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National Top 10 Best Buys 2023

The history of residential real estate in Australia is, in one sense, a story of defiance.

Economists and journalists keep predicting dire outcomes and property markets keep proving them wrong.
2023 has provided a wonderful case study for that.
The year began with a plethora of predictions from the usual suspects – senior economists working for the Big 4 banks, the nation’s worst real estate forecaster Shane Oliver from AMP Capital, and a host of others.
The common feature of their forecasts was that prices, they said, would fall in 2023.

Some, like NAB, predicted big price decline. NAB said in January that house prices would drop 23% in 2023, while Me Bank said prices would drop 20%. A survey of 31 economists by the AFR in January came up with an average forecast of prices dropping 15% in 2023.

Shane Oliver of AMP Capital was another who said in January that prices would fall significantly this year. Major Fairfax newspapers like the Sydney Morning Herald ran an article in late December which started with these words:

Australia’s housing market is hurtling headlong into a correction which could burst the property bubble and financially ruin families.

At the same time, The Courier-Mail in Brisbane started an article like this …

BRISBANE’S property market is headed for a bloodbath in 2023

… quoting a limelight-seeking valuer who is prone to sensational statements to generate free publicity.

Hotspotting, on the other hand, forecast solid, moderate growth in most locations.

The top 3 locations Hotspotting predicted in this same Best Buys report from 12 months ago have seen 21%, 19% and 17% capital growth in the past 12 months.

About the report:

The National Top Ten Best Buys report highlights the ten locations in Australia that have affordable property markets, which offer high returns for investors and have strong property price growth.

The list includes locations in capital cities and regional towns that have a proven track record, and which have the economic drivers to sustain future growth.

The report details the demographics of each location, including homeownership, population growth, employment by industry and household composition and provides analysis of the economy and amenity in each location.

It profiles the property market, with detailed tables on median house and unit prices, short-term and long-term growth performance, vacancy rates, rents and yields. It also details the future prospects of each location, where the infrastructure spending is and future jobs nodes.

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