homebuyers as it is affordable and close to the CBD.
Located in Brisbane’s outer south-east, Chandler offers homebuyers homes that are big with large acreage, with median house prices floating around $1.5 million.
In the Gold Coast, Tallebudgera Valley is booming due to buyers from Sydney opting to invest in beach houses that are a fraction of the price.
Paddington, an affluent residential suburb located in Brisbane’s inner north, appeals to both younger and older homebuyers
Chief economist from realestate.com.au Nerida Conisbee says there are many factors that contribute to why these suburbs boom compared to others
Dubbed to be Australia’s Silicon Valley, inner-city Sydney suburb of Eveleigh is expected to take off in 2019 as a new technology and innovation project will bring businesses to the area.
Chief Executive officer of Starr Partners Douglas Driscoll said this project will raise the prices in the suburb, as it also has more developments in the works.
Northern Sydney suburb Brookvale has a cheaper median house price than its surrounding affluent suburbs but developers are planning to turn it into a ‘vibrant precinct’, which will have it rise in popularity.
Industrial and residential hub 4 kilometres south of Sydney’s CBD, Waterloo, is due to become one of Sydney’s ‘reborn residential hot spots’, according to Mr Driscoll.
He said the suburb is currently undergoing a skyline transformation with the implementation of apartment buildings as well as a new metro line.
Industrial and residential hub 4 kilometres south of Sydney’s CBD, Waterloo, is due to become one of Sydney’s ‘reborn residential hot spots’, according to Mr Driscoll
Park Orchards, 23 kilometres north-east of Melbourne’s CBD has a higher median price but the houses are much bigger and found on acreages of land with similar prices to inner-city Melbourne ‘shoebox’ apartments