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The five suburbs in capital cities predicted to see the highest growth in the next eight years have been revealed by onthehouse.com.au.
The suburbs were selected based on Residex’s eight-year prediction model, with the data adjusted to focus on properties valued under $500,000 to make the ranking more relevant for first time buyers.
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The predictions come following research on the generational gap of home ownership, after onthehouse.com.au compared the best performing suburbs over the past three decades with predictions of long-term future growth.
Data showed that both 30 years ago and now, outer city suburbs tend to grow faster than inner city areas. Inner city suburbs that have bucked that trend, however, include Bronte in Sydney, and Albert Park in Melbourne.
Onthehouse.com.au spokesperson John Edwards said the data shows that those who were prepared to invest in less popular areas with good growth potential back in the '80s and '90s would have been handsomely rewarded.
“As Gen Y start to enter the property market over the next few years, they will also need to balance their desire to live in a ‘popular’ area versus the long-term value of their new home,” Mr Edwards said.
Below are the top five areas in Sydney, Melbourne and Brisbane predicted to grow in the next eight years, with the percentage by which each is expected to grow.
Sydney
- Yellowrock (10%)
- Glenmore Park (10%)
- Hassall Grove (10%)
- Oakhurst (10%)
- Erskine Park (10%)
Melbourne
- Skenes Creek (9%)
- Caroline Springs (8%)
- Geelong (8%)
- Apollo Bay (8%)
- South Geelong (8%)
Brisbane
