A new report has identified areas in eight capital cities and six regional areas that home buyers should have on their shopping list.

Surprisingly, property markets that have been leading the nation on price growth in recent years “may take a back seat” in the years to come, with Canberra and Darwin ranking ahead of resurgent Brisbane and Perth, according to Hotspotting property expert Terry Ryder.

But it was regional areas that were really ready for takeoff.

Regional New South Wales ranked first for property prices to boom, with some of the top suburbs, including Blue Haven, Toukley and Gwandalan, sitting at the more affordable end of the Central Coast market.

In second place was regional Queensland, with Bundaberg East, Burleigh Waters and Little Mountain singled out as the best suburbs to buy.

Next up was regional Western Australia, where lifestyle areas such as Broome, Carey Park in the Bunbury region and Halls Head in the Mandurah region are dominating over mining towns with a boom-bust history.

“The lowest median house price among the rising star’ suburbs in regional New South Wales is Tolland at only $290,000, while the same price tag applies to Bundaberg East in North Queensland,” said Canstar’s editor-at-large, Effie Zahos.

“In the west, Carey Park in Bunbury, Western Australia, has a median house price of just $240,000.

“Bear in mind not all regional areas will come with an affordable price tag. This is where it’s important to consider the growth potential, rental yield and secure a low rate loan to ensure the investment stacks up.”

Capital cities

Sydney is the highest-ranking capital city in the report, across a range of prices but not all offered a bargain.

Suburbs at the affordable end of the market – by Sydney standards – have an entry price below $1 million, with Leumeah, Minto and Jamisontown some of the standout performers.

The cheapest suburb was Leumeah, with a median price $650,000, where buyers would need a 20 per cent deposit of $130,000, with upfront costs totalling $24,752 and monthly repayments sitting at $2249.

Also making the list were inner-city suburbs that have experienced low rental vacancies and strong price growth, such as Darlinghurst and Pagewood, along with the northern suburbs of Cherrybrook and Normanhurst.

“The pandemic-induced restrictions placed on Sydneysiders have nourished their desire to buy property and buoyed-up prices resulting in a booming market,” said Ms Zahos.

The report identified the up and coming suburbs based on sales volumes, quarterly price growth, vacancy rates, rental growth and infrastructure spending.

While the Canberra property market seldom delivers a runaway boom, some suburbs including Harrison, Curtin, Florey, Gungahlin and Isabella Plains have been predicted to take off.

Isabelle Plains clocked in as the most affordable at a median price of $630,000, where a 20 per cent deposit would cost $126,000. Buys could expect to pay upfront costs of $16,547, with monthly loan repayments totalling $2180.

“There’s an evenness to the Canberra market that you don’t see in Australia’s other capital cities, likely because it was a planned city. Canberra is a consistent performer on price growth, which is great news for homeowners, but those seeking affordability may need to look closer to the ACT border or beyond to rising star suburbs like Goulburn and Queanbeyan,” said Mr Ryder.

Brisbane ranked lowest overall but with the Olympics coming in 2032 and Aussies looking for a sea change the market is expected to boom over the next year.

Suburbs included Annerley, Paddington, Carindale, Michelton, Sandgate and Kippa-Ring as promising buys.

Rising star suburbs in the top 5 ranked jurisdictions

1. Regional New South Wales: Blue Haven, Cessnock, Dubbo, Goulburn, Gwandalan, Karabar, Singleton Heights, Tolland, Toukley, Warners Bay

2. Regional Queensland: Bundaberg East, Burleigh Waters, Centenary Heights, Dundowran Beach, Gympie, Little Mountain, Newtown, Norman Gardens Paradise Point, Southport

3. Regional Western Australia: Broome, Carey Park, Falcon, Geographe, Halls Head

4. Sydney: Bass Hill, Cherrybook, Darlinghurst, Jamisontown, Leumeah, Minto, Miranda, Normanhurst, Pagewood, Yagoona

5. Canberra: Curtin, Florey, Gungahlin, Harrison, Isabella Plains