Booker Bay has topped a list of the 10 suburbs in NSW most likely to experience a rise in housing prices in coming months.
Median prices in the suburb are already $1.375M, with quarterly Well Money Green Shoots Report revealing that price is expected to rise in the near future.
Pretty Beach, with a median price of $1.7M, was the only other Central Coast suburb to make the list, coming in at number five.
“Despite a housing downturn throughout much of NSW, new research commissioned by Well Money (formerly known as Well Home Loans) has detected 10 locations where price rises are imminent,” a spokesperson said.
“The quarterly Green Shoots Report (for January) identifies the top 10 suburbs in NSW that are currently showing the clearest signs that meaningful price growth is just around the corner.
“The 10 suburbs chosen always show the strongest combination of inventory levels decreasing over the past three months and days on market decreasing over the past three months – and, if possible, asking prices increasing over the past three months as well.
Well Money CEO Scott Spencer said there were notably fewer suburbs showing signs of imminent price growth in the January 2023 quarter than the October 2022 quarter.
“Property markets are cooling in many parts of NSW, so, right now, it’s much easier to find locations where prices are likely to fall than rise,” he said.
“That said, there are some markets in which the data is pointing in the opposite direction –towards near-term price rises.
“When assessing future price movements, the key is to focus on leading indicators that tell you where prices are going, rather than lagging indicators that tell you where they’ve been.
“The three key leading indicators we focus on with the Well Money Green Shoots Report are inventory levels, days on market and median asking prices.
“When inventory levels are falling, that means buying conditions are becoming harder – in other words, that the balance of power is tipping towards vendors.
“Between October and January, inventory levels declined in all 10 suburbs on the list.
“When days on market are falling, that means buyers are snapping up properties faster, generally in response to stronger competition.
“For all 10 suburbs, days on market either fell or remained steady during the January quarter.
“When inventory levels and days on market are turning in favour of vendors, they generally sense the mood and start increasing their asking prices.
“That’s why, during the January quarter, vendors pushed up prices in seven of the 10 suburbs on the list.”
Other suburbs to make the list were North Albury, Toronto, Plumpton Fairfield East, Ropes Crossing, Shortland, Hamilton and Pottsville.
Source:
Media release, Feb 9
Well Money