According to a June 24, 2024 report from Australian media, new studies indicate that several areas among Australia's 50 urban districts are expected to experience significant house price increases. Victoria has several cities listed on the index, while Queensland has fewer cities on the list.
The latest release of the Hotspotting Price Predictor Index (PPI) Winter Edition reveals that steady sales growth over four consecutive quarters has signaled mature growth opportunities in certain city regions.
The survey results highlight that New South Wales dominates the top 50 cities, with 26 areas represented. Victoria follows with 10 city regions, South Australia has 6, and the Australian Capital Territory has 3.
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Terry Ryder, head of Hotspotting, notes that despite many areas reaching historic price highs, the market still shows potential for continued upward movement. He emphasizes that changes in sales volumes often precede shifts in pricing trends, providing investors with a window of opportunity to enter the market before price fluctuations occur.
Historically, Queensland has been one of the fastest-growing regions in terms of house prices nationwide, but this time only 5 cities have made it into the top 50. These include Bahrs Scrub in the south of Greater Brisbane and Macleay Island in the southern Redlands, where steady increases in sales volumes indicate strong performance in the housing market.
Ryder and Hotspotting's Managing Director, Tim Graham, anticipate the strongest price growth in New South Wales, a trend expected to continue into 2024. Particularly, popular areas within Sydney such as Surry Hills and Woolloomooloo are renowned for their high-demand apartment markets, reflecting major trends in the Australian real estate market.
In Victoria, Melbourne's market also demonstrates significant potential for appreciation, especially in urban areas like Deer Park. Driven by robust economic conditions and rapid population growth, a recovery in sales activity is expected by late 2023 and early 2024.
