Where property prices are predicted to see the greatest growth in 2022
Australia’s largest capitals will get a respite from the biggest price increases of the coming year, according to PropTrack’s latest research.
While property prices are forecast to rise again in 2022, albeit at a slower rate than in 2021, the strongest performing suburbs are not expected to be in the major markets of Sydney or Melbourne.
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PropTrack’s latest analysis of price trends indicates that price growth in Sydney and Melbourne is expected to be among the weakest of Australia’s capital cities at 4 to 7 per cent.
But they are still expected to outperform Perth, where extended border closures have substantially deterred migration and lowered housing demand. Prices are forecast to increase only 3 to 6 per cent in the West Australian capital over 2022.
The Australian city with the greatest projected price growth over the next 11 months is Hobart, where a perfect storm of factors is predicted to drive prices up 9 to 12 per cent.
Having been relatively spared from lockdowns, coupled with its desirability as a lifestyle location for those seeking a sea change, has made the city a prime location for interstate migration.
It’s also being eyed as a smart investment location, with property prices lower than in other major markets, and growth predicted to remain strong over the coming years.
These are the Hobart suburbs that experienced the greatest level of growth during 2021, and which will likely continue to be popular locations into months ahead:
- Lenah Valley, 49.64 per cent
- Dodges Ferry, 43.89 per cent
- Sandy Bay, 38.61 per cent
- Old Beach, 37.56 per cent
- Berriedale, 35.23 per cent
- Howrah, 34.09 per cent
- Rosetta, 33.33 per cent
- Blackmans Bay, 32.89 per cent
- Geilston Bay, 32.11 per cent
- Bellerive House, 32.09 per cent
