Up and Coming Real Estate Markets in Australia

When it comes to deciding where you’re going to build your dream home, there are many factors for you to consider including your overall budget, proximity to work and quality schools, distance to recreational activities including parks and beaches and of course – resale potential. Each of these criteria is going to be unique depending on your own circumstances and in the midst of COVID-19, many Australians are reevaluating whether or not their homes and communities are where they want to be for the long haul. Why? With an increasing number of people working remotely indefinitely, Australians are no longer restricted to living in close proximity to major metropolitan cities like Sydney and Melbourne and may choose to escape the hustle and bustle for more space and a lower cost of living. 

Moreover, those who have had changes in their employment circumstances may find this a great time to cash in on their existing property given the tremendous capital growth across major markets and build elsewhere. If you’ve been considering a change of scenery, you may want to consider these up and coming real estate markets throughout Australia. 

1. Sunshine Coast, Queensland

The Sunshine Coast isn’t just a great place to holiday. For an increasing number of Australians they’re looking to call it home. The area has seen a tremendous increase in demand coming off the heels of rising infrastructure spending, industry growth and an easier lifestyle for young families. 

Not long from now, you’re likely to see the Sunshine Coast transition from tourist town to international city thanks to a $400M upgrade to Sunshine Coast Airport to welcome international arrivals, as well as other transformation projects that are set to bring the fastest Internet connections in Australia via subsea cable. Another reason you’re likely to see demand explode? A $5 billion medical precinct is underway. All of these combined, point to relative strength expected to come to this real estate market. Specifically, homes in Buddina, Forest Glen and Meridan Plains are uniquely positioned to see the greatest growth throughout the rest of 2020 and into 2021. 

2. Illawara, New South Wales

An hour outside of Sydney lies Illawarra which offers an impressive coastline and clean beaches as well as expansive national park making it a popular lifestyle destination for a long time running. So what’s drawing Sydneysiders here? Likely nearly double digit rises in Sydney housing prices, particularly those in the northern suburbs. For those seeking a laid back coastal lifestyle, chic coffee spots and increased affordability Illawara is a natural choice. You may even be surprised to find that the most in demand areas here include former mining towns like Scarborough, Wombarra, Coledale and Austinmer which have seen on average 1,500 views per listing, among the highest in regional areas according to Mansion Global

3. Marion, South Australia

Tech and science startups as well as a new teaching hospital and university campus have flocked to Marion, South Australia, located just 10km from Adelaide’s CBD. That makes this one area that is tipped to emerge strongly from the COVID-19 pandemic as the creation of jobs will likely continue to drive demand for new property. To help facilitate what they expect to be an influx of new residence the City of Marion is undertaking major transportation projects to improve connectivity. Within South Australia you’re likely to continue to see Marion grow more quickly than anywhere given steady demand over the past 12 months, a solid local economy that has weathered the pandemic relatively well and a number of listings priced in the $400,000s. 

4. Stirling, Western Australia

There’s a land buying frenzy going on in Western Australia and in the heart of it lies Stirling. In some part it’s been largely driven by homebuilding grants that have helped effectively close the gap in costs between regional and metropolitan costs of living, so there’s been a big benefit with it being much cheaper to buy in regional areas. As Australians consider the true value of their property, they’re increasingly escaping Adelaide to work in an area that offers many of the same benefits without the associated costs. Whether you’re looking to buy or sell in this market, it’s likely that housing prices will hold steady and offer an increased opportunity for both first time homebuyers and those who have shifting needs. 

5. Darebin, Victoria

It’s Melbourne’s most recent hotspot. Some markets in the east, southeast and inner north are proving resilient to the challenges caused by the COVID-19 pandemic, particularly those in Darebin. So what makes this area so attractive? For one, it’s incredibly diverse and made up of people from 148 countries who speak over 100 different languages. It’s also home to a number of major local arts and cultural event exhibitions. And Darebin is well poised for future growth with programs in place to offer support for micro businesses, freelancers, and social enterprises.

For some, playing the real estate market is a worthwhile gamble, and offers its rewards through massive capital gains. For others, and the majority of Australians, they’re looking for an affordable, comfortable place to call home for the years to come. Whatever you’re looking for – whether that’s a wise investment or to settle in to your next place for the long haul – be sure to take into consideration the conveniences you’ll need access to and how your lifestyle may need to change. 

There may be exciting properties already on the market that are ready for you to take a chance at, but if there’s not, it may be worthwhile to consider building your dream home. Contact us today to learn more about how you can get started with Kitome!