Buying Research

20 Aussie suburbs where price rises are imminent

There are a number of areas around the country where the cooling market is about to heat up, according to new research.

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Well Money’s most recent Green Shoots report has outlined the locations across Australia with the strongest combination of inventory levels and days on market decreasing over the past three months. 

They’ve further scrutinised these suburbs to see whether asking prices are heading in the opposite direction. 

Of the 20 reported suburbs, 12 are metro locations compared to eight regional, while house markets dominate the list (14), with the remaining six being unit markets.

Scott Spencer, chief executive at Well Money, explained that “the reason inventory levels are such an important market indicator is because they tell you what’s happening with the balance of power in a particular market”.

“When inventory levels are falling, that means buying conditions are becoming harder, which forces buyers to compete harder and puts upward pressure on prices,” he added.

“In all 20 of the suburbs, days on the market have either remained unchanged over the past three months or fallen. When properties sell more quickly, that’s another sign of growing buyer competition.”

Mr Spencer outlined how vendors take notice when supply falls and demand rises, leading to “vendors [raising] their asking prices over the quarter” in 18 reported suburbs.

Australia’s 20 suburbs where prices are set to soar are:

  1. Burekup, WA, (House):

Throughout the three months to October, inventory levels dropped 57.1 per cent to 3.6 months despite days on market remaining unchanged at 59 days. Median asking prices have risen 3.2 per cent to $511,110.

  1. St Albans, Vic, (Unit):

With inventory levels lying below one month, this suburb on Melbourne’s fringe has seen days on market fall 8.9 per cent as median asking prices have jumped 3.6 per cent to $518,160.

  1. Moonta, SA, (House):

A significant drop in both inventory levels — down 35.7 per cent to 5.7 months — and days on market — 19 per cent to 51 days — has assisted the median asking price in Moonta to rise 3.2 per cent to $320,000.

  1. North Brighton, SA, (House):

Unmoved days on market (19 days) paired with a 52.6 per cent decline in inventory levels has inspired prices in this southern Adelaide suburb to experience a 2.1 per cent increase in median asking price, up to $1,072,500 in the three months to October 2022.

  1. Glenelg, SA, (House):

Like nearby North Brighton, this Adelaide suburb has seen prices rise to $1,101,998 through the October quarter, signifying a 15.6 per cent increase in values. Conversely, the suburb’s inventory levels and days on market have gone the other way, falling 44.4 per cent and 6.9 per cent, respectively.

  1. Johnston, NT, (House):

Having fallen by exactly 50 per cent, inventory levels now sit at 2.8 months, while days on market did not shift during the three months preceding October. Johnston is one of two suburbs on the list where the median asking price has fallen (2.6 per cent) to $612,500.

  1. Sunshine, NSW, (House):

The first entry from Australia’s most populous state has experienced a halving of inventory levels (50.1 per cent) during the three months to October. The median asking price rose slightly (0.1 per cent) to $930,000, while days on market stayed at 31 days.

  1. Junction Village, Vic, (House):

Declines in both inventory level — down 35.7 per cent to 4.9 months — and days on market — 8.3 per cent to 22 days — has culminated in median asking prices marginally rising 0.8 per cent to $720,700.

  1. Wembley Downs, WA, (House):

Median asking prices have risen 3.1 per cent to $1,249,990 after inventory levels fell to under one month. Days on market remain unchanged at 50 days.

  1. Wyee, NSW, (House):

Falling inventory levels and days on market, which dropped 35.3 per cent to 4.6 months and 26.3 per cent to 28 days, respectively, resulted in median asking prices jumping 0.1 per cent to $897,573.

  1. Booval, Qld, (Unit):

The Sunshine State makes its debut on the list with a suburb where inventory levels have decreased 49.9 per cent. It has led to median asking prices jumping 4.2 per cent to $249,000.

  1. Two Wells, SA (House):

Median asking prices have grown 5.6 per cent over the past three months, thanks in large part to a 55.6 per cent drop in inventory levels (currently two months) and a 30 per cent decline in days on market (now 30 days).

  1. Cairnlea, Vic (Unit):

The other market where median asking prices have fallen — down 2 per cent to $430,260. Inventory levels are down 27.3 per cent to six months — and days on market are also down by 10.6 per cent to 59 days. 

  1. Munno Para, SA, (House):

Down to 2.6 months from 4.8 months, falling inventory levels have been the motivating factor behind median asking prices rising 5.9 per cent to $384,500.

  1. Noranda, WA, (Unit):

Median asking prices rose minimally to $325,000, while inventory levels went the opposite direction, falling to 3.8 months — representing a 36.3 per cent decrease. Days on market held firm at 66 days.

  1. Binningup, WA, (House):

After inventory levels dropped 61.6 per cent — the second-highest rate of any listed suburb — and days on market followed suit, down 3.6 per cent to 53 days, median asking prices in this south-west West Australian location jumped 4 per cent during the three-month period to $415,000.

  1. Alkimos, WA, (House):

Median asking prices hiked 3.5 per cent to $459,430 due to inventory levels collapsing 33.5 per cent. The number of days on market remains unmoved at 52 days.

  1. Waterways, Vic, (House):

One month’s worth of inventory paired with an unchanged days on market period of just under a month (29 days) has culminated in median asking prices expanding 1.8 per cent to $1,540,800 — the highest among the 20 suburbs.

  1. Brighton-le-Sands, NSW, (Unit):

Median asking prices climbed 3 per cent to $750,000 in this south-east Sydney area. Days on market held firm at 24 days as inventory levels sunk to under one month.

  1. Henley Beach, SA, (Unit):

Rounding out the list is this eastern Adelaide location, which underwent a significant days-on-market decrease of 28.1 per cent. As such, median asking prices swelled 1.6 per cent to $492,900. Inventory levels fell from 2.6 months to under one month.

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