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The Sydney and Melbourne suburbs to defy the downturn

A number of suburbs across Sydney and Melbourne are expected to fare better than others as property price growth eases, according to new research.

According to Finder‘s Property Investment Index house prices in Sydney’s Cammeray, Redfern and Wahroonga show the highest potential while Alphington, Aberfeldie and Carnegie in Melbourne should also hold steady.

Unit markets forecast for high price stability include Waverton, Rozelle and Paddington in Sydney along with Melbourne’s Aberfeldie, Yarraville and McKinnon.

Head of consumer research at Finder, Graham Cooke said there are a number of suburbs that should remain stable against a backdrop of softening prices on a national level.

“The top performing suburbs in the index are those that are most likely to hold their value, rather than suddenly increase in price,” Mr Cooke said.

“Our index is intended to highlight potential suburbs in your investment area that may be worth a closer look.

“Australians love property, but for many, figuring out where to invest is the hardest part.”

Mr Cooke said the Property Investment Index was intended to be an indicator of relative market strength, rather than of property prices themselves.

Finder’s Property Investment Index rates suburbs out of 100, based on market demand, population change (including income, income growth and unemployment), and property (historical property price growth and current prices).

According to Finder’s Consumer Sentiment Tracker, half of Sydney residents (50 per cent) expect property prices in their local area to increase in the next 12 months.

In Melbourne, over half of residents (56 per cent) expect property prices in their local area to increase in the next 12 months.

Mr Cooke said property investment was one way to build your wealth.

“While property is generally considered to be a less riskier asset compared to other options such as shares, like with any investment, it carries a certain degree of risk – especially in the current market,” he said.

“Before taking the plunge, you need to carefully evaluate the benefits and risks to decide whether or not it will be a viable investment for you.”

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Rowan Crosby

Rowan Crosby is a senior journalist at Elite Agent specialising in finance and real estate.

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