Top Australian Suburbs To Invest In 2024

Top Australian Suburbs To Invest In 2024

By: Nfinity Financials0 comments

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.

Our Experts

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.

SuburbReasons 
AlexandriaLocation, Lifestyle, and Amenity
ArmidaleAffordability, Population growth, infrastructure and amenity
Avalon BeachLocation and Amenity
BerowraLocation and Investment Prospects
BurwoodLocation and Amenity
Dee WhyAffordability
DubboAffordability, Family Appeal, Investment Prospects.
Edmondson ParkInfrastructure, Population growth, Investment prospects.
Elizabeth BayLocation and Lifestyle
Ettalong BeachGentrification, Location, and Affordability
Glenmore ParkFamily Appeal, Population Growth and Infrastructure.
HamiltonFamily Appeal, Location, and Gentrification
KincumberLocation, Family Appeal, Amenity, and Affordability
KingsfordLocation, Lifestyle
MaitlandLocation, Population Growth
MosmanLocation, Lifestyle
New LambtonLocation, Amenity
NorthbridgeFamily Appeal, Location, Amenity
RabyAffordability

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 high rising suburb

AreaReason
AlbionAffordability, Amenity
Altona MedowsAffordability
ArdenLocation, Population Growth, and Amenity
Ballarat EastAffordability, Gentrification
BelmontInvestment prospects, Affordability, Infrastructure
BerwickInvestment Prospects, Population Growth, Gentrification, Affordability.
BurwoodAmenity, Investment Prospects
CarrumFamily Appeal, Location, Amenities
CheltenhamInfrastructure, Amenity, and Gentrification
ChurchillAffordability, Infrastructure
Croydon SouthAffordability, Amenities
DelacombeInfrastructure, Affordability, Population Growth, Investment Prospects
Ferntree GullyInfrastructure, Amenity, Family Appeal
MentoneFamily Appeal, Amenity
MicklehamInvestment Prospects, Family Appeal
MooroolbarkAffordability
MurrumbeenaAffordability, Amenity
RipplesideFamily Appeal, Amenity, Location
ThomastownAffordability, Gentrification
WatsoniaInfrastructure, 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.

AreaReason
ArundelAmenity, Population Growth
BeaudesertInfrastructure, Investment Prospects
BrightonAffordability, Location
BulimbaAmenity, Location, Family Appeal
CairnsFamily Appeal, Amenity
Caloundra WestPopulation Growth, Amenity, Family Appeal
ClevelandAmenity, Affordability
Darling HeightsInfrastructure, Family Appeal
DarraGentrification, Affordability
ElanoraAmenity, Population Growth
GladstoneAffordability, Amenity
KeperraAffordability, Infrastructure, Investment Prospects
MaryboroughInvestment Prospects, Infrastructure, Affordability.
MorayfieldFamily Appeal, Amenity, Investment Prospects.
PetrieAmenity, Location, Family Appeal
Sippy DownsInfrastructure, Family Appeal, Population Growth
SouthportAmenity, Population Growth, Investment Prospects.
Springfield LakesInfrastructure, Population Growth, Amenity, Family Appeal
TaringaFamily Appeal, Location, Amenity
TownsvilleFamily Appeal
YeppoonLocation, Family Appeal
WoolloongabbaLocation 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.

AreaReason
AlbertonLocation, Family Appeal
ArdrossanPopulation Growth, Location, Affordability, Investment Prospects
HahndorfInvestment Prospects, Amenity, Location
Hallett CoveAffordability, Lifestyle, Amenity
KilkennyDemographic Changes, Affordability, Gentrification
Morphett ValeInvestment Prospects, Affordability, Infrastructure, Population Growth
Mount GambierDemographic Change, Population Growth, Affordability, Investment Prospects
Parafield GardensFamily Appeal
PaynehamInvestment Prospects
Port NoarlungaAffordability, Amenity, Location
RichmondLocation
SalisburyFamily Appeal, Investment, Amenity, Affordability
SeafordAffordability, Location
ThebartonGentrification, Location, Amenity
Victor HarborPopulation Growth, Demographic Change, Location
West Lake ShoreAmenity, Location
WhyallaInvestment 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.

AreaReasons
ArmadaleInvestment Prospects, Affordability
BayswaterLocation, Infrastructure, Amenity
BusseltonLocation, Amenity, Investment Prospects
FremantleAmenity. Location
GeraldtonInvestment Prospects, Affordability, Infrastructure
MandurahPopulation Growth, Amenity, Affordability, Family Appeal, Investment Prospects.
NorandaInfrastructure, Family Appeal
Quinns RocksAmenity, Location Affordability
RockinghamFamily Appeal, Affordability, Amenity
Tuart HillLocation, Affordability
Victoria ParkAmenity, 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 center of Western Australia’s rapidly expanding south-west 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. 

AreaReason
DicksonInvestment Prospects, Gentrification, Infrastructure
HoltAffordability, Amenity, Investment Prospects
WaramangaGentrification, 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.

AreaReason
BurnieInvestment Prospects, Affordability
DevonportInvestment Prospects, Infrastructure, Affordability
InvermayInvestment Prospects, Affordability, Infrastructure
KingstonFamily Appeal, Affordability
North HobartAmenity, Location
RokebyInvestment 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.

AreaReason
DarwinAmenity, 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.

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