National Australia Bank’s (NAB’s) latest Residential Property Survey has named 28 suburbs across Australia that are predicted to enjoy above average property price growth in 2015. The areas were selected by more than 300 panellists, including real estate agents and property developers.
In New South Wales, the Sydney suburbs of Glebe, Newtown, Surry Hills, Sydney, Marrickville, Eastwood, Manly, Ryde, Oran Park and Penrith made the list; in Victoria, Essendon, Glen Iris and Ringwood were nominated; Queensland’s Brisbane, Gold Coast, Toowoomba and West End found favour with the panel; Baldivis, Belmont, Bentley, Kelmscott, Mandurah, Perth and Subiaco in Western Australia were selected; in South Australia, Mile End, Norwood and Parkside are the ones to watch out for in 2015.
Brisbane is expected to outshine Sydney in 2015, with a predicted 5.7% capital growth in house prices compared to 4.1% respectively. Both cities look set to fare better than others in Australia, for example Melbourne (2.7%), Adelaide (2.1%) and Perth (1.8%).
The report goes on to suggest that growth will slow substantially in 2016, as the “housing market looses steam”. It also revealed that about 53% of foreign purchases were for apartments, 31% were for houses and 16% for re-development.