We have good news for any property hunters looking for the next best suburbs. You may not have to look for investment property very far. Nfinity’s experts predict top Australian suburbs to invest, while there will be no property boom, most cities and regions will experience modest and steady growth.
In this blog, we will be looking at the upcoming suburbs. Also, hit or miss?
Top suburbs
Let’s talk about the list in detail.
A group of industry experts, including investors and the leaders of significant research institutions, put together the list.
People usually target their search efforts on regions they are already familiar with when they are looking to buy. However, learning about new suburbs can assist buyers in expanding the scope of places they are prepared to consider- says Senior analyst Parag Dixit.
In suburbs where there haven’t been enough rentals or sales activity in the last 12 months to provide a reliable price estimate.
This is where they believe there will be the most growth prospects in the upcoming year for a variety of buyers, including first-home buyers, upgraders, downsizers, and seasoned investors.
State and Territory
- New South Wales
- Victoria
- Queensland
- South Australia
- Western Australia
- Australian Capital Territory
- Tasmania
- Northern Territory
NEW SOUTH WALES
20 spots were taken by suburbs in NSW, which included a combination of inner-city, outer-suburban, and regional districts.
| Suburb | Reasons |
| Alexandria | Location, Lifestyle, and Amenity |
| Armidale | Affordability, Population growth, infrastructure and amenity |
| Avalon Beach | Location and Amenity |
| Berowra | Location and Investment Prospects |
| Burwood | Location and Amenity |
| Dee Why | Affordability |
| Dubbo | Affordability, Family Appeal, Investment Prospects. |
| Edmondson Park | Infrastructure, Population growth, Investment prospects. |
| Elizabeth Bay | Location and Lifestyle |
| Ettalong Beach | Gentrification, Location, and Affordability |
| Glenmore Park | Family Appeal, Population Growth and Infrastructure. |
| Hamilton | Family Appeal, Location, and Gentrification |
| Kincumber | Location, Family Appeal, Amenity, and Affordability |
| Kingsford | Location, Lifestyle |
| Maitland | Location, Population Growth |
| Mosman | Location, Lifestyle |
| New Lambton | Location, Amenity |
| Northbridge | Family Appeal, Location, Amenity |
| Raby | Affordability |
Standout Location:
Index of Price Predictors, Based on real estate performance, Hotspotting named the Canterbury-Bankstown LGA as ‘the national growth star’, making it the best municipality in Australia. Condell Park (median home price of $1.2 million for houses and $785,000 for apartments) and Bass Hill (median house price of $1.1 million) are two of the most expensive suburbs.
Victoria
Victorian suburbs, which include a mix of inner-city, outer-suburban, and provincial communities, accounted for making Victoria one of the rising suburbs.
| Area | Reason |
| Albion | Affordability, Amenity |
| Altona Medows | Affordability |
| Arden | Location, Population Growth, and Amenity |
| Ballarat East | Affordability, Gentrification |
| Belmont | Investment prospects, Affordability, Infrastructure |
| Berwick | Investment Prospects, Population Growth, Gentrification, Affordability. |
| Burwood | Amenity, Investment Prospects |
| Carrum | Family Appeal, Location, Amenities |
| Cheltenham | Infrastructure, Amenity, and Gentrification |
| Churchill | Affordability, Infrastructure |
| Croydon South | Affordability, Amenities |
| Delacombe | Infrastructure, Affordability, Population Growth, Investment Prospects |
| Ferntree Gully | Infrastructure, Amenity, Family Appeal |
| Mentone | Family Appeal, Amenity |
| Mickleham | Investment Prospects, Family Appeal |
| Mooroolbark | Affordability |
| Murrumbeena | Affordability, Amenity |
| Rippleside | Family Appeal, Amenity, Location |
| Thomastown | Affordability, Gentrification |
| Watsonia | Infrastructure, Amenity, Affordability |
Standout Location
The demand for reasonably priced, conveniently placed apartments is on the rise nationwide, and the City of Melbourne LGA leads this trend, being one of the strongest in the country.
Melbourne’s central business district (median unit price of $410,000), Carlton (median house and unit prices of $1.45 million and $340,000), and South Yarra (median prices of $2.13 million and $583,000) are examples of buoyant markets.
Queensland
Queensland, consisting of inner-city, outer-suburban, and regional districts, received the most nominations.
| Area | Reason |
| Arundel | Amenity, Population Growth |
| Beaudesert | Infrastructure, Investment Prospects |
| Brighton | Affordability, Location |
| Bulimba | Amenity, Location, Family Appeal |
| Cairns | Family Appeal, Amenity |
| Caloundra West | Population Growth, Amenity, Family Appeal |
| Cleveland | Amenity, Affordability |
| Darling Heights | Infrastructure, Family Appeal |
| Darra | Gentrification, Affordability |
| Elanora | Amenity, Population Growth |
| Gladstone | Affordability, Amenity |
| Keperra | Affordability, Infrastructure, Investment Prospects |
| Maryborough | Investment Prospects, Infrastructure, Affordability. |
| Morayfield | Family Appeal, Amenity, Investment Prospects. |
| Petrie | Amenity, Location, Family Appeal |
| Sippy Downs | Infrastructure, Family Appeal, Population Growth |
| Southport | Amenity, Population Growth, Investment Prospects. |
| Springfield Lakes | Infrastructure, Population Growth, Amenity, Family Appeal |
| Taringa | Family Appeal, Location, Amenity |
| Townsville | Family Appeal |
| Yeppoon | Location, Family Appeal |
| Woolloongabba | Location Amenity, Infrastructure |
Standout Location
Buyer activity has increased dramatically in regional Queensland, with the Gold Coast leading the way.
Growth markets include Benowa (median prices of $1.5 million for houses and $730,000 for units), Broadbeach Waters (medians of $2.01 million and $715,000), Burleigh Waters ($1.37 million and $660,000), and Merrimac.
South Australia
Seventeen positions were taken by SA suburbs, which included a combination of inner-city, outer-suburban, and regional locations.
| Area | Reason |
| Alberton | Location, Family Appeal |
| Ardrossan | Population Growth, Location, Affordability, Investment Prospects |
| Hahndorf | Investment Prospects, Amenity, Location |
| Hallett Cove | Affordability, Lifestyle, Amenity |
| Kilkenny | Demographic Changes, Affordability, Gentrification |
| Morphett Vale | Investment Prospects, Affordability, Infrastructure, Population Growth |
| Mount Gambier | Demographic Change, Population Growth, Affordability, Investment Prospects |
| Parafield Gardens | Family Appeal |
| Payneham | Investment Prospects |
| Port Noarlunga | Affordability, Amenity, Location |
| Richmond | Location |
| Salisbury | Family Appeal, Investment, Amenity, Affordability |
| Seaford | Affordability, Location |
| Thebarton | Gentrification, Location, Amenity |
| Victor Harbor | Population Growth, Demographic Change, Location |
| West Lake Shore | Amenity, Location |
| Whyalla | Investment Prospects, Affordability |
Standout Location
One of the biggest regional hubs in South Australia, it provides chances for a healthy lifestyle, reasonably priced housing, and job growth within a thriving local economy.
Mount Gambier is worth considering, with a median house price of $390,000 (up 9% in 2023) and yields above 5%.
Western Australia
Eleven spots were occupied by suburbs in Washington, which included a mix of inner-city, outer-suburban, and regional locations.
| Area | Reasons |
| Armadale | Investment Prospects, Affordability |
| Bayswater | Location, Infrastructure, Amenity |
| Busselton | Location, Amenity, Investment Prospects |
| Fremantle | Amenity. Location |
| Geraldton | Investment Prospects, Affordability, Infrastructure |
| Mandurah | Population Growth, Amenity, Affordability, Family Appeal, Investment Prospects. |
| Noranda | Infrastructure, Family Appeal |
| Quinns Rocks | Amenity, Location Affordability |
| Rockingham | Family Appeal, Affordability, Amenity |
| Tuart Hill | Location, Affordability |
| Victoria Park | Amenity, Gentrification, Location |
Standout Location
In late 2023, the City of Bunbury was experiencing a decline, in contrast to the Perth market, which was beginning to show indications of weakness.
Bunbury, located in the commercial centre of Western Australia’s rapidly expanding southwest area, is growing at a rate significantly faster than the national average due to its alluring beach lifestyle and reasonably priced property. The median property price in most suburbs is less than $500,000.
Australian Capital Territory
ACT suburbs took up three positions.
| Area | Reason |
| Dickson | Investment Prospects, Gentrification, Infrastructure |
| Holt | Affordability, Amenity, Investment Prospects |
| Waramanga | Gentrification, Affordability, Family Appeal |
Standout Location: Kingston
The Price Predictor Index’s summer 2023–2024 edition identified inner-city Kingston as the sole Canberra suburb deserving of the “rising” designation.
Canberra has the second most expensive real estate market after Sydney. It is also an expensive city. However, CoreLogic reports that the median price of apartments in Kingston was $655,000.
Tasmania
Six spots, a combination of inner-city, outer-suburban, and regional areas, were accounted for by Tasmanian suburbs.
| Area | Reason |
| Burnie | Investment Prospects, Affordability |
| Devonport | Investment Prospects, Infrastructure, Affordability |
| Invermay | Investment Prospects, Affordability, Infrastructure |
| Kingston | Family Appeal, Affordability |
| North Hobart | Amenity, Location |
| Rokeby | Investment Prospects, Amenity, Affordability |
Standout Location
Geilston Bay, a suburb with a typical house price of $750,000, is one of the few areas in Hobart and remote Tasmania where sales activity is on the rise.
The best possibility of some increase in 2024 is in the City of Clarence and areas like Geilston Bay, amid a generally stagnant Hobart market past its recent peak.
Northern Territory
The city centre was selected as the suburb to watch, and the suburbs of the NT accounted for just one position.
| Area | Reason |
| Darwin | Amenity, Investment Prospects |
Standout Location
There has been a recent increase in buyer demand in Central Darwin, where flats predominate. Buyers are drawn to Darwin City, where the median unit price is $435,000, and adjacent Parap, where the median unit price is $385,000.
With 7.3% for apartments and 6% for houses, Darwin offers the highest gross rental yields of any Australian capital city for investors.
Note
This report’s content is general and does not take into account your unique needs, financial circumstances, or personal goals. We do not claim ownership of content that has been written or provided by third parties unless otherwise noted. We neither guarantee the information’s correctness, trustworthiness, or completeness nor do we assume any duty or responsibility for any errors or omissions in the content. Before making any decisions about real estate and investment property, we highly advise you to get expert advice. For the right property investment advice you can Book a consultation call at 1300 GET LOAN or visit Nfinity Financials.
