Campbells Creek in regional Victoria could be ripe for property price growth, as one of a number of locations that are set to buck the trend of a cooling market.
According to the Well Home Loans Green Shoots Report, a series of locations around Australia are primed to see property price appreciation in the months ahead.
The regional community of Campbells Creek, about 120km north of Melbourne, was the highest rated location from the report, which looked at inventory levels, days on market and increasing asking prices to determine areas that have future upside potential.
Campbell’s Creek houses have seen inventory levels fall from 2.5 months supply in January 2022 to just one month in April 2022.
The time it takes to sell a property has also fallen to 37 days from 39, while the median asking price has risen to $659,000 from $649,000 representing a 1.5 per cent increase in just three months.
Other top locations to make the top five included houses in Corinda in Queensland, and Albion Park Rail, Tuncurry, and Lithgow in New South Wales.
Of the top 20 locations, there were nine in metro areas and 11 were in regional locations.
House markets continued to be in most demand making up 17 of the top 20 markets.
New South Wales had the most locations that were deemed ripe for growth with nine of the top 20 located within the state.
Well Home Loans Chief Executive Officer Scott Spencer said while property markets in many places of the country were cooling, there were still plenty of areas that are likely to continue to see growth.
“Inventory levels and days on market have fallen in all 20 locations over the three months to April, often from already low levels, which shows buying conditions have become harder,” Mr Spencer said.
“Vendors have noticed, raising their asking prices in all but two of the locations.
“This is likely to translate to higher selling prices in the second half of the year.”
Mr Spencer said it’s important for home buyers to focus on localised areas to find growth potential in the current market.
“Real estate is often reported in national terms, but it’s actually very localised,” he said.
“Each suburb has its own unique supply and demand dynamics.”
Mr Spencer also said most analysis focuses on what has happened in the past, which isn’t always a good indicator of future performance.