A Launceston suburb has come out on top of an Australian-wide list for property growth.
According to research from the Select Residential Property Research Group, St Leonards was identified as the number one location for forecast median house price growth in the country.
SRP research director Jeremy Sheppard said the research focused on suburbs within significant urban areas, and on houses rather than units.
The median house price for St Leonards is $269,000, which is expected to increase by 7.5 per cent in 2020.
Mr Sheppard said it was partially due to demand versus supply.
"While it's only located about 10 minutes from the centre of Launceston, St Leonards offers a mix of residential and semi-rural homes, with an affordable price tag to boot," he said.
Mr Sheppard said it was a little unusual for a suburb like St Leonards to make the top spot on the list, however Launceston in general was a "pretty hot market right now".
"Hobart is looking relatively expensive in comparison to Launceston. There may have been some frustration from buyers and even renters in Hobart moving to Launceston. There's some stimulus in the Launceston economy too," he said.
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"St Leonards however, is a bit of an odd case since there is so much vacant land that could be developed. At the moment demand exceeds supply, but there is risk for investors buying into this suburb that land releases of the future could subdue growth rates.
"Our forecasts were only for 2020. Although higher growth could carry over into future years, there's risk of potential for over-supply."
The rest of the top 10 included Bangor, NSW; Crestwood, NSW; Birkenhead, SA; Heathcote, NSW; Davidson, NSW; Booragul, NSW; Hendon, SA; and Allambie Heights, NSW.
For Tasmania, the next four suburbs with a predicted high price growth were Rosetta and Berriedale in Hobart's northern suburbs, East Launceston, and Lindisfarne on Hobart's Eastern Shore.
Even now, St Leonards is in hot demand. At the City of Launceston council's meeting on Thursday, councillors will decide on whether or not to rezone and approve a development application for a 30-lot subdivision in the Launceston suburb.
The land at 40520 Tasman Highway is classed as rural resource but would be rezoned to rural living if approved. The site is located on the north-eastern outskirts of St Leonards and occupies about 6.2 hectares.
In the planning submission by 6ty, it said the subdivision would fill a market gap for "market ready" rural residential properties in the St Leonards area.
As there were no "market ready" lots available in south and south-east Launceston, it indicated a shortfall of estates and lots available to the market, it said.