The year 2022 has been an exciting one in real estate, global economics, and politics. Prices decreased, mortgages went up, renting became financially precarious, and the federal election produced big promises to ease the housing shortage. How will 2023 turn out? It is expected that Australian property prices will continue to fall into next year, which might offer buyers some bargains.
Below are Australia’s best suburbs based on the sales volume, price growth, vacancy rate, rental growth, infrastructure spending, and amenities:
1) South Morang: This is a suburb of Melbourne, Victoria, Australia, located 21 km north-east of Melbourne’s central business district. It is identified as more affordable suburbs of Melbourne were now priced at a level that made them tempting to investors and first-home buyers. The market value of suburbs like South Morang, in Melbourne’s outer north, is higher. If you’re searching for the best real estate deals, you should find a real estate agent in South Morang with experience in this field.
2) Narrabeen and Collaroy: Even though they require a large amount of capital to invest, they are showing signs of growth left, right, and center and present a great investment opportunity.
3) Alexandria: This suburb has experienced successful urban renewal, including the removal of ugly old buildings, and the creation of a number of boutique apartments while preserving a handful of heritage homes.
4) Arncliffe: The Sydney suburb of Arncliffe offers an alternative to inner-west living without the high price tag. It is a very convenient place to live, and gentrification has started to see a demographic shift. Despite rapid changes, it still offers great value for money.
5) Armadale: Armadale’s sales volumes have doubled over the last year, with significant price increases, but the median price remains under $300,000. It has a significant retail-commercial center, a number of schools, and direct trains to the city.
6) Orelia: One of the cheapest suburbs in Perth is Orelia, which has a median price of $305,000. Nearby are several train stations on the Mandurah Line and a major industrial-commercial employment zone. It is a popular area for young families.
7) Caroline Springs: The City of Melton is a key population precinct on Melbourne’s western fringe. First-time homebuyers are also attracted to this sector because it is relatively affordable. Therefore, Caroline Springs’ sales activity remains strong.
8) Epping: Epping, located in Melbourne’s north, is popular for its fundamental infrastructure, amenities, and employment opportunities. As a result of Epping’s relative affordability, sales activity is strong, and the vacancy rate is below 1.5%.
9) Forrestfield: With a relatively close proximity to the city compared to most suburbs on this list, Forrestfield is poised to benefit from major new infrastructure investment. Furthermore, Forrestfield has an array of educational, retail, and recreational amenities, and is located close to major employment centers, resulting in a steady increase in sales activity.
10) Bexley: Bexley is an excellent investment property if you want to invest in a property with high growth rates at an affordable price.
11) Fairlight: As a top growth suburb in Sydney, Fairlight still shows promise as one of the few suburbs where a unit still looks like a good buy.
12) Craigieburn: Despite modest growth rates, Craigieburn’s rental yields are strong at 3.7% for houses and 4.8% for units, with a 1.51% vacancy rate. The properties here are inexpensive, so it’s likely an easy and safe option for a positively geared home.
Closing Thoughts:
There are three major levers when it comes to investing in property: budget, location, and the right property. While Australia’s property market is unlikely to see the skyrocketing prices it enjoyed in recent years, the location of a property is still crucial.
Looking for a real estate agent in South Morang? With a team of experienced and successful agents, One Group Realty brings the ultimate real estate experience to today’s buyers and sellers.
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