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Prestige suburbs expected to take off
While prestige suburbs have taken a hit recently, they are likely candidates for growth in one state, according to Australian Property Monitors’ Andrew Wilson.
A decrease in property values over Melbourne, with significant softening in prestige markets across the country, is making expensive suburbs in the inner city potential hotspots for the year ahead, said Mr Wilson.
In Smart Property Investment’s Fast 50 report, Mr Wilson said that inner Melbourne suburbs Ashburton, Burwood and Surrey Hills are actually driven by their prestige nature.
This comes at a time when other states and territories are expecting growth in the most affordable suburbs, such as the western Sydney area of Blacktown.
“Generally, the prestige market is seeing high demand from buyers looking for quality properties in prime locations,” said Mr Wilson.
Houses in Ashburton are a good one to watch, he said, “as the price point for quality units can extend up to that of houses, despite not having much space.”
Change-up buyers are the demographic that may push price rises in these suburbs with some “good growth over the short term”.