Median house prices are tipped to grow by up to 30 per cent over the next three years as the property market continues its recovery, according to the latest figures.
Analysis from Select Residential Property Research Group (SRP) has identified the top 10 suburbs within Australia’s major markets over the period, with one suburb tipped to see growth of almost $400,000.
“The analysis uses 17 market variables to help us determine the locations with the best chance of superior price growth over the next three years,” SRP director of research Jeremy Sheppard said.
New South Wales
Narraweena is tipped to be the nation’s top growth area in terms of value, expected to see value increases of $386,387 in the next three years.
“The research forecasts a $386,000 change in its median house price, so it would be wise to not delay if you’re interested in buying there anytime soon,” Mr Sheppard advised.
Helensburgh will also be in high demand, tipped to grow by 28.6 per cent over the next three years, or $213,446.
Newcastle-Maitlands’ Waratah region is also tipped for strong growth, forecast to see a median house price change of 27.4 per cent over the next three years.
Victoria
Victoria is tipped to have the strongest growth by percentage gained, with Balaclava predicted to see a 30.3 per cent value increase over the next three years.
“The charms of Balaclava are well known, given its inner-city location as well access to St Kilda and Port Phillip Bay, which is why it has appeared a number of times in our growth forecasts this year,” Mr Sheppard said.
Geelong’s St Albans Park is also predicted to have strong growth over the next three years, expecting increases of 27.5 per cent.
South Australia
Adelaide is also tipped for 28 per cent growth; its area of Fullarton is tipped to move up by 28 per cent over the next three years.
A slightly cheaper suburb of Adelaide, Colonel Light Gardens is also tipped for strong growth, rounding out the top 10 Australia-wide with 26.5 per cent growth in the next three years.
ACT
A suburb just outside the nation’s capital can expect gains too.
Analysis of Queanbeyan’s Charnwood shows it should expect a 27.4 per cent growth in the next three years, with the current average price of $449,000 likely to climb by $122,949 within 36 months.
Queensland
The final two growth spots belong to the Sunshine State.
Brisbane’s Grange region is forecast to grow by 25.8 per cent over the next three years, while the Sunshine Coast’s Currimundi region should also see growth of 25.8 per cent.
“These suburbs all have a number of desirable features; however, one of the main reasons why house prices are forecast to grow is an imbalance of demand to supply,” Mr Sheppard said.
“The thing is, even if prices end up only climbing by half as much as predicted, such is the nature of forecasting, it’s still a great return on investment over a short period of time.”
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