Real estate investments in Australia are always worthwhile, whether you are buying to sell or rent. You can achieve even better returns if you find the best suburbs to invest in. With the right knowledge and insights, you can make informed decisions that yield significant returns on your investment.
According to Corelogic’s latest report on the housing market in Australia in April 2024, both houses and units in capital cities nationwide have experienced significant growth, with houses seeing a rise of 10.7% and units by 6.9%.
Here are seven top suburbs to consider for property investment in 2024, chosen for their potential for capital growth and rental yields.
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7 Best Suburbs to Invest in 2024
1. Manly, NSW 2095
Market Details:
| Property Type | Median Price | Median Rent | Rental Yield |
|---|---|---|---|
| House | $4,241,757 | $1,907 | 2.34% |
| Unit | $1,711,121 | $1,245 | 3.78% |
Manly is renowned for its stunning beaches and laid-back lifestyle. Its proximity to Sydney’s CBD, excellent transport links, and growing community make it highly desirable.
Manly combines the appeal of coastal living with urban convenience, ensuring strong demand and property value growth. Investors are drawn to its robust rental market and high property values, making it an attractive option for capital growth.
Check out more properties for sale in Manly NSW 2095.
2. Fortitude Valley, QLD 4006
Market Details:
| Property Type | Median Price | Median Rent | Rental Yield |
|---|---|---|---|
| House | $2,259,767 | $894 | 2.06% |
| Unit | $499,896 | $660 | 6.87% |
Fortitude Valley is experiencing a renaissance, driven by urban renewal projects and a vibrant cultural scene. Known for its nightlife and commercial developments, this suburb is attracting significant interest from investors.
The area’s transformation is set to drive property values up, while its popularity with residents ensures a steady demand for rentals. Fortitude Valley offers a unique blend of cultural charm and economic potential.
3. South Yarra, VIC 3141
Market Details:
| Property Type | Median Price | Median Rent | Rental Yield |
|---|---|---|---|
| House | $1,844,454 | $1,112 | 3.14% |
| Unit | $506,966 | $588 | 6.03% |
South Yarra is renowned for its upscale living and sophisticated investment options. With premier amenities, including high-end shopping, dining, and recreational facilities, South Yarra remains a top choice for discerning investors.
The suburb’s strategic location and strong market demand contribute to its robust investment potential, making it one of Melbourne’s most sought-after areas.
You can check out more properties for sale in South Yarra VIC 3141.
4. Newcastle, NSW 2300
Market Details:
| Property Type | Median Price | Median Rent | Rental Yield |
|---|---|---|---|
| House | $1,330,565 | $783 | 3.06% |
| Unit | $854,536 | $615 | 3.74% |
Newcastle is a vibrant city known for its stunning beaches and thriving local economy. The city’s revitalisation efforts and strategic location make it an attractive prospect for investors.
Newcastle offers a mix of urban and coastal living, with suburbs like Cooks Hill, Bar Beach, and Merewether standing out for their investment potential. The ongoing development projects and growing demand for housing present substantial opportunities for capital growth and rental income.
Check out more properties for sale in Newcastle NSW 2300.
5. Subiaco, WA 6008
Market Details:
| Property Type | Median Price | Median Rent | Rental Yield |
|---|---|---|---|
| House | $1,292,513 | $917 | 3.69% |
| Unit | $531,845 | $593 | 5.79% |
Subiaco is a sought-after investment destination, showcasing a mix of heritage and modernity. The suburb is well-established with premier amenities and strategic positioning, contributing to its strong investment potential.
Subiaco’s vibrant community and proximity to Perth’s CBD make it an attractive location for both residential and commercial investments.
Check out more properties for sale in Subiaco WA 6008.
6. Geelong, VIC 3220
Market Details:
| Property Type | Median Price | Median Rent | Rental Yield |
|---|---|---|---|
| House | $1,030,275 | $506 | 2.56% |
| Unit | $633,437 | $480 | 3.94% |
Geelong presents a promising investment opportunity in regional Victoria with its waterfront charm and economic growth.
The city’s revitalisation efforts and strategic location make it a top choice for investors seeking high capital growth and strong rental yields. Geelong’s ongoing development projects and economic prospects make it a standout choice for property investment in 2024.
Check out more properties for sale in Geelong VIC 3220.
7. Byron Bay, NSW 2481
Market Details:
| Property Type | Median Price | Median Rent | Rental Yield |
|---|---|---|---|
| House | $2,105,331 | $1,608 | 3.97% |
| Unit | $851,943 | $899 | 5.49% |
Byron Bay offers strong investment potential due to its increasing appeal as a lifestyle-focused region. The area’s unique character and strong demand for regional living make it a prime choice for property appreciation.
Byron Bay’s vibrant tourism sector and growing permanent population provide excellent opportunities for investors looking for both capital growth and rental income.
Check out more properties for sale in Byron Bay NSW 2481.
By focusing on these key suburbs, investors can tap into areas with strong growth potential, robust rental yields, and desirable lifestyle amenities.
Each of these suburbs offers unique advantages that cater to different investment strategies and preferences.
For more detailed insights and tailored investment advice, consider consulting with local real estate experts and investment advisors.
FAQs on The Best Suburbs To Invest In 2024
What are the 11 Sydney suburbs named in real estate investor blacklist?
The blacklisted suburbs include Haymarket, Zetland, Lidcombe, Wentworthville, Homebush, Asquith, and the Parramatta CBD. These areas have seen homeowners struggle to sell their homes at prices higher than their purchase costs.
Where to buy in Queensland in 2024?
In Queensland, particularly in Brisbane, the suburbs identified as hotspots for 2024 include Taigum, Eastern Heights, Brendale, Augustine Heights, and Bethania.
Is Dee Why a good investment?
Dee Why presents a mixed investment profile. Houses in Dee Why have an annual rental yield of 2.5% and an annual compound growth rate of 3.4%. Units offer a rental yield of 4.0% with a growth rate of 1.1%.
Where is the best place to invest in 2024?
In 2024, the best places to consider for property investment include Manly and Parramatta in NSW, and Fortitude Valley and South Brisbane in QLD. These areas are notable for their vibrant communities and ongoing developments.
Want to know more about property investment in Australia?
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