The suburbs selected show the strongest combination of inventory levels decreasing over the past three months, days on market decreasing over the past three months and asking prices increasing over the past three months.

Well Home Loans CEO Scott Spencer said while property markets in many places of the country are cooling, the Well Home Loans Green Shoots Report has found markets that are likely to heat up in the months ahead.

“Inventory levels and days on market have fallen in all 20 locations over the three months to April, often from already low levels, which shows buying conditions have become harder,” he said.

“Vendors have noticed raising their asking prices in all but two of the locations. This is likely to translate to higher selling prices in the second half of the year.

“Real estate is often reported in national terms, but it’s actually very localised. Each suburb has its own unique supply and demand dynamics. This top 20 list shows locations where the balance between supply and demand has been shifting towards vendors."

The report features nine metro locations and 11 regional locations, with suburbs in NSW featuring nine times. The Illawarra region features three suburbs.

Top 20 Growth Suburbs

Rank

Suburb

Type

Median asking price

1

Campbells Creek, Vic, 3451

House

$659,000

2

Corinda, Qld, 4075

House

$1,208,340

3

Albion Park Rail, NSW, 2527

House

$772,500

4

Tuncurry, NSW, 2428

House

$705,000

5

Lithgow, NSW, 2790

House

$429,000

6

Albion Park, NSW, 2527

House

$821,600

7

Smithfield, NSW, 2164

Unit

$691,200

8

Greenwith, SA, 5125

House

$545,000

9

Rylstone, NSW, 2489

House

$480,000

10

Gagebrook, Tas, 7030

House

$320,000

11

Chidlow, NSW, 6556

House

$649,000

12

Calderwood, NSW, 2527

House

$949,000

13

Enoggera, Qld, 4051

House

$1,025,000

14

Glenunga, SA, 5064

House

$1,400,000

15

Cranbourne North, Vic, 3977

Unit

$490,000

16

Wangi Wangi, NSW, 2267

House

$897,600

17

Golden Grove, SA, 5125

House

$575,000

18

Banks, ACT, 2906

House

$779,100

19

Woodrising, NSW, 2284

House

$663,000

20

Cranbourne East, Vic, 3977

Unit

$504,720

Source: Well Home Loans


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