While the real estate sector braced itself for a turbulent year in 2020, the Australian property market ended the year on a surprising high, with house price growth recorded across the nation.
The stage is set for a positive recovery in 2021, and investors are back in the market looking for new opportunities.
With significant government stimulus, continued low interest rates, stamp duty reforms for Victoria and New South Wales, and more buyer confidence, price growth is expected to rise.
The latest State of the Australian Property Market Report by Upside revealed the nation’s 21 hotspot suburbs predicted for price growth in 2021.
Upside director of sales and operations James Kirkland said, “in 2021, we expect to kick off earlier than usual with strong volumes after a build-up of properties that did not go to market in 2020, which could see prices momentarily drop as supply increases.”
Mr Kirkland highlighted that as more people continue to work from home post-pandemic, few homeowners will return to full-time work weeks spent in the company office. This has largely been reflected in the price growth of regional property markets across the country.
“This offers up areas beyond the city limits for Australians to find a home to suit their chosen lifestyle while maintaining a hybrid approach to work,” he said.
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Let’s look at the suburbs Upside recommends watching this year:
NSW
Bardwell Park
This hidden gem is tucked away from the noise of the city yet offers the convenience of a short train ride to Central Station. It also has easy access to the airport, the WestConnex and to the inner-west and Eastern suburbs. Ideal for families, this leafy neighbourhood offers spacious federation and double brick homes at an achievable price.
While the median house price was $1.16 million at the beginning of 2020, the suburb saw a lot of growth despite the pandemic and ended the year at a median house price of $1.35 million. Future price growth gains are expected for 2021.
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Windsor
Hugged by the stunning Hawkesbury River, this small historical town is now considered as an outer suburb of Sydney, with the train commute to the CBD taking just over an hour. With all the town amenities needed, Windsor offers an excellent lifestyle choice and has gained a lot of popularity during the pandemic.
The median house price in Windsor is $687,000, which offers investors an affordable choice along with solid rental returns and annual growth.
Narrabeen
Popular with young professionals seeking a balanced lifestyle, this coastal suburb has natural beauty in spades. It also boasts excellent schools and restaurants and, importantly, a robust rental market. The median unit price is $940,000 and has experienced 12.25% price growth year-on-year.
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VIC
Melton
Continually hitting the property lists for top growth suburbs, Melton is well-linked to the city and is a sought-after suburb for families due to its affordable prices, larger blocks, train station and local amenities.
The median house price is $392,000 and the median unit price is $320,000. Upside also reported that the region is poised to accommodate more than 40% of Melbourne’s metro population growth over the next 40 years, with a lot more infrastructure and revitalisation planned.
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Box Hill
This Melbourne suburb offers ample public transport options, as well as a hospital, good schools and lots of shops. As one of the top performing suburbs in the nation, Box Hill showed 20.84% capital growth over 2020. The median house price in Box Hill is $1.6 million.
Craigieburn
A friendly, family-centred neighbourhood in Melbourne’s north, Craigieburn boasts large homes with an affordable price tag.
The median house price is $560,000 and the suburb has experienced 7.5% compound growth across five years.
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QLD
Toowong
Sandwiched conveniently between the CBD and the University of Queensland, the leafy and desirable suburb of Toowong is popular with students, young professionals and families.
A $450 million village centre is planned for 2023, along with the release of new river-view apartments. The median house price is $1 million and annual growth is 12.81%. The median unit price is $451,000.
Camp Hill
Just 6km from the CBD, Camp Hill is a quick commute for city workers. It also has excellent schools nearby and a range of local dining and entertainment options.
The median house price in Camp Hill is $908,000 and the five-year compound growth rate is 4.1%.