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Property owners in Ballina, Hobart and Warrnambool will see a boost in the value of their homes, as prices are predicted to rise in holiday hotspots.
New research has identified the top 20 holiday locations that are forecast to see a median house price increase of as much as 28 per cent in the next three years.
Select Residential Property’s suburbgrowth.com.au pinpointed suburbs in four different states where it predicts market strength during the next few years.
The research focused on holiday destination areas, which also had solid marketing fundamentals outside of tourism, Select Residential Property director Jeremy Sheppard said.
“While some of these locations might be better known as holiday destinations, they also have significant local populations — in some cases, hundreds of thousands of people who live there all year round,” Mr Sheppard said.
“What this means is that these markets have solid fundamentals primed for growth, including the economic principles of demand and supply that apply upward housing price pressure.”
As more people can work from home, many people are choosing to live in more desirable locations, Mr Sheppard said.
“These areas are much more than just holiday locations... they are also thriving communities in their own right, with sound local economies and property markets with buy-in prices as low as $297,000 in one location.”
According to the data, the median house price in the Northern NSW community of East Ballina is forecast to grow by 28 per cent in the next three years.
“Not only is East Ballina a coastal suburb, but the region is located just south of Byron Bay as well as being within commuting distance of the Gold Coast,” he said.
There are positive signs for home owners in the Hobart suburb of Rosetta, which could see prices rise by 25 per cent because of its proximity to the CBD and the direct access to the River Derwent.
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