These 20 suburbs are poised for a housing upturn

Well Money’s latest Green Shoots Reports unveiled 20 suburbs which recorded the strongest indicators of rising markets over the three months to October.

The list includes 12 metro and eight regional locations, which were comprised of 14 house and six unit markets.

These suburbs witnessed a perfect recipe for a rising market: decreasing days-on-market, shrinking inventory levels, and rising asking prices.

Well Money CEO Scott Spencer said inventory levels is a leading indicator of a rising market given that they reflect the balance of power in a particular market.

“When inventory levels are falling, that means buying conditions are becoming harder, which forces buyers to compete harder and puts upward pressure on prices,” he said.

Another sign of growing competition is steady or even decreasing days-on-market.

“When supply falls and demand rises, vendors take notice. As a result, in all but two of the 20 suburbs, vendors raised their asking prices over the quarter," Mr Spencer said.

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