Sydney and Melbourne are beginning to recover from Australia’s housing slump – but there are some suburbs where prices are set to do much more than recover.
According to research from Select Residential Property (SRP), some of the best markets are in Brisbane, where the top suburbs are forecast to grow between 23 per cent and 25 per cent.
However, Sydney and Melbourne aren’t without opportunities either.
In Brisbane, SRP director of research Jeremy Sheppard said Red Hill and Keperra are the winners when it comes to expected growth, with median prices expected to increase by $215,000 and $130,000 respectively.
That’s from median prices of $851,016 and $535,195.
In Sydney, the median house price of Roseville Chase is expected to increase from $2.035 million to $2.46 million, while in Melbourne, the suburb of Balaclava should grow by 20 per cent to reach $1.286 million.
Breaking it down by the three cities, there are dozens of suburbs where prices are as low as $500,863 where property prices are expected to increase.
The research coincides with Domain’s latest property report, finding that more than half of Sydney’s regions recorded price increases in the June quarter.
Across the city as a whole, property price declines fell by a relatively small 0.4 per cent.
In Melbourne, the median hour price went up by 0.3 per cent and units increased in value by 2.0 per cent.
However, homes in Brisbane fell by 1.4 per cent and units by 3.1 per cent.
Homeowners in Adelaide saw little change to their median home value, with houses down by 0.1 per cent units by 0.2 per cent.
In Perth, on the other hand, houses fell in value by 2.0 per cent and units by 1.6 per cent.
Hobart was one of the few cities where home values increased, up by 0.7 per cent, but units went in the other direction, falling in value by 6.4 per cent.
Canberra saw house values increase by around the same price as unit values fell, with houses up by 1.4 per cent and units down by 1.4 per cent.
And in Darwin, houses have fallen by 2.3 per cent and units by 4.8 per cent.