Are you curious about the hottest real estate markets in Australia for 2023? Look no further! In a recent update by realestate.com.au, the top-performing suburbs across the nation have been unveiled, showcasing Western Australia as the standout state for property price growth.
Western Australia Takes the Lead
According to PropTrack’s automated valuation model (AVM), the Greater Perth region in Western Australia experienced the highest property price growth in the country. The top seven suburbs, all situated in the city’s southwest, witnessed significant increases, with buyers flocking to the area due to its affordability.
PropTrack economist Anne Flaherty highlighted the surge in demand, stating, “Market level prices in Greater Perth have increased by 13% over the past 12 months, currently reaching their highest levels on record.”
Affordability Driving Growth
Affordability seems to be a key factor influencing the market, with buyers seeking regions where they can find more value for their money. The top three performers, Armadale, Brookdale, and Camillo, all located in Perth’s southeast, experienced an impressive 34%, 34%, and 33% year-on-year growth, respectively.
Andrew Byl of The Professionals noted Armadale’s appeal, emphasizing its affordability compared to the Perth median. “Buyers are definitely getting more for their money, making it a different ball game for your average buyer,” he remarked.
Elizabeth North in South Australia secured the eighth spot nationally, enjoying a 30% year-on-year growth, with a median property value of $366,000. Anne Flaherty explained that Adelaide’s northern suburbs outperformed due to their relative affordability, attracting buyers looking for value.
Mike Lao, Principal at Edge Realty, noted the steady gentrification of Elizabeth North, making it an attractive option for developers and first-time buyers alike.
The trend of buyers gravitating towards more affordable suburbs is not limited to metropolitan areas. In regional Western Australia, six of the top ten performing suburbs, including Withers, Carey Park, and College Grove, were located in the city of Bunbury.
Anne Flaherty explained the ongoing positive migration from capital cities to regional areas, emphasizing the strong price growth resulting from low supply and increased demand.
Looking Ahead to 2024
As we enter 2024, Anne Flaherty predicts that the trend of buyers targeting more affordable suburbs is likely to continue. “Interest rates are predicted to remain relatively high, and property prices are continuing to rise,” she stated.
For a detailed breakdown of the top-performing suburbs in each state and insightful regional highlights, check out the full article on realestate.com.au. Don’t miss the opportunity to stay ahead in the ever-evolving real estate landscape!
*Disclaimer: The information provided is based on PropTrack’s AVM data and general market trends. Buyers are advised to conduct their due diligence before making any property decisions.*