Australia’s property market is still looking good for property investors looking for the best suburbs to invest in 2024.
With urban renewal projects, affordable median house prices and big capital growth potential, several suburbs across the country are on the radar for investment.
Below we look at the top suburbs in each capital city and regional areas, and why they should be considered if you’re looking for the best place to invest in Australia in 2024.
Adelaide
| Suburb | Median House Price | Annual Growth | Gross Rental Yield | Key Features |
|---|---|---|---|---|
| Meadows | $700,000 | 5.0% | 4.5% | High investor score, family-friendly |
| Nairne | $756,500 | 4.2% | 4.0% | Strong socio-economic indicators |
| Woodside | $730,277 | 3.9% | 3.8% | Stable market, family-friendly |
Meadows
Located in the Central and Hills region, Meadows stands out with a median house price of $700,000
This suburb is noted for its high investor score and a significant percentage of detached houses, making it a top choice for property investments. Meadows offers an affordable lifestyle with strong capital growth prospects.
- Affordability and Growth: Meadows has seen steady growth over the past year, making it an attractive prospect for both new and seasoned investors. The suburb’s affordable median house price provides a lower entry point for investors, which is particularly appealing in a market where property prices can often be prohibitive.
- Lifestyle and Amenities: The suburb is characterized by a quiet, family-friendly atmosphere with ample green spaces and parks, which cover nearly 4.9% of the total area. This makes Meadows an ideal location for families and those seeking a more relaxed lifestyle.
- Demographics: The predominant age group in Meadows is 50-59 years, and the area has a significant number of households with children. This demographic detail suggests a stable community with long-term residents who contribute to the suburb’s steady demand and capital growth potential.
Check out more real estate for sale in Meadows SA 5201.
Nairne
Another gem in the Central and Hills district, Nairne boasts a median house price of $756,500. The suburb offers a balanced mix of ownership and rental properties, underpinned by strong socio-economic indicators.
This blend of factors makes Nairne an appealing investment suburb for property investors looking for both capital growth and rental income.
- Community and Infrastructure: Nairne is known for its strong community vibe and well-established infrastructure. The suburb is well-served by local amenities, including schools, shops, and recreational facilities, which enhance its appeal to potential residents.
- Economic Indicators: The average weekly household income in Nairne is higher than many surrounding areas, reflecting the suburb’s strong socio-economic status. This economic stability is a positive sign for property investors looking for reliable rental income and capital growth.
- Property Market: With a high percentage of detached houses and a balanced tenure of ownership and rentals, Nairne’s property market is both stable and dynamic. The suburb has a healthy demand for both buying and renting, ensuring steady growth in property values.
Check out more properties for sale in Nairne SA 5252.
Woodside
Located in the Central and Hills belt of Adelaide, Woodside emerges as a viable investment haven for house seekers.
Houses are pegged at a median price of $730,277, with the inventory remaining stable in the past quarter. The socio-economic fabric is evident with households drawing an average weekly income of $1,483.
- Stable Market Conditions: Woodside’s property market has shown stability, with a high percentage of fully owned properties (36.21%). This indicates a mature market with long-term residents who contribute to the suburb’s stability and growth.
- Family-Friendly Environment: The suburb is known for its family-friendly environment, with a significant number of detached houses (90.09%). This type of housing is typically preferred by families, which contributes to the suburb’s steady demand and capital growth potential.
- Growth Potential: Woodside’s stable inventory and high percentage of fully owned properties make it an attractive option for investors looking for long-term growth and stability. The suburb’s growth prospects are supported by its strong community and well-maintained infrastructure.
Check out more real estate for sale in Woodside SA 5244.
Perth
| Suburb | Median House Price | Annual Growth | Gross Rental Yield | Key Features |
|---|---|---|---|---|
| Brookdale | $467,500 | 22.5% | 5.0% | Affordable, rapid growth |
| Hilbert | $515,000 | 15.73% | 4.0% | Planned communities, modern infra |
| Gosnells | $520,000 | 29.9% | 4.8% | Urban and natural attractions |
Brookdale
Brookdale has seen an impressive 22.5% growth in house prices over the past year. With a median house price of $467,500, Brookdale offers a relaxed lifestyle with excellent access to amenities. This suburb’s growth and affordability make it an attractive prospect for investors.
- Rapid Growth: Brookdale has experienced significant growth over the past year, driven by its affordable housing and attractive lifestyle. This rapid growth is a positive sign for property investors looking for areas with strong capital growth prospects.
