The Sydney property market is tipped to remain hot, with 12 of the top 20 suburbs based on price growth located in the harbour city, new research has found.
According to Select Residential Property Research Group (SRP), these markets could see their median house prices rise by between $100,000 and $200,000 in 2020 alone.
SRP director of research Jeremy Sheppard noted: “It was not surprising six of the top 10 were locations with median house prices under $1 million, given the increasing importance of housing affordability for buyers.”
The analysis found that the number one location for forecast median house price growth in 2020 is Launceston in Tasmania.,
Its median house price is tipped to increase by 7.5 per cent this year, partially because of strong demand versus supply.
The suburb currently has a median house price of just $269,000.
“While it’s only located about 10 minutes from the centre of Launceston, St Leonards offers a mix of residential and semi-rural homes, with an affordable price tag to boot,” Mr Sheppard said.
While scoring the same percentage growth forecast, at 7.5 per cent, the suburb was pipped at the post for the top spot due to a slightly inferior demand to supply ratio.
A case in point was the Canberra-Queanbeyan suburb of Crestwood, which came in at number three with forecast annual median house price growth of 7.3 per cent, he said.
“Crestwood is located within an easy commute of Canberra. However, its median house price is significantly more affordable than our nation’s capital,” Mr Sheppard said.
Rounding out the top five is which has forecast median house price growth of 7.1 per cent over the year.in Sydney, about 36 kilometres south of the city,