A new list predicting where Australia\u2019s next $1m suburbs will be is dominated by two surprising cities, as they play catch-up with the country\u2019s usual suspects.<\/p>\n
Estate agents Ray White Group has carried out an in-depth market analysis to predict which Aussie suburbs will be next to boast seven-figure average house prices.<\/p>\n
And while bumper price tags are usually associated with the likes of Sydney and Melbourne, Perth and Adelaide suburbs dominate the list.<\/p>\n
The analysis predicts average prices in nine areas of Perth will eclipse the $1m mark in the next year, including High Wycombe, Marangaroo and Yangebup.<\/p>\n
And it also tipped three Adelaide suburbs to also pass this park \u2013 Sheidow Park, McLaren Vale and Golden Grove \u2013 as well as Howard Springs in Darwin.<\/p>\n
Ray White Group economist Atom Go Tian said Perth and Adelaide were in part \u201cplaying catch-up\u201d, but their dominance on the list was equally due to changing buying trends coming out of the Covid pandemic.<\/p>\n
\u201cPerth and Adelaide have been gaining traction in recent years and that may be due to the after effects of the pandemic,\u201d he said. \u201cSince there is now so much more flexibility for remote working, there is less pressure for people to live in more expensive cities like Sydney and Melbourne.\u201d<\/p>\n
The study was carried out by analysing suburbs of at least 2500 homes where average prices sit between $900,000 and $1m and annual growth is sufficient to take tags north of the million-dollar mark. It also took into consideration where investor shares were below 19 per cent.<\/p>\n
Mr Go Tian added that the absence of Sydney, Melbourne and Brisbane from the list could also be put down to suburbs either having already past the million-dollar mark or affordable pockets having higher investor exposure.<\/p>\n
\u201cThe first reason is that generally areas of Sydney and Melbourne already have the majority of prices above $1m,\u201d he said.<\/p>\n
\u201cBut Perth and Adelaide also do present a good opportunity for people coming into market, particularly for families.<\/p>\n
\u201cPerth dominates because the city\u2019s inner suburbs have already crossed $1m, pushing growth outward into previously affordable areas.<\/p>\n
\u201cAdelaide\u2019s three entries follow a similar pattern. Sheidow Park to Trott Park and McLaren Vale are in the southern suburbs, while Golden Grove represents the northern growth belt.\u201d<\/p>\n
\u2018Incredible growth\u2019<\/p>\n
While the dominance of Perth may raise eyebrows elsewhere in the country, it has come as no surprise to experts based in Western Australia.<\/p>\n
Real Estate Institute of Western Australia president Suzanne Brown said there had been \u201cincredible growth\u201d in the city\u2019s surrounding area in recent years.<\/p>\n
\u201cI think Perth has shown really good value in property in recent years \u2013 we\u2019re a beautiful state with beautiful weather,\u201d she said.<\/p>\n
\u201cI think we have been playing catch-up with other cities in the country though and did have a low bottom in our market.\u201d<\/p>\n
She said WA\u2019s housing market had also reaped the benefits of political stability, contrasting with changing state policy on taxation in other states such as Victoria.<\/p>\n
\u201cYou look at states like Victoria which has done a lot of tinkering with rates and taxation, that hasn\u2019t happened here,\u201d she added.<\/p>\n
Ms Brown echoed Mr Go Tian\u2019s views about the impact on the pandemic resulting in more people choosing to live in \u201cforgotten\u201d cities like Perth and Adelaide.<\/p>\n
\u201cPerth and Adelaide are both great places to live and since Covid, more people are choosing to do that,\u201d she said. \u201cDepending on your job, there is less pressure to live in the bigger cities \u2013 you don\u2019t necessarily have to live in Melbourne to work in Melbourne.\u2019<\/p>\n
The list in full<\/p>\n
High Wycombe (Perth)<\/p>\n
Forrestfield to Wattle Grove (Perth)<\/p>\n
Magaroo (Perth)<\/p>\n
Yangebup (Perth)<\/p>\n
Wanneroo to Sinagra (Perth)<\/p>\n
Huntingdale to Southern River (Perth)<\/p>\n
Ballajura (Perth)<\/p>\n
Casuarina to Wandi (Perth)<\/p>\n
Hocking to Pearsall (Perth)<\/p>\n
Howard Springs (Darwin)<\/p>\n
Shadow Park to Trott Park (Adelaide)<\/p>\n
McLaren Vale (Adelaide)<\/p>\n
Golden Grove (Adelaide) <\/p>\n
Read related topics:Adelaide<\/a>Perth<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"A new list predicting where Australia\u2019s next $1m suburbs will be is dominated by two surprising cities, 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