- Lifestyle and Amenities: The suburb offers a relaxed lifestyle with good access to essential amenities, including schools, shopping centers, and recreational facilities. This makes Brookdale an attractive option for families and individuals looking for a balanced lifestyle.
- Investment Potential: With a median house price significantly lower than many other suburbs in Perth, Brookdale offers excellent investment opportunities. The suburb’s growth and affordability make it a prime location for property investing for beginners.
Check out more properties for sale in Brookdale WA 6112.
Hilbert
Hilbert is one of Perth’s newer suburbs with planned residential communities. It has a median house price of $501,895 and has experienced a 15.73% price increase over the past year. The suburb’s development and growth potential make it a strong candidate for property investment.
- Planned Communities: Hilbert’s status as a newer suburb with planned residential communities means it benefits from modern infrastructure and well-thought-out urban planning. This enhances the suburb’s appeal and investment potential.
- Growth and Development: The suburb’s significant price increase over the past year is indicative of its strong capital growth. Hilbert’s ongoing development projects and planned communities are likely to continue driving growth in property values.
- Attractive Lifestyle: With a mix of modern amenities and a family-friendly environment, Hilbert offers an attractive lifestyle for potential residents. This makes it an appealing option for property investors looking for both rental income and capital growth.
Check out more properties for sale in Hilbert WA 6112.
Gosnells
Gosnells offers a mix of urban and natural attractions, making it an appealing investment suburb with strong growth potential.
The suburb has a median house price of $520,000 and has experienced a 29.9% growth in sales over the past year. These figures indicate a robust property market with significant opportunities for property investors.
- Urban and Natural Attractions: Gosnells is known for its blend of urban conveniences and natural attractions, providing a balanced lifestyle for residents. This makes the suburb attractive to a wide range of potential buyers and renters.
- Strong Growth: The suburb’s 20.5% growth in house prices over the past year highlights its strong capital growth potential. This growth is supported by the suburb’s appealing lifestyle and well-maintained amenities.
- Investment Opportunities: With a median house price lower than many other suburbs in Perth, Gosnells offers excellent investment opportunities. The suburb’s growth and appeal make it a prime location for property investments.
Check out more properties for sale in Gosnells WA 6110.
Brisbane
| Suburb | Median House Price | Annual Growth | Gross Rental Yield | Key Features |
|---|---|---|---|---|
| Carseldine | $980,000 | 6.0% | 3.5% | High investor score, balanced market |
| Alexandra Hills | $790,000 | 5.18% | 4.24% | Strong unit investment potential |
Carseldine
Known for its high investor score, Carseldine is a northern suburb with a good mix of detached houses and a balanced tenure of owned and rented properties.
Its median house price of $980,000 and strong capital growth potential make it a top pick for discerning investors.
- High Investor Score: Carseldine’s high investor score reflects its strong investment potential, driven by a balanced mix of ownership and rental properties. This balance ensures steady demand and rental income for investors.
- Balanced Housing Market: The suburb’s property market is characterized by a good mix of detached houses and balanced tenure. This ensures a stable market with reliable growth in property values and rental yields.
- Attractive Lifestyle: Carseldine offers a family-friendly environment with good access to amenities, making it a desirable location for potential residents. This appeal drives demand and contributes to the suburb’s strong capital growth prospects.
Check out more properties for sale in Carseldine QLD 4034.
Alexandra Hills
Situated in Brisbane’s eastern precinct, Alexandra Hills has carved a niche for unit investors with a median unit price of $527,500 and a median house price of $790,000
- Unit Investment Potential: Alexandra Hills offers significant potential for unit investments, with rental yields for units at 5.18% and strong growth in unit prices over the past year. This makes it an attractive option for investors seeking rental income and capital growth.
- Community and Infrastructure: The suburb is well-equipped with local amenities, including parks, schools, and shopping centres. This infrastructure supports a high quality of life for residents, driving demand for both rental and owner-occupied properties.
- Economic Indicators: Alexandra Hills has a healthy socio-economic profile, with an average household weekly income of $1,590. This economic stability contributes to the suburb’s attractiveness for property investments.
Check out more real estate for sale in Alexandra Hills QLD 4161.
Sydney
| Suburb | Median House Price | Annual Growth | Gross Rental Yield | Key Features |
|---|---|---|---|---|
| Pagewood | $2,710,000 | 7.0% | 2.5% | Close to CBD and beaches |
| Ashfield | $2,100,000 | 16.99% | 4.24% | High demand, vibrant market |
Check out our full article on the best suburbs to invest in Sydney.
