It’s no secret the property market has been running hot in 2021, but according to buyer’s agency network, BuyersBuyers, there are still opportunities for growth in the country’s top three markets.
BuyersBuyers Co-founder Pete Wargent said across Sydney, Melbourne and Brisbane demand had shifted towards houses through the pandemic, but as lending restrictions came into focus next year, there would be a ripple effect into some of the locations where price growth has lagged.
Mr Wargent noted affordability would begin to bite for houses in the top-performing suburbs of Sydney, Melbourne and Brisbane, but in each capital there were still suburbs and pockets where prices may be yet to peak.
“These areas offer an opportunity to catch this property wave for buyers, ” Mr Wargent said.
RiskWise Property Research was involved in compiling the data, and founder Doron Peleg said the top picks for buyers were all focussed on houses in suburbs where prices remained relatively reasonable.
In Sydney, the top picks range from around 15km to 40km from the centre of the city, with Mr Peleg noting family-appropriate housing in these suburban locations was expected to perform well in the future.
Mr Wargent explained stock levels have been unusually low through this cycle to date but should pick up as COVID-19 restrictions are eased.
“We believe there will be more choice for buyers over the coming three to six months, but as the market for detached homes is still competitive, buyers need to be clear about their strategy and be able to act decisively,” Mr Wargent said.
In Melbourne, the top suburb picks for growth range from around 20km to 40km from the centre of the city.
Mr Peleg said, as with Sydney, he expected family-appropriate housing in these suburban locations to perform well over the coming period.
“Melbourne has experienced the deepest impact from lockdowns, and some Victorians have relocated interstate,” Mr Wargent added.
“But there is also a wall of pent-up demand from frustrated homebuyers in Melbourne, and there will undoubtedly be a dramatic rebound in activity.”
In Brisbane, the top projected growth suburbs are located around 10km to 20km from the centre of the city.
Mr Peleg said that regional house price growth has been exceptionally strong over the past year, and the best picks all have median prices of well under $1 million.
“We expect there to be some curbs on lending in 2022, so buyers should be mindful of this,” Mr Peleg said.
“Our top regional picks for regional south-east Queensland cover a range of locations from Sunshine Coast down to the Gold Coast, where houses can be secured for well under $1 million.”