New research has revealed the best housing markets in our three biggest capital cities where prices are forecast to soar by up to 25 per cent in just three years.
The analysis by the Select Residential Property Research Group (SRP) identified the top 10 markets for housing price growth in Sydney, Melbourne and Brisbane with the Sunshine State capital tipped to outshine southern cities over the short-term.
SRP Director of Research Jeremy Sheppard said the research found median house prices in the top Brisbane suburbs could grow between 23 per cent and 25 per cent over the next three years.
“Red Hill and Keperra were the winners for forecast growth over the period with median house prices potentially increasing by about $215,000 and $130,000 respectively,” Mr Sheppard said.
Red Hill is an inner-city suburb known for its hilly landscape as well as renovated timber and tin homes. Its current median house price is $851,016.
Keperra, on the other hand, is located about nine kilometres northwest of the city and has more affordable housing options ripe for rejuvenation. Its current median house price is $535,195.
Mr Sheppard said the analysis also showed solid price growth in Sydney and Melbourne over the period.
“While our two biggest cities have experienced a general softening of prices over the past two to three years, the research reinforced that locations where demand remains stronger than supply still record price growth in all market conditions,” he said.
“It’s no surprise that the top picks for Sydney are located in the Upper North Shore and Northern Beaches where buyer demand is still robust.”
Roseville Chase median house prices are forecast to increase from $2.035 million to $2.46 million over three years, according to the research. The inner-city suburb boasts a bushy terrain, national park, as well as Middle Harbour.
Median house prices in the top Melbourne suburb of Balaclava are tipped to grow by 20 per cent to hit $1.286 million in three years.
“The charms of Balaclava are well-known given its inner-city location as well access to St Kilda and Port Phillip Bay,” Mr Sheppard said.
“However, the Melbourne top 10 list also includes a number of more affordable suburbs, such as Watsonia North and Gladstone Park, were house prices are forecast to strengthen by 18 per cent and 17 per cent respectively over three years.”