Funny you should ask, because the QBE LMI Housing Outlook that has just been released looks at what will be happening with property prices around Australia in 2010 – 2012.
The good news for property investors is that house prices are now stabilising (that is, they've stopped falling) and in, general, the rental market is still tight in terms of vacancy rates. As we mentioned in our last post, the report noted that there is still a big shortage in housing stock, a fact that will help mitigate against big price falls in the future.
The even better news? QBE LMI is forecasting double digit growth in house prices across all capital cities between June 2009 and June 2012.
Here's what they're predicting:
- Adelaide +23%
- Sydney +21%
- Melbourne +19%
- Brisbane +15%
- Perth +12%
So, it seems many housing markets around Australia are looking up, but are there suburb hot spots to look out for? A good idea is to look for properties close to transport, shops, schools, colleges and universities. But St George Bank has gone further, working with RP Data to release their 24 suburb hot spots.
So, drum roll………… and here they are as of September 2009.
The suburbs that particularly stood out are Granville (Sydney); Chadstone (Melbourne); Keperra (Brisbane); Bassendean (Perth); and Thebarton (Adelaide).
These suburbs were chosen based on their location, the value of housing in the area, the local amenities in the suburb and the demographic mix and the report says they will suit both owner occupiers and investors looking for capital growth over the medium to long term. Of course, don't take only their word for it. Remember, it pays to do your own research and talk to experts in the area you're looking at.