Rising stars: Australia's top suburbs to buy in 2023
The Aussie property market is expected to see continued price falls into next year, which may present some bargains for buyers.
Canstar’s annual Rising Stars Report examined a series of forward-looking indicators to provide a glimpse into the markets posed for price growth in 2023.
Canstar editor-at-large Effie Zahos said the rapid price growth seen in the past few years was not expected to continue.
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Also read: Regional property slump: 6 areas where prices have fallen the most
“Bargains may be just around the corner, with some forecasts predicting price drops of up to 20 per cent. But not all bargains will get you the same gains,” Zahos said.
“Whether you plan to wait a while to buy and hopefully snap up a bargain or you’re ready to jump into the market now, the number one rule when it comes to buying property hasn’t changed. You’ve got to get your location right.”
Canstar joined forces with property expert and founder of Hotspotting Terry Ryder to assess the country’s top property spots.
The Rising Stars Report identified 110 promising property locations around the country based on sales volumes, price growth, vacancy rates and rental growth, plus infrastructure spending and amenities.
But, despite falling prices, Zahos warned that buying in a market of rising interest rates also required buyers to factor in affordability.
“Shopping for the perfect house in the perfect street won’t matter if you can’t afford the loan. Buyers must carefully consider their future plans and if they can still reasonably make repayments,” Zahos said.
“Rising interest rates and living costs will be impacting affordability and the borrowing power of buyers. This could see more buyers locked out.”
How the cities and regions rank for 2023
There has been quite a shake-up in the rankings of Australian real estate markets when comparing results from last year to the latest Rising Stars Report.
Ryder said that, while last year regional locations dominated the top three locations to buy, this year it was the smaller capital cities stealing the limelight.
Adelaide was at the top of the leaderboard, with the best prospects for future capital growth of the 14 jurisdictions assessed. The South Australian capital was followed by Brisbane and Perth.
“All three markets have been strongly resistant to the downturn pressures and have benefited from the pursuit of affordability, which is the strongest theme pervading property markets across Australia in 2022,” Ryder said.
2023 Ranking | 2022 Ranking | Region |
1 | 9 | Adelaide |
2 | 8 | Brisbane |
3 | 7 | Perth |
4 | 2 | Regional Queensland |
5 | 3 | Regional Western Australia |
6 | 6 | Darwin |
7 | 1 | Regional New South Wales |
8 | 14 | Regional South Australia |
9 | 5 | Canberra |
10 | 10 | Regional Victoria |
11 | 13 | Hobart |
12 | 4 | Sydney |
13 | 11 | Melbourne |
14 | 12 | Regional Tasmania |
Source: Canstar.com.au/rising-stars-report |
New South Wales
The top 10 best suburbs to consider purchasing a home in Sydney are:
Campsie (Units)
Fairfield
Georges Hall
Granville
Jamisontown
Liverpool (Units)
Lurnea
Marrickville (Units)
Rooty Hill
Westmead (Units)
The top 10 best regional markets to consider buying in New South Wales are:
Armidale
Dubbo
Glen Innes
Goulburn
Leeton
Muswellbrook
North Tamworth
Parkes
Raymond Terrace
Tolland
Victoria
The top 10 best suburbs to consider purchasing a home in Melbourne are:
Caroline Springs
Epping
Forest Hill
Glen Waverley
Hoppers Crossing
Melton South
North Melbourne (Units)
Richmond (Units)
Roxburgh Park
Sunbury
The top 10 best regional markets to consider buying in Victoria are:
Bairnsdale
Broadford
Eaglehawk
Heathcote
Kyneton
Mildura
Redan
Seymour
Traralgon
Wendouree
Queensland
The top 10 best suburbs to consider purchasing a home in Brisbane are:
Annerley (Units)
Caboolture
Dakabin
Deception Bay
Eagleby
Eastern Heights
Edens Landing
Kangaroo Point (Units)
Redbank Plains
West End (Units)
The top 10 best regional markets to consider buying in Queensland are:
Bundaberg South
Caloundra (Units)
Frenchville
Kirwan
Nerang
New Auckland
Newtown
South Mackay
South Toowoomba
Yeppoon
South Australia
The top 10 best suburbs to consider purchasing a home in Adelaide are:
Christies Beach
Craigmore
Dover Gardens
Elizabeth Vale
Gilles Plains
Kurralta Park
Magill
Munno Para
Salisbury East
Seaford Meadows
The top 5 best regional markets to consider buying in South Australia are:
Hayborough
Mount Gambier
Murray Bridge
Port Augusta
Whyalla Stuart
Western Australia
The top 10 best suburbs to consider purchasing a home in Perth are:
Armadale
Baldivis
Brabham
Ellenbrook
Forrestfield
Hocking
Joondalup
Orelia
Waikiki
Wellard
The top 5 best regional markets to consider buying in Western Australia are:
Carey Park
Eaton
Geraldton
Greenfields
Meadow Springs
Tasmania
The top 5 best suburbs to consider purchasing a home in Hobart are:
Glenorchy
Howrah
Lindisfarne
Moonah
Risdon Vale
The top 5 best regional markets to consider buying in Tasmania are:
Brighton
Devonport
Invermay
New Norfolk
Youngtown
Australian Capital Territory
The top 5 best suburbs to consider purchasing a home in Canberra are:
Chisholm
Dickson (Units)
Franklin
Ngunnawal
O’Connor (Units)
Northern Territory
The top 5 best suburbs to consider purchasing a home in Darwin are:
Bakewell
Darwin City (Units)
Malak
Rapid Creek
Rosebery
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