Muswellbrook is predicted to be among one of the top 10 locations in regional Australia to purchase property in 2023.
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That's according to Canstar's annual Rising Stars Report which provides a glimpse into the markets poised for property price growth in the year ahead.
Muswellbrook placed at six on the list, followed by North Tamworth at seven and Raymond Terrace at nine, while Armidale, Dubbo and Glen Innes took out the top three respectively.
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.
Canstar's editor-at-large Effie Zahos said the exodus of city dwellers is expected to continue to drive buyer demand across regional NSW.
Most towns now have prices well above $500,000, but Muswellbrook remains an oasis of affordability.
- Canstar's editor-at-large Effie Zahos
She said 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," Ms Zahos said.
"You've got to get your location right."
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 standout markets for price growth in regional NSW, boosted by its "tree change" lifestyle and its proximity to Newcastle.
"Most towns now have prices well above $500,000, but Muswellbrook remains an oasis of affordability," she said.
"The general equation, with a median house price of $400,000, vacancy rate of 0.6 per cent and median yield of 5.2 per cent is attractive for investors."
