RAYMOND Terrace is predicted to be among one of the top 10 locations in regional NSW to purchase property in 2023.
That's according to Canstar's annual Rising Stars Report which used data from property experts at Hotspotting to provide a glimpse into the markets poised for property price growth in the year ahead.
Muswellbrook also earned a spot on the list alongside Raymond Terrace and other locations including Armidale, Dubbo and Glen Innes.
The Rising Stars Report identifies 110 promising property locations around the country based on sales volumes, price growth, vacancy rates and rental growth, plus infrastructure spending and amenities.
"These five key metrics were the key foundations of the report," Canstar's editor-at-large Effie Zahos said.
"It was a case that 110 rising star suburbs came out of it - rising stars in terms of there is potential here for capital growth moving forward."
The report reveals that the median price in Raymond Terrace is $560,000, with a recorded one-year growth of 32.8 per cent and a vacancy rate of 0.5 per cent.
It has a 10-year annual growth average of 9.9 per cent per annum.
"The Newcastle area has kind of passed its peak but there are some definite areas around there that have grown with the activity," she said.
"When you look at Raymond Terrace, you could jump in there for $560,000. It's very affordable.
"There are houses still under the $500,000 mark and it has had some great growth. In one year, it had 32 per cent growth. Vacancies are also low which is another great indicator.
"In the past 12 months, those suburbs that were held up and showing prospects are the ones that are affordable and this one definitely sits in that bracket."
Muswellbrook emerged as the strongest contender in the Hunter region with a median price of $400,000.
Ms Zahos said the region has been one of the leading markets for price growth in regional NSW.
"The Hunter region has been a big standout - strong economy, lifestyle and proximity to Newcastle is a big thing," she said.
"It's that ripple effect, too.
"If you can't get into the area you want, what are the surrounding areas close to it? What are they looking like?
"With a vacancy rate of 0.6 per cent and median yield of 5.2 per cent, Muswellbrook is very attractive for investors."
Ms Zahos said affordability is expected to continue to drive buyer demand across regional NSW with the ongoing interest rate hikes.
She added that while forecasters are predicting price drops of up to 20 per cent, not all property bargains offer the same gains.
"The number one rule when it comes to buying property hasn't changed," she said.
"You've got to get your location right.
"This report is a great chance for people to look at these metrics, think about it and look at the suburbs that have been picked and do your research."
