Underperformers With Potential
Buyers who want to get in ahead of future price growth should target “under-performing” suburbs where growth hasn’t kept pace with capital city growth according to PropTrack.
PropTrack analysed key enquiries on listings which shows intent to buy, including emailing an enquiry, calling the agent or downloading documents. It says the data is a leading indicator of growing demand and therefore future price growth.
According to PropTrack there are still plenty of opportunities throughout Australia to snare properties in underperforming capital city suburbs, where demand is starting to grow.
Senior economist, Paul Ryan says the underachieving suburbs that are most in demand are varied, and trends differ depending on the region or the city.
Kenthurst in Sydney’s northwest tops the list of suburbs with below-average price growth. It had the highest number of key enquiries per listing in Australia, while its median house price dropped by 7.3% in the past year. At the same time values in Greater Sydney rose by 8.3%.
Brisbane’s top underperforming suburb with high enquiries was Sheldon, with just 6% growth in the past 12 months, compared to Brisbane’s growth of 10.5%.
In Adelaide, Beaumont was popular with would-be buyers with its median house price up by 8.6% compared to Adelaide growth of 11% in 2023.
PropTrack says Melbourne suburb Coolaroo was in demand, it had price growth of just 0.3% while during the same period Melbourne city-wide growth was 0.75%.
In Perth, Carine had median house price growth of 8.2% compared to greater Perth growth of 15.5% and in Tasmania, Richmond was in demand with is growth down 10.1% compared to Hobart which was down by 3.5% during the same period.