Pagewood
Located 8 km from the Sydney CBD, Pagewood has a higher median house price of $2,710,000. Despite the cost, its proximity to beaches and the central business district offers significant returns, attracting buyers and investors looking for long-term growth in Sydney’s eastern suburbs.
- Proximity to CBD and Beaches: Pagewood’s location near the Sydney CBD and popular beaches makes it a highly desirable suburb for both buyers and renters. This proximity drives demand and supports high property prices.
- High Investment Returns: Despite its higher median house price, Pagewood offers significant returns due to its prime location and strong demand. This makes it an attractive option for investors looking for long-term capital growth.
- Appealing Lifestyle: The suburb’s proximity to major amenities, including shopping centers, schools, and recreational facilities, enhances its appeal and investment potential. This lifestyle appeal drives demand and contributes to steady growth in property values.
Check out more properties for sale in Pagewood NSW 2035.
Ashfield
Ashfield, an inner west suburb of Sydney, offers promising investment potential with a median house price of $2,100,000 and a median unit price of $720,000. This suburb is known for its vibrant market, driven by high demand for both houses and apartments.
- Strong Growth: The suburb boasts an annual capital growth of 16.99% for houses and 2.57% for units, making it a promising area for capital growth.
- Rental Yields: Ashfield offers gross rental yields of 2.26% for houses and 4.24% for units, providing attractive rental income for investors.
- Average Annual Growth: The long-term growth rates are 6.68% for houses and 2.57% for units, reflecting a stable and growing market.
Ashfield’s strong growth rates, high demand, and excellent amenities make it a top investment suburb in Sydney.
Ashfield’s high demand, strong growth rates, and excellent amenities make it a top investment suburb in Sydney.
Newcastle
Adamstown, nestled in Newcastle, New South Wales, presents an attractive investment opportunity. Its proximity to Sydney, a mere two hours away, coupled with Newcastle’s burgeoning economy, makes it a compelling choice.
“It has relatively affordable price entry points for houses, and the city is booming, with an influx of population to the region from Sydney, and thriving local industry.”
Pete Wargent, Allen Wargent
The influx of residents from Sydney seeking a more affordable yet dynamic lifestyle is driving up demand for housing in the region.
Adamstown, in particular, offers relatively low entry points for property investment compared to the Sydney market.
This affordability, combined with the area’s growth trajectory and strong local industry, positions Adamstown as a promising locale for investors seeking both capital appreciation and rental yield potential.
As Newcastle continues to expand its economic base and attract new residents, the demand for housing in suburbs like Adamstown is likely to soar. This upward trend in property values, coupled with the potential for solid rental returns, makes Adamstown an increasingly sought-after investment destination.
Canberra
“Molonglo Valley and Belconnen are expected to be the fastest-growing districts. This is aligned to estimated population growth in the area and upcoming infrastructure projects.”
Paul Corazza, Director of Independent Property Group
These areas in North Canberra are experiencing rapid population growth, fueled by Canberra’s overall expansion and the allure of a modern, planned lifestyle.
The ACT government’s substantial infrastructure investments in the region are further bolstering its appeal.
As these districts mature, property values are expected to rise significantly. Early investment in Molonglo Valley and Belconnen could yield substantial returns as the area transforms into a thriving, self-contained community.
The combination of strong population growth, infrastructure development, and Canberra’s overall economic health makes North Canberra an enticing prospect for property investors seeking long-term capital appreciation.
Hobart
| Suburb | Median House Price | Annual Growth | Gross Rental Yield | Key Features |
|---|---|---|---|---|
| Lauderdale | $850,000 | 3.5% | 3.1% | Picturesque, balanced market |
Lauderdale
Lauderdale, a picturesque suburb in Hobart, has a median house price of $850,000. Known for its traditional detached houses and a balanced mix of fully owned and rental properties, Lauderdale stands out for its investment opportunities.
Lauderdale offers a rental yield of 3.1%, making it a desirable location for property investors looking for stable returns.
- Picturesque Environment: Lauderdale’s scenic surroundings and relaxed lifestyle make it a highly desirable suburb for potential residents. This appeal drives demand and supports steady growth in property values.
