PHOTO: Propertyology has found 53 regions where it thinks property prices will grow. Image: Getty

The Australian property market saw its first monthly increase in property values for the first time since 2017 in August, and as things start to look up, there are some regions set to grow more than others.

Property market research firm Propertyology has found 53 regions which it considers to have the best upside potential for the short- and medium-term, based on the average time to sell a home, how many homes were selling, vacancy rates, employment data and infrastructure plans.

Head of research Simon Pressley said that while prices are yet to officially firm due to lagging property data, these regions have positive macro changes which should lead to strong growth in the future.

However, he added, it’s unlikely that any growth in the coming 12 months will be “spectacular” given stagnating private-sector job growth.

“The analysis found that fundamentals of Hobart and Canberra continue to be the best of all capital cities with recent positive macro changes for their property sectors likely to see their price growth rates accelerate,” Pressley said.

“Perth, Brisbane and Adelaide are all at the right stage of the property cycle with balanced supply and housing affordability.”