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A new report released by the PRDnationwide Research Team has revealed Australia’s best value capital city growth suburbs.
Roselands in Sydney’s south-west, Fawkner in Melbourne’s north and Tingalpa, 10km east of Brisbane made the hotspot list for houses in PRDnationwide’s Second Half 2016 Property Hotspots Report.
Hotspots for units include Berala, in Sydney’s western suburbs, Tullamarine, north-west of Melbourne’s CBD and Rochedale South in Logan City, Queensland.
The suburbs in the hotspot list are within 20km of capital city CBDs, have strong fundamentals and have yet to reach their full potential.
In determining the hotspots, the report examined a broad range of investment and growth factors. Some of the key metrics include short- and medium-term median house price growth, online interest, volume of sales, median rental price, vacancy rates and rental yields.
The planned commercial, residential, infrastructure and industrial projects in the area are also taken into consideration.
PRDnationwide chairman and managing director Tony Brasier said investment in project developments was a common factor among these suburbs.
“The amount of development activity taking place in these suburbs and surrounding areas is very encouraging. New roads and infrastructure, shopping centres and commercial precincts are reliable indicators of future price growth,” Mr Brasier said.
“While many suburbs in capital cities have been attracting widespread interest from buyers for some time, these hotspots are flying under the radar.
“There are some great opportunities available in these areas for investors and astute buyers looking for growth potential with solid, underlying property dynamics.”
Mr Brasier said Sydney and Melbourne were once again the solid performers among capital cities.
“The report reveals Melbourne and Sydney have continued to record median price growth, defying expectations they may stagnate,” he said.
“Brisbane has benefitted from rising house prices in Sydney and Melbourne, with its comparable affordability spurring a renewed interest from interstate and overseas. The Commonwealth Games and other major projects have provided additional impetus for Brisbane and South East Queensland.”
Smaller states were also performing well, Mr Brasier said.
“Hobart has strengthened its property credentials during 2016 by delivering stable growth parameters across the board. It’s set to build on this further into 2017 as Australia’s ‘quiet achiever’ city with potential.
“Perth has faced the most challenging market, with some positive signs in a few select suburbs despite a general weakening during 2016.”
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