In the fast-paced world of real estate, it’s best to keep one eye on the future.
“Areas that will trend going forward – rather than areas that are trending right now – are the ones to look out for,” advises Charles Tarbey, CEO of real estate group Century 21 in Australia. Up-and-coming locales generally boast a lower entry pricepoint – offering potential for capital growth – and are underpinned by growing employment hubs and new infrastructure. So where should you be setting your GPS for those Saturday morning inspections? Read on to uncover the housing hotspots of tomorrow.
The regional rising stars
More and more of us are leaving the big smoke in favour of more affordable suburbs just out of town. “Regional areas are now almost part of the major cities,” explains Charles. “With freeways and other modes of transport improving dramatically, many of the slightly outlying areas will achieve better growth to a point of catching up with city locations.”
According to The Price Predictor Index Report by real estate researchers Hotspotting, the suburb of Golden Square, Bendigo, has been steadily growing over the last year and may be primed for a property boom (the median house price is currently $325,000); Geelong and Ballarat are other spots to watch in Victoria. In NSW, demand is rising in Newcastle and the Hunter Valley region, while up north, Queensland’s “Golden Triangle” – the area between the Gold Coast, Sunshine Coast and Ipswich – has high-growth potential thanks to its thriving tourism industry, interstate migration and strong local economy.
The new Australian centres
As falling property prices in Sydney and Melbourne dominate the headlines, Adelaide is quietly enjoying stable-to-slowly rising prices – and is proving the breakout star in the Australian market. Property researcher Location Score recommends Reynella, O’Halloran Hill and Birkenhead as up-and-coming South Australian suburbs; they all sit within 20 kilometres of the city centre with median prices in the $350,000-$450,000 bracket.
Charles also points to Brisbane and Canberra as smart options for savvy investors – according to the Financial Review, the latter enjoyed a 3.3 per cent increase in property values last year. Meanwhile, Hobart stirs up mixed reviews – after a veritable housing boom, some experts warn that the city may have passed its peak.
The fringe dwellers
While the big cities are synonymous with sky-high property prices, it’s not all bad news. The boundaries of Sydney and Melbourne continue to blur, and suburbs that were once considered on the outer are creeping into the inner. Auburn, for example, which used to be western Sydney heartland, is now nudging the trendy inner west – but without the hefty pricetag. Closer to the city, Eveleigh has been tagged Australia’s answer to Silicone Valley, as tech companies, apartment developments and shopping centres transform the once-sleepy suburb.
Down south, the benefits of buying into suburbs like Flemington, Maidstone, West Footscray and St Albans are myriad: more bang for your buck, good access to the city and a melting pot of cultures and cuisines. The city’s other rising hotspot is clustered around the airport –Highett, Tullamarine, Keilor East, Lilydale and Airport West all experienced a surge in views on RealEstate.com.au in the final quarter of 2018.