Kylie Dulhunty, June 27, 2023
Some of Australia’s smaller capital cities and their associated regional areas have the strongest property markets in the country, according to new analysis.
Perth has maintained its status as the nation’s busiest and most buoyant property market, with 71 per cent of suburbs recording strong levels of sales activity.
Of those, 59 suburbs are rising, 72 show consistency and seven are recovering.
Perth’s strong sales activity has put upward pressure on prices and recent data from SQM Research recorded an 11.5 per cent increase in Perth’s house price index in the 12 months to May 2023.
Perth was the standout for homebuyers and investors, with strong sales activity and rising prices.
“Western Australia, South Australia, and Tasmania – headed by their capital cities Perth, Adelaide, and Hobart – are the jurisdictions with the strongest market pulses,” Mr Ryder said.
The lower and middle sectors of the Perth market are maintaining nation-leading demand levels.
National Growth Star
The City of Gosnells continues to attract solid demand, and the municipality had been named this quarter’s National Growth Star in the index.
The City of Gosnells was a standout for attracting strong buyer demand as it offers affordability in an area with good amenities.
“In simple terms, it’s what the mainstream buyer is looking for, whether they’re home-buyers or investors,”.
“Of the nine Gosnells suburbs, eight have positive rankings – four rising, three consistency and one recovering markets.
“Most of these locations have median house prices that Melbourne and Sydney residents can only dream about – and it’s attracting investors from the eastern states in large numbers, too.”
National Growth Star Top 10
In the National Growth Stars Top 10, four municipalities were in Western Australia, with the cities of Canning and Stirling also making the list, along with Mandurah.
“Perth and regional WA have continued to deliver more areas with rising sales activity than anywhere else in the nation, while Adelaide and regional South Australia are characterised by highly consistent buyer demand, rather than rising sales activity,”.
https://eliteagent.com/western-australia-has-the-best-property-market-conditions/