What Suburbs Will Boom in Victoria in 2024?

February 16, 2024

Key takeaways:

  • The Victorian real estate market in 2024 offers numerous opportunities for investors and homebuyers, with suburbs like Albion, Altona Meadows, and Geelong poised for growth due to infrastructure investments and lifestyle appeal.
  • Suburbs like Berwick, Carrum, and Cheltenham combine affordability with amenities such as beaches, parks, and shopping centers, attracting families and professionals seeking a balanced lifestyle.
  • Emerging areas like Ballarat East, Ferntree Gully, and Mickleham provide a mix of historical charm, natural beauty, and modern living, appealing to those looking for a tranquil yet convenient lifestyle.
  • Watsonia and other established suburbs offer a quiet retreat with community charm and excellent transport links, making them solid choices for those valuing peace and convenience in their living environment.

The Victorian real estate market is buzzing with potential at the start of 2024, offering a plethora of opportunities for savvy investors and homebuyers alike. So, what suburbs will boom in Victoria this year?

With an eye on the future, identifying suburbs with the promise of growth, affordability, and lifestyle appeal becomes crucial.

We will look into the top 10 Victorian suburbs set to boom in 2024, alongside other noteworthy areas that promise unique opportunities.

Top 10 Victorian Suburbs to Boom in 2024

1. Albion

Apartment for sale in Albion | Price Range: $182,000 – $200,000
  • Median House Price: $920,000
  • Rental Yield: 3.5%
  • Highlights: Upgraded train station and tram route, proximity to Sunshine Hospital and Victoria University, diverse dining scene.
  • Note: Growing demand might push prices upwards.

Albion is emerging as a suburban gem, known for its blend of affordability and accessibility and now, as a suburb that will boom in 2024. With significant investments in local infrastructure and a vibrant community atmosphere, it’s an ideal choice for those seeking value without straying too far from Melbourne’s CBD.

The suburb’s growth is propelled by its evolving amenities, including upgraded transport links and new residential developments, making it a hotspot for both families and professionals.

Explore more properties in Albion VIC 3020.

2. Altona Meadows

House for sale in Victoria Street, Altona Meadows | Price Guide: $480,000 – $520,000
  • Median House Price: $680,000
  • Rental Yield: 4.1%
  • Highlights: Family-friendly parks and playgrounds, Altona Beach within walking distance, easy access to Werribee South Beach.
  • Consider: Potential impact of industrial development in surrounding areas.

Offering the perfect mix of seaside charm and suburban convenience, Altona Meadows is on the rise. Its appeal lies in the balance of affordable housing, scenic parks, and proximity to Altona Beach.

The area’s family-friendly vibe, coupled with solid infrastructure such as schools, shopping centres, and public transport, positions it as a sought-after location for a diverse demographