Overseas property investors looking to Australia will be interested to know the capital city property hotspots in each state capital.
Using affordability as the main priority, property market analyst Martin North has picked out the capital city property hotspots to watch.
North names St Peters, Enmore, Waterloo and Brookvale as the best Sydney suburbs in which to buy property.
The average home price in the harbour capital city is about $1,000,000, the highest in the country by far.
But North says the suburbs have the perfect combination of affordability and location.
He said: ‘They are relatively close in (to the city), a lot of interest and demand, good infrastructure and prices are still falling in all of those locations.’
North Melbourne, Croydon and Ringwood were named as the capital city’s premier buying suburbs.
‘North Melbourne, close in again, good infrastructure, attracting young people,’ North said.
On the other side of the city, North says the appeal of Croydon and Ringwood is their location and lack of price inflation.
In Brisbane, Chermside, Kurwongbah and Redland Bay are considered the best suburbs.
North said: ‘Two to the north, one slightly out from the centre there. But the key thing again is good infrastructure.’
He notes that house prices are rapidly falling in Redland Bay and Chermside and encourages prospective buyers to get in quickly.
Richmond, Marion and Thebarton were listed as the best suburbs in Adelaide – the key being their proximity to the CBD.
‘They’re mature suburbs around the centre of Adelaide,’ said North.
‘Good infrastructure, again, good houses, a lot of established properties and again prices are not going up there yet.’
Glenorchy, Moonah and Kingston are the hotspots in the Tasmanian capital city.
‘There, we’re seeing prices still quite hot, particularly north of Hobart, because there’s still a lot of demand,’ North said.
‘But down south, prices are up there quite a lot as well. But again, same sort of story with good infrastructure, good local community and a lot of houses.
‘I wouldn’t go for units; I’d go for houses because they’re holding their value.’
Real estate statistics show Perth is the third-worst housing market in the nation, down 8.3 per cent in the 2018-19 financial year.
North named Stirling, Bedford and East Fremantle as areas with high upside for buyers with patience.
He said: ‘The fact is that prices in Perth have come down quite a long way, so eventually they will recover, but it will take time.’
Rosebery, Virginia and Palmerston were named as the best suburbs in the Northern Territory’s capital city.
However, North noted the demand for homes in the NT is the lowest in the country.
‘Prices in the north there have dropped up to 30 per cent so they’re way off their high,’ he said.
‘The thing to do here is to look in areas where there are again houses with good infrastructure.
There is very little demand up there at the moment, so I don’t think we’re going to see massive recoveries in that area for a long time.’