Is Your Next Home in a Boom or Bust Suburb? Find Out Where to Buy in Australia!
BY PROPCREW | MAY 31, 2024
If you're curious about where to buy property in Australia right now, you're in the right place. The latest data tells us a lot about which suburbs are booming and which ones are not so hot. Let's break it down in simple terms, so you can figure out the best places for your next investment or new home.
In the past couple of years, we've seen a wild ride in the Australian property market. Some areas have seen prices shoot up, while others have cooled down. For instance, Perth is on fire right now! Nearly all of its suburbs are hitting record highs, with places like Armadale seeing a whopping 60% increase in house values since April 2022.
On the flip side, cities like Hobart and Melbourne have seen a dip in prices. In Hobart, almost every suburb has seen a drop, and Melbourne isn’t far behind. It's a mix of higher supply and fewer people moving in that's cooling these markets.
But it's not just about the highs and lows. The overall Australian housing market is showing strong resilience. Despite rate hikes, nearly half of the capital city suburbs reached peak values last month. This is especially true in regions with tight rental markets and high demand for homes.
Looking for the best suburbs to buy in Australia? Western Australia might be your best bet, with nine out of the top ten suburbs for growth in the past two years. If you're seeking high growth suburbs in Australia or the best rental yield suburbs, Perth and Adelaide are shining stars right now. They offer great value, strong rental returns, and the market doesn't seem to be slowing down.
In Brisbane, house values have also risen significantly, though at a slower pace than during the pandemic. The unit market there has been remarkably consistent, showing solid gains.
So, what does all this mean for you? If you're looking to invest in real estate, focusing on areas with robust economic fundamentals and tight supply could be key. For those looking for affordable investment suburbs in Australia, cities experiencing current underperformance, like Melbourne and Hobart, might offer valuable opportunities as the market adjusts.
Remember, investing in property is all about timing and location. Whether you're a seasoned investor or a first-time buyer, keeping an eye on property market trends and understanding where demand outweighs supply can help you make smart decisions.
That's a wrap on the latest from the Australian property market! Whether you're looking to make a move or just keeping an eye on trends, it's clear that there are plenty of opportunities out there in both booming and cooling markets. Happy house hunting!