New South Wales has emerged as the leading state for promising property growth in the upcoming year, according to the latest Hotspotting Top 10 National Best Buys report.
The report, produced by Hotspotting, evaluated regions across Australia to highlight those poised for significant capital growth. Key factors considered included economic indicators, infrastructure development, employment opportunities, and lifestyle preferences.
The report showcased four locations in New South Wales, alongside others in Queensland, Victoria, Western Australia, and South Australia:
Hotspotting director Terry Ryder (pictured above) noted that NSW has managed to adapt to fluctuating market conditions and has remained resilient during the higher interest rate environment.
“With Sydney our most expensive city by a fair stretch, the fact that dwelling values have held relatively firm over the past two years is testament to the Harbour City’s ongoing desirability,” Ryder said.
He also pointed out that New South Wales continues to attract overseas migrants, with a net gain of 174,200 last financial year, according to ABS, further bolstering its property markets.
Hotspotting general manager Tim Graham highlighted that while the inner Sydney lifestyle comes at a premium, many residents are willing to pay for it.
“While the median house price may be as high as $1.175 million, there are more affordable options in the large apartment market,” Graham said.
“Despite this, the City of Sydney has emerged as one of the strongest property markets in Greater Sydney. With a high percentage of renters in the area, the demand for property remains high, making it an attractive location for investors.”
Ryder mentioned that the City of Canterbury-Bankstown is witnessing rising buyer demand, with property prices increasing by at least 10% in many suburbs.
“This is mainly due to the relatively affordable apartment prices, which have caught the attention of first-home buyers and investors,” he said.
“The area’s location, only 12 to 30 kilometres from the Sydney CBD, has made it an ideal choice for commuters and has also benefitted from its proximity to the expanding hubs of Parramatta and Liverpool.”
Outside of Greater Sydney, Shoalhaven is also becoming a hotspot for home buyers and investors.
“The region boasts a robust local economy driven by industries such as health, construction, and defence force, and is expected to continue growing as a major centre,” Graham said.
Nowra, the administrative hub of Shoalhaven, has been identified by the State Government as a key regional area, preparing for an influx of residents.
“With its affordable housing options, Shoalhaven continues to attract a diverse range of buyers, including first-time homeowners, retirees, and downsizers,” Graham said.
On the New South Wales-Victoria border, Albury-Wodonga is seeing a surge in real estate activity, with promising forecasts for property price growth.
“Over the past five years, dwelling values have risen by 60.1%, while rents have increased by 27.3%,” Ryder said.
“However, the region still features suburbs with median house prices below $400,000 and boasts one of the lowest vacancy rates in the country, making it an ideal location for both investors and homeowners.
“The ‘Twin Cities’ of Australia, located on either side of the River Murray, have seen a rise in population as people are drawn to affordable homes, a thriving economy, and a desirable lifestyle within close proximity to Melbourne and Canberra.”
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