Property Market Rebounds
The property market has shown resilience and promising growth in various parts of Australia, indicating a positive outlook for the rest of the year. The property market in the first half of 2023 showed significant improvement despite rising interest rates.
The property market in the first half of 2023 showed significant improvement despite rising interest rates. Owner-occupiers sought affordability in city suburbs, while investors pursued returns in smaller capitals. Sydney and Adelaide stood out in terms of market activity, and Perth and Queensland had some of the fastest-selling suburbs. House buyers shifted from regional lifestyle locations to urban centers, looking for value for money, while investors focused on more affordable suburbs on the fringes of Adelaide and Perth. The property market's rebound was remarkable, with national prices up by 2.3% this year, boosted by greater economic certainty and low unemployment, which enhanced buyer confidence.
In Sydney, both houses and units demonstrated remarkable performance, with four of the top 10 suburbs for house price growth and six suburbs for unit growth located in the city. Suburbs like Hurlstone Park and Fairlight showed notable price increases due to limited housing supply in certain areas, attracting buyers seeking value for money and safety. Meanwhile, northern Adelaide became appealing to investors, with suburbs like Smithfield Plains experiencing significant price growth, making it an attractive choice for both first-time and experienced investors.
Regional lifestyle locations continued to be top-performers in the property market, showing significant growth in prices over the past three years. Suburbs like Golden Beach, Jindabyne, and Glomar Beach attracted buyers seeking affordable and secluded properties. Torquay and Murdoch were among the unit market's top-ranking suburbs, showing strong growth and appeal.
The property markets in Queensland and Perth maintained their momentum, with some of the fastest-selling suburbs in the country recorded over the year to June. Houses and units in these regions, particularly in suburbs like Vincent in Townsville, Kingsthorpe, Rockville, and Kepnock in Queensland, as well as Greenfields and Seville Grove in Perth, experienced rapid sales due to limited stock availability and increasing demand, including interest from interstate investors. Overall, the tight housing supply in both regions pushed prices higher and made the selling market highly active.
Source: https://www.realestate.com.au/news/mid-year-property-report-card-reveals-australias-top-performing-suburbs/