Australia's capital cities continue to show strong house price growth. CoreLogic data reveals that Sydney, Melbourne, Brisbane, Adelaide, and Perth saw a combined rise of +19.03 per cent over the year to February 2022. Canberra alone experienced a +23.7 per cent rise in the same period.
Australia's top 10 cheapest suburbs 2022
Andamooka in South Australia takes the title of Australia's cheapest suburb, with a median house price of just $20,000. Western Australia and New South Wales both have three suburbs respectively in the top 10, while Queensland and South Australia have an equal two each.
Tasmania as a whole has risen to the top of many property investors lists, mainly because it is affordable compared to Australia's other state capitals, but also due to lifestyle factors which continue to draw people to the Apple Isle.
Adelaide and Brisbane house prices remain significantly higher than recorded over November 2021 – up by 20.7% and 18.6% respectively. Perth's annual house prices have increased by 8.9% with Melbourne up by just 1.2%.
The drop in demand from first-timers in the property market means there's less competition right now. This coincides with falling property prices. The Domain End of Year Wrap 2022 shows house prices nationally have fallen 4.9 per cent from the March 2022 price peak, down about $53,000.
Canberra hotspots for investment in 2023
Canberra has joined Sydney and Melbourne as one of the most valuable property markets in Australia. After three years of consistent growth, Canberra has set itself apart from smaller capital cities, joining Sydney and Melbourne as Australia's most valuable property markets.
Gold Coast is one of the cheapest places to live in Australia (89th globally). It is known for its high-standard education and academia and its budget-friendly living. International students will find the Gold Coast the perfect combination of study and social life, with its magnificent beaches and nightlife.
Beachside suburbs like Coogee and Bondi come out on top for liveability. Close enough to the city centre while existing in their own bubble, these coastal hotspots offer exquisite views and a space to breathe away from the commotion. For trendy inner-city living, try Paddington and Potts Point.
Kambalda East in Western Australia was named the most affordable suburb for houses, with a median value of $118,525. For units, the most affordable suburb was Laguna Quays in Queensland, with a median value of just $72,076.
Generally speaking, in Australia you're likely to find the cheapest houses in regional and rural locations, especially in Western Australia, Queensland and South Australia.
Dr Lowe is not alone in predicting a fall in Australian house prices. ANZ economists have predicted a 5% fall by the end of 2022, and a further 10% drop in the new year.
Property is a safe investment in Australia, so the value of yours could probably increase. If you want to live somewhere else, you can rent your place out and have a tenant effectively cover your mortgage repayments for you while its value continues to climb over time.
Places such as Mount Victoria (up 40.6 per cent since March 2020) or Umina Beach on the central Coast (up 38.3 per cent) make the list for top-growth suburbs, and some of these areas are located a long way from their capital city's CBD.
Mungallala is a rural town and locality in the Maranoa Region, Queensland, Australia. In the 2016 census, the locality of Mungallala had a population of 136 people.
Australia crime rates: Canberra
This city has one of the lowest crime rates in all of Australia. Canberra is also one of the safest cities globally, and the crime rate here is below the national average. According to data, the crime experienced by the city is very low.
Western Australia is the top region by GDP per capita in Australia. As of 2021, GDP per capita in Western Australia was 135,479 $. The top 5 regions also includes Australian Capital Territory, Northern Territory, New South Wales, and Victoria.
Australian house prices are falling at record-breaking levels, posting a decline of -8.4% between May of last year and January 2023, according to fresh CoreLogic data. The downturn surpasses the previous record when home values fell -8.38% between October 2017 and June 2019.
' Savills says it expects to see house price growth of 1% in 2024 and a larger rebound of 7% in 2026 if mortgage lenders cut rates over the next 12 months and the base rate declines from mid-2024 as inflation falls.
Our other experts agree: The slowdown in home sales that beset the second half of 2022 will continue into 2023. Sharga believes the number of sales will continue to slow, likely hovering in the 4.5 million range, with new-home sales at around 600,000. Listings may no longer go at a lightning-fast pace, either.
The Reserve Bank of Australia
The RBA expects national house prices to drop by 11% by the end of 2023, according to the internal documents.
Research from the Swinburne University of Technology suggests that the cheapest time to buy a house in Australia is during, just before or just after winter. In Sydney, Adelaide and Darwin the least expensive month to buy was June or July, suggesting that if you buy during winter you may find yourself a bargain.
Estimates suggest the average Sydney home will be close to $1.8 million, up from $1.6 million. Apartments will also break the price ceiling up from an average of $780,000 to an inconsolable $1.26 million.