Off the back of a record year for market growth, experts are watching closely to see what prices will do in 2022. Even with the speed of increases slowing down, some suburbs are certain to see levels of growth surpassing the figures of 2021.
Well Home Loans’ latest Green Shoots report has identified the 20 suburbs in Australia that are showing signs of reporting the strongest growth in the months ahead.
They’ve pinpointed these locations by looking back over the past three months to track the suburbs where inventory levels and days on the market have decreased while asking prices have steadily increased.
Well Home Loans chief executive Scott Spencer said they discovered that the 20 suburbs most likely to see the greatest level of growth in the coming months spanned a diverse range of locations, price brackets and markets.
“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,” Mr Spencer 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.”
He noted that as important as it is to look at previous performance, their research had identified some leading indicators that may be more helpful in spotting future potential.
“The property market – like any market – is all about supply and demand. When you analyse leading indicators like inventory levels and days on market, you get a sense for whether market conditions are tilting towards sellers or buyers, and therefore whether prices are likely to rise or fall in the year ahead,” he said.
These are the 20 markets poised for the greatest growth in 2022, along with their median property price as at February 2022:
- Hallam, Vic, Unit, $505,000
- Broome, WA, House, $589,000
- West Lakes, SA, Unit, $529,000
- Mango Hill, Qld, Unit, $359,000
- Newtown, Qld, Unit, $270,000
- Whyalla Norrie, SA, House, $165,075
- Wyndham Vale, Vic, House, $513,000
- Evanston Gardens, SA, House, $346,900
- Bohle Plains, Qld, House, $440,000
- Collingwood Park, Qld, House, $435,319
- Mount Barker, SA, House, $439,900
- Burwood, Vic, Unit, $820,000
- Eynesbury, Vic, House, $606,400
- Gungahlin, ACT, Unit, $469,000
- Leda, WA, House, $325,500
- Kirrawee, NSW, Unit, $760,000
- Djugun, WA, House, $625,000
- Belconnen, ACT, Unit, $450,000
- Devonport, Tas, Unit, $319,000
- Jurien Bay, WA, House, $450,000