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Rising stars: Australia's top suburbs to buy in 2023

A composite image of a sign out the front of a property that indicated it is for sale and rows of apartment blocks and houses in a suburb on the Australian coast line.
Here are the best suburbs where prices are expected to rise next year. (Source: Getty)

The Aussie property market is expected to see continued price falls into next year, which may present some bargains for buyers.

Canstar’s annual Rising Stars Report examined a series of forward-looking indicators to provide a glimpse into the markets posed for price growth in 2023.

Canstar editor-at-large Effie Zahos said the rapid price growth seen in the past few years was not expected to continue.

“Bargains may be just around the corner, with some forecasts predicting price drops of up to 20 per cent. But not all bargains will get you the same gains,” Zahos said.

“Whether you plan to wait a while to buy and hopefully snap up a bargain or you’re ready to jump into the market now, the number one rule when it comes to buying property hasn’t changed. You’ve got to get your location right.”

Canstar joined forces with property expert and founder of Hotspotting Terry Ryder to assess the country’s top property spots.

The Rising Stars Report identified 110 promising property locations around the country based on sales volumes, price growth, vacancy rates and rental growth, plus infrastructure spending and amenities.

But, despite falling prices, Zahos warned that buying in a market of rising interest rates also required buyers to factor in affordability.

“Shopping for the perfect house in the perfect street won’t matter if you can’t afford the loan. Buyers must carefully consider their future plans and if they can still reasonably make repayments,” Zahos said.

“Rising interest rates and living costs will be impacting affordability and the borrowing power of buyers. This could see more buyers locked out.”

How the cities and regions rank for 2023

There has been quite a shake-up in the rankings of Australian real estate markets when comparing results from last year to the latest Rising Stars Report.

Ryder said that, while last year regional locations dominated the top three locations to buy, this year it was the smaller capital cities stealing the limelight.

Adelaide was at the top of the leaderboard, with the best prospects for future capital growth of the 14 jurisdictions assessed. The South Australian capital was followed by Brisbane and Perth.

“All three markets have been strongly resistant to the downturn pressures and have benefited from the pursuit of affordability, which is the strongest theme pervading property markets across Australia in 2022,” Ryder said.

2023 Ranking

2022 Ranking

Region

1

9

Adelaide

2

8

Brisbane

3

7

Perth

4

2

Regional Queensland

5

3

Regional Western Australia

6

6

Darwin

7

1

Regional New South Wales

8

14

Regional South Australia

9

5

Canberra

10

10

Regional Victoria

11

13

Hobart

12

4

Sydney

13

11

Melbourne

14

12

Regional Tasmania

Source: Canstar.com.au/rising-stars-report

New South Wales

The top 10 best suburbs to consider purchasing a home in Sydney are:

  1. Campsie (Units)

  2. Fairfield

  3. Georges Hall

  4. Granville

  5. Jamisontown

  6. Liverpool (Units)

  7. Lurnea

  8. Marrickville (Units)

  9. Rooty Hill

  10. Westmead (Units)

The top 10 best regional markets to consider buying in New South Wales are:

  1. Armidale

  2. Dubbo

  3. Glen Innes

  4. Goulburn

  5. Leeton

  6. Muswellbrook

  7. North Tamworth

  8. Parkes

  9. Raymond Terrace

  10. Tolland

Victoria

The top 10 best suburbs to consider purchasing a home in Melbourne are:

  1. Caroline Springs

  2. Epping

  3. Forest Hill

  4. Glen Waverley

  5. Hoppers Crossing

  6. Melton South

  7. North Melbourne (Units)

  8. Richmond (Units)

  9. Roxburgh Park

  10. Sunbury

The top 10 best regional markets to consider buying in Victoria are:

  1. Bairnsdale

  2. Broadford

  3. Eaglehawk

  4. Heathcote

  5. Kyneton

  6. Mildura

  7. Redan

  8. Seymour

  9. Traralgon

  10. Wendouree

Queensland

The top 10 best suburbs to consider purchasing a home in Brisbane are:

  1. Annerley (Units)

  2. Caboolture

  3. Dakabin

  4. Deception Bay

  5. Eagleby

  6. Eastern Heights

  7. Edens Landing

  8. Kangaroo Point (Units)

  9. Redbank Plains

  10. West End (Units)

The top 10 best regional markets to consider buying in Queensland are:

  1. Bundaberg South

  2. Caloundra (Units)

  3. Frenchville

  4. Kirwan

  5. Nerang

  6. New Auckland

  7. Newtown

  8. South Mackay

  9. South Toowoomba

  10. Yeppoon

South Australia

The top 10 best suburbs to consider purchasing a home in Adelaide are:

  1. Christies Beach

  2. Craigmore

  3. Dover Gardens

  4. Elizabeth Vale

  5. Gilles Plains

  6. Kurralta Park

  7. Magill

  8. Munno Para

  9. Salisbury East

  10. Seaford Meadows

The top 5 best regional markets to consider buying in South Australia are:

  1. Hayborough

  2. Mount Gambier

  3. Murray Bridge

  4. Port Augusta

  5. Whyalla Stuart

Western Australia

The top 10 best suburbs to consider purchasing a home in Perth are:

  1. Armadale

  2. Baldivis

  3. Brabham

  4. Ellenbrook

  5. Forrestfield

  6. Hocking

  7. Joondalup

  8. Orelia

  9. Waikiki

  10. Wellard

The top 5 best regional markets to consider buying in Western Australia are:

  1. Carey Park

  2. Eaton

  3. Geraldton

  4. Greenfields

  5. Meadow Springs

Tasmania

The top 5 best suburbs to consider purchasing a home in Hobart are:

  1. Glenorchy

  2. Howrah

  3. Lindisfarne

  4. Moonah

  5. Risdon Vale

The top 5 best regional markets to consider buying in Tasmania are:

  1. Brighton

  2. Devonport

  3. Invermay

  4. New Norfolk

  5. Youngtown

Australian Capital Territory

The top 5 best suburbs to consider purchasing a home in Canberra are:

  1. Chisholm

  2. Dickson (Units)

  3. Franklin

  4. Ngunnawal

  5. O’Connor (Units)

Northern Territory

The top 5 best suburbs to consider purchasing a home in Darwin are:

  1. Bakewell

  2. Darwin City (Units)

  3. Malak

  4. Rapid Creek

  5. Rosebery

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