Experts say these 20 suburbs will be next to flourish
According to Well Money Green Shoots Report Jan 2023
Wondering whether any suburbs in Australia are looking to rise? The latest Well Money property report provides all the answers and even a few surprises. In fact, despite the nationwide housing downturn, Well Money has identified 20 Australian suburbs where prices are set to rise imminently.
Bucking the national trend, in Western Australia and Queensland especially, the key indicators in these suburbs – both units and houses – have risen in the past three months, see below.
Three things were considered when formulating this list.
CEO of Well Money, Scott Spencer, outlines three key indicators that are central to making such judgments:
- Inventory levels
When there are fewer properties on the market, inventory levels are low. This makes buying conditions become very competitive, giving vendors the edge.
Spencer explains, “The balance of power is tipping towards the vendors. Between October and January, inventory levels declined in all 20 suburbs on the list.” - Days on market
Due to the heavily competitive nature of the buying atmosphere, the days on the market have fallen in these 20 suburbs, with buyers “snapping up properties faster” than in other markets across the country. - Median asking prices
When supply is low and selling faster, vendors can afford to price their listings at a premium, banking on the eagerness of the buying clientele. Spencer says, “When inventory levels and days on market are turning in favour of vendors, they generally sense the mood and start increasing their asking prices”.
Spencer says “When assessing future price movements, the key is to focus on leading indicators that tell you where prices are going, rather than lagging indicators that tell you where they’ve been”.
Key takeaways from the top 20 suburbs
You’ll notice that the Victorian suburb of Caulfield has snagged the top spot – and we’re not surprised. Caulfield has maintained relative affordability compared to other inner city Melbourne suburbs and provides “incredible range” say Webb.
“It services all types of purchases, from one bedroom units to four bedroom houses, providing options for every type of buyer.”
The trend towards Western Australia and Queensland suburbs is certainly an interesting one – why though? A factor may be location and interest rates says Homely Head of Industry, David Webb.
“It’s clear that regional areas have and still are faring well through this tough market,” says Webb, “Particularly in WA And QLD as buyers adjust their ‘affordability’ bracket to the slightly lower-priced areas which have been overlooked in booming markets in light of interest rate rises and other factors.”
Another curious observation is the trend of days on market dropping alongside cooling prices. This happens, but rarely at the same time. Pointing out that stock is at an all-time low, Webb says “perhaps it’s also a sign that right now, seasoned buyers are taking advantage of lower prices to snag a deal, taking available properties off the market faster than expected”.
Let’s get into the top 20 suburbs with prices tipped to rise:
1. Caulfield, VIC 3162 – Units
Changes in the last 3 months:
- Inventory level = fallen 55.5%from 9.6 months to 4.3 months
- Days on market = unchanged at 0.0% at 27 days
- Median asking price = down 6.3% from $800,000 to $750,000
Caulfield is a highly desirable suburb of Melbourne’s exclusive south east, with a well established multi-cultural community amongst leafy streets with stunning architecturally diverse houses. Find out what our locals have to say in our Homely suburb reviews.
Check out our Caulfield property listings on Homely.
2. Mount Hawthorn, WA 6016 – Units
Changes in the last 3 months:
- Inventory level = fallen 46.7% from 6 months to 3.2 months
- Days on market = down 6.5% from 62 to 58 days
- Median asking price = Increase of 4.2% from $480,000 to $500,000
Mount Hawthorn is loved for the parks and recreation, shopping options and eating out experiences according to our Homely suburb reviews page.
Check out Mount Hawthorn listings on Homely.
3. Ferndale, WA 6148 – Units
Changes in the last 3 months:
- Inventory level = down 37.5% from 5.7 months to 3.5 months.
- Days on market = no change at 64 days
- Median asking price = Up 9.1% from $329,000 to $359,000
Find out why our Homely users consider Ferndale to be a “Hidden Gem” in our Homely suburb reviews page.
Check out Ferndale listings on Homely.
4. Clinton, QLD 4680 – Units
Changes in the last 3 months:
- Inventory level = down 33% from 6 months to 4 months
- Days on market = no change at 63 days
- Median asking price = no change at $229,000
Find out why families with kids love Clinton here.
Check out Clinton listings on Homely.
5. Ballajura, WA 6066 – Units
Changes in the last 3 months:
- Inventory level = Down 33.3% from 6 months to 4 months
- Days on market = Down 48.7 from 76 to 39 days on the market
- Median asking price = Up 3.1% from $319,000 to $329,000
Find out why our users consider Ballajura to be a great place for growing families here
Check out listings for sale in Bullajura here.
6. Toowoomba City, QLD 4350 – Units
Changes in the last 3 months:
- Inventory level = Down 33.3% from 6 to 4 months
- Days on market = Down 3.5% from 57 to 55 days
- Median asking price = An increase of 7.6% from $270,000 to $290,500
Toowoomba City is experiencing a “new wave” according to one homely user, appreciated for its schools, eating out options and opportunities for families, retirees and singles alike. See more on our Homely suburb reviews page.
Check out our listings for Toowoomba City here on Homely.
7. Collie, WA 6225 – Units
Changes in the last 3 months:
- Inventory level = Down 27.3% from 7 to 5.1 months
- Days on market = Down 67.4% from 175 days to 57 days
- Median asking price = Ip $239,000 to $255,000 at a growth of 6.7%
Collie is “Friendly town with plenty to do” according to one Homely user, a town appreciated for its quality childcare, cost of living and clean and green environment. There’s more to see here on our suburb reviews page.
Check out our listings for Collie here on Homely.
8. Ashfield, QLD 4670 – Houses
Changes in the last 3 months:
- Inventory level = Down 33.4% from 5.5 months to 3.7 months
- Days on market = Steady at 48 days
- Median asking price = Growth of 1.7% from $595,000 to
Our Homely uses love Ashfield for the people, convenience and proximity to the city. Find out more here.
Check out our listings for Ashfield on Homely.
9. Redcliffe, WA 6104 – Units
Changes in the last 3 months:
- Inventory level = Down 45% from 3.8 months to 2.1 months
- Days on market = Down 8% from 50 to 46 days
- Median asking price = Growth of 3% from $369,000 to $380,000
Our Homely users love Redcliffe for the relaxation of seaside life. Find out more here.
Searching for the perfect Redcliffe beach house? Check out our listings here.
10. Mooloolah Valley, QLD 4553 – Houses
Changes in the last 3 months:
- Inventory level = Down 29.3% from 5.7 months to 4.1 months
- Days on market = Steady at 35 days
- Median asking price = Growth of 10% from $849,950 to $935,000
Clean and green, peace and quiet and safe and sound are the adjectives our Homely users employ to describe Mooloolah Valley.
Some stunning Mooloolah Valley homes can be found here on Homely.
11. Nollamara, WA 6061 – Units
Changes in the last 3 months:
- Inventory level = Down 26.4% from 6.2 months to 4.5 months
- Days on market = Down 63 days to 58 days
- Median asking price = Rise of 0.3% from $399,000 to $400,000
Our Homely users describe Nollamara to be a safe and sound, multicultural family neighbourhood. Find out more here.
Check out our Nollamara listings here.
12. Lockridge, WA 6054 – Units
Changes in the last 3 months:
- Inventory level = Down 22.3% from 6.9 months to 5.3 months.
- Days on market = Down 18.4% from 49 to 40 days.
- Median asking price = Growth of 8% from $249,000 to $269,000.
Find our why our Homely users consider Lockridge to be a “fabulous hidden gem” perfect for families with kids, singles and retirees alike here.
Check out our Lockridge listings here.
13. Booker Bay, NSW 2257 – Houses
Changes in the last 3 months:
- Inventory level = Down 33.3% from 4.3 months to 2.9 months
- Days on market = Steady at 38 days
- Median asking price = Growth of 1.9% from $1,350,000 to $1,375,000
Check out why our Homely users love Booker Bay for its cost of living and medical facilities making it perfect for families and retirees here.
Check out our Booker Bay listings here.
14. Harristown, QLD 4350 – Units
Changes in the last 3 months:
- Inventory level = Down 40% from 3.6 months to 2.2 months
- Days on market = Down 4% from 50 to 48 days
- Median asking price = Steady at $289,000 to
Professionals, retirees, families and singles all love Harristown for the schools, cost of living, neighbourly spirit and more. Find out why here.
Check out our Harristown listings here.
15. Mount Lofty, QLD 4350 – Units
Changes in the last 3 months:
- Inventory level = Down 39.9% from 3.5 months to 2.1 months
- Days on market = Steady at 37 days
- Median asking price = Growth of 58.3% from $303,000 to $479,750
A “Leafy suburb, close to the city” is how one Homely user described Mount Lofty. Find out more here.
Check out our Mount Lofty listings here.
16. Carrum, VIC 3197 – Houses
Changes in the last 3 months:
- Inventory level = Down 35.7% from 3.7 months to 2.4 months
- Days on market = Steady at 25 days
- Median asking price = Steady at $950,000
One Homely user characterises Carrum as “the perfect blend of family, community and amenity by the sea” perfect for families with kids and professionals. Find out more here.
17. Saunders Beach, QLD 4818 – Houses
Changes in the last 3 months:
- Inventory level = Down 18.1% from 7.3 months to 6 months
- Days on market = Down 2.9% from 70 days to 68 days
- Median asking price = Growth of 5.5% from $379,000 to $400,000
Homely users consider the neighbourly spirit to be “like family” in Saunders Beach. Find out why here.
Find the perfect escape in Saunders Beach here on Homely.
18. Darling Heights, QLD 4350 – Units
Changes in the last 3 months:
- Inventory level = Down 20% from 6 months to 4.8 months
- Days on market = Down 12.8% from 47 days to 41 days
- Median asking price = Steady at $350,000
Darling Heights is great for public transport, parks, recreation and schools according to our suburbs review page.
Check out our Darling Heights listings here.
19. Warnbro, WA 6169 – Units
Changes in the last 3 months:
- Inventory level = Down 24.1% from 4.9 months to 3.8 months
- Days on market = Down 27.5% from 69 days to 50 days
- Median asking price = Down 0.4% from $299,000 to $297,840
Retirees, Beach Lovers and professionals love Warnbro for its friendly, family vibes according to our Homely uses.
Check out our Warnbro listings here.
20. Shoalwater, WA 6169 – Units
Changes in the last 3 months:
- Inventory level = Down 25.2% from 4.7 months to 3.5 months
- Days on market = Down 5.2% 58 days to 55 days
- Median asking price = Steady at $229,000
One Homely user considers Shoalwater to be the “jewel in the Rockingham Crown” – find out why here.
Check out out our Shoalwater listings here on Homely.
Share this article
Find the
latest properties
to hit the market