- Balanced Housing Market: The suburb’s balanced mix of fully owned and rental properties ensures a stable market with reliable rental income and capital growth. This balance makes Lauderdale an attractive option for property investors.
- Investment Opportunities: With a median house price lower than many other suburbs in Hobart, Lauderdale offers excellent investment potential. The suburb’s growth and affordability make it a prime location for property investments.
Check out more properties for sale in Lauderdale TAS 7021.
Regional Areas
| Suburb | Location | Median House Price | Annual Growth | Gross Rental Yield | Key Features |
|---|---|---|---|---|---|
| Elizabeth North | Regional SA | $415,000 | 36.44% | 5.0% | Affordable, strong growth |
| Merrimac | Gold Coast, QLD | $887,500 | 11.31% | 4.78% | High growth, low vacancy rates |
Elizabeth North, SA
Elizabeth North, a northern suburb of Adelaide, has a median house price of $415,000 and has grown by 36.44% over the past year. Its affordability and proximity to the city make it a good option for property investments, particularly for those looking for affordable suburbs with strong capital growth prospects.
- Affordability and Growth: Elizabeth North’s affordable median house price and significant annual price growth make it an attractive prospect for property investors. The suburb offers an accessible entry point for new investors and strong potential for capital growth.
- Proximity to City: The suburb’s location near Adelaide provides easy access to the city’s amenities and employment opportunities, which enhances its appeal to potential renters and buyers.
- Investment Potential: Elizabeth North’s growth over the past year highlights its potential as a stable and growing market for property investments. The suburb’s affordability and growth make it a prime location for both first-time and experienced investors.
Check out more properties for sale in Elizabeth North SA 5113.
Merrimac, Gold Coast
Merrimac, located on the Gold Coast, is an excellent choice for property investment. The suburb showcases robust market data, with a median house price of $887,500 and a median unit price of $650,000. Merrimac has an average annual growth rate of 11.31% for houses and 12.64% for units.
- Strong Growth Rates: The suburb’s long-term growth rates for houses and units are impressive, at 11.31% and 12.64% respectively. This indicates a strong market with significant potential for capital growth.
- High Rental Yields: Merrimac offers gross rental yields of 4.78% for houses and 5.83% for units, making it attractive for investors seeking reliable rental income.
- Fast Market Turnover: Homes in Merrimac typically sell within two to three weeks, reflecting the suburb’s high demand and vibrant market.
- Low Vacancy Rates: The suburb boasts low vacancy rates, ensuring that rental properties are quickly occupied, providing a steady income stream for investors.
Check out more properties for sale in Merrimac QLD 4226.
Conclusion
Investing in the Australian property market in 2024 offers numerous opportunities for growth and stability. These suburbs present strong investment potential with their high growth rates, affordable prices, and desirable living conditions.
Each of these suburbs has unique characteristics that cater to different investment strategies, whether you’re looking for capital growth, rental yields, or a balanced portfolio.
For those considering property investments, it’s crucial to research and explore the specific dynamics of each suburb to make informed decisions. To start your search, you can find real estate for sale in these promising areas.
FAQs on the Best Suburbs to Invest in Australia 2024
What is the fastest selling suburb in Australia?
Perth dominates the list of fastest selling suburbs in Australia. Of the top 100 quickest selling suburbs, 84 are in Perth. Seville Grove, located 30 km south-east of Perth, and Cooloongup, 40 km south of Perth, top the list.
Where is the next property boom in Australia?
Brisbane is expected to lead Australia in property price growth for 2024. According to Canstar’s annual Rising Stars report, Brisbane climbed eight rankings, knocking Adelaide from the top spot and is forecasted to experience significant growth this year.
Check out our article on the best suburbs to invest in Brisbane to complete your research.
What is the fastest growing suburb in Australia?
Chelmer in Queensland is the fastest growing suburb in Australia, with a quarterly price growth of 29.33%. This is followed by Frenchs Forest in NSW and Greenmount in Queensland, indicating strong growth trends in these areas.
What is the fastest growing state in Australia in 2024?
Western Australia is the fastest growing state in Australia in 2024, with job growth up by 4.1% over the year to March 2024. This growth is ahead of Queensland (up by 3.4%) and Victoria (up 3.0%), reflecting strong economic performance.
Is 2024 a good time to buy a house in Perth?
Yes, 2024 is considered a good time to buy property in Perth due to strong market growth, affordable prices compared to other major cities, and favourable economic conditions. It is advisable to research local market trends and consult a real estate expert before making a decision.
