Areas to Watch for Property Growth in Australia

When starting your homeownership or investment journey, one of the most important things to keep in mind is where to buy. 2023 has been an unpredictable year for the housing market, but with Australian housing values rising over the last few months, it seems a new housing market cycle may have begun. Here are the areas in Australia currently experiencing steady housing value growth, by state and territory.

Victoria – Bendigo

Located less than two hours from Melbourne’s CBD, Bendigo is one location that has benefited from the shift towards working from home. A quieter and culturally rich regional town, Bendigo has seen a median sale price increase of 10.8% over the last 12 months, with the median house price sitting at $693,000 as of August (CoreLogic).

https://www.propertyvalue.com.au/map/bendigo-vic-3550/buy

Together with the growing towns of Heathcote and Eaglehawk, Bendigo has long been recognised as one of Victoria’s most prominent arts and culture centres, with acclaimed galleries, live performances and beautiful parks.

New South Wales – Dubbo

The last few years have seen rapid property price growth in Dubbo. The area currently has a median house price of $540,000 (as at August 2023) after experiencing a 9.09% increase in house price values over the last 12 months. (CoreLogic).

https://www.propertyvalue.com.au/suburb/dubbo-2830-nsw

Dubbo is the largest population centre in the New South Wales Orana Region. It is in the Great Western Plains, a region that showcases Australia’s unique natural beauty.

Queensland – Redbank Plains

Southwest of Queensland’s metropolitan hub, Redbank Plains is a rapidly developing suburb in the Ipswich area. It has a median house price of $515,000 (as at August 2023) and a 12-month median sale price growth of 18.5%, according to CoreLogic.

Redbank Plains has proven popular for young families and first-home buyers, due to its affordable housing and proximity to both the Brisbane CBD and the city of Ipswich.

South Australia – Port Augusta

Formerly known as Seaport, the regional centre of Port Augusta is located right by the east coast of the Spencer Gulf. It’s also close to the picturesque Flinders Ranges which, as a result of its contributions to sustainable energy and transport over the last few years, has become a fully accredited “eco-tourism” destination.

When compared to the median house prices of Australia’s capital cities, housing in Port Augusta is quite affordable, with the median house price sitting at $210,000 (as at August 2023). House prices have increased in this area by 17.65% in the last 12 months (CoreLogic).

A major reason behind Port Augusta’s comparatively low property values is the town’s significant distance from Adelaide (380km), lending itself to a true rural outback lifestyle.

Western Australia – Middle Swan

As of 31st March 2023, Perth is the most affordable capital city in Australia for homeowners , according to the Urban Development Institute of Australia.

Middle Swan’s house prices have fluctuated since 2020, but they have recently steadied to a reasonable median house price of $418,000 (as August 2023) after a 12-month price growth trend of 22.94%. (CoreLogic).

https://www.propertyvalue.com.au/suburb/middle%20swan-6056-wa

Known for its wineries and parklands, Middle Swan is an area rich with natural beauty and wildlife.

Tasmania- Invermay

Compared to its mainland siblings, Tasmania’s house prices overall have decreased in the last few months. However some suburbs are bucking the trend. One such suburb is Invermay, which has seen an increase of 7.74% in median sale price over the last 12 months. The suburb’s current median house price is $508,000 as at August 2023. (CoreLogic).

https://www.propertyvalue.com.au/map/invermay-tas-7248/buy

Located in Launceston, Invermay is home to The Queen Victoria Museum and Art Gallery, and Boag’s Brewery, the home of James Boag’s beer. It’s also not too far from Cataract Gorge, affording the region a great balance of city life and natural beauty.

Northern Territory – Wulagi

The top end of Australia is also somewhere that has experienced a fairly level property market over the last 12 months, with most suburbs seeing little change in house prices. One

exception is Wulagi in Darwin, which has seen strong and relatively consistent house price growth, with an increase in median sale price of 9.01% over the last 12 months. The current median house price in Wulagi is $605,000, as at August 2023 according to CoreLogic.

https://www.propertyvalue.com.au/suburb/wulagi-0812-nt

Located in Greater Darwin and less than 10 minutes from Darwin Airport and Casuarina Beach, Wulagi features larger blocks of land and pleasant parks.

ACT – Ngunnawal

The home state of our Parliament has one of the most expensive housing markets in Australia, with even the cheapest suburbs having median prices above the $700,000 mark.

The suburb of Ngunnawal, in ACT’s Gungahlin district, has a median house price of $801,000 (as at August 2023) but house prices have only increased by 4.91% over the last 12 months according to Corelogic.

https://www.propertyvalue.com.au/suburb/ngunnawal-2913-act

Located 13km from Canberra’s centre, Ngunnawal is situated on the outskirts of the ACT and is a 3-hour drive away from Sydney.

Hopefully this overview provides you with some valuable insights into current market conditions near you. If you’re considering making a purchase, why not schedule a chat with your trusted local MoneyQuest broker? They’ll guide you through the lending process and help you make an informed decision to suit your circumstances. Don’t hesitate to reach out and take the first step towards achieving your financial goals.

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