Research company Sell or Hold claims to have uncovered the five major markets where they predict house prices are set to soar over the next three years.
Their analysis identified the top suburbs with median house prices of about $500,000, which are tipped to grow in value by up to $150,000 by 2022.
The top performing suburbs in their findings are located in New South Wales, Queensland and South Australia but, with the benchmark median house price set at $500,000, no Sydney suburbs made the cut.
The new proptech platform was designed to help property owners determine whether they should sell or hold their dwellings, based on an algorithm that calculates potential capital growth in nearly 6,000 markets nationwide.
“The number one house market is forecast to be Karabar in the Queanbeyan region of New South Wales,” Head of Research Jeremy Sheppard said.
According to Mr Sheppard, Queanbeyan’s location adjacent to Canberra means suburbs like Karabar benefit from being close to the nation’s capital, with the region often classified as a commuter town for public servants.
Meanwhile, Middle Ridge in Toowoomba claimed second spot, thanks to its strong local economy as well as a number of large infrastructure projects, including the Toowoomba Wellcamp Airport, Australia’s first privately funded major airport.
Sell or Hold’s top five $500,000 house markets over three years
|State||Area||Suburb||Current median||Forecast 3-year % |
|Forecast 3-year $ change|
|NSW||Canberra - Queanbeyan||Karabar||$522, 986||28.80%||$150,620|
|QLD||Toowoomba||Middle Ridge||$524, 490||23.90%||$125,353|
|NSW||Newcastle - Maitland||Ashtonfield||$538, 227||23.20%||$124,869|
Sell or Hold is a proprietary property database that uses a demand and supply algorithm developed by Jeremy Sheppard. It is designed to forecast capital growth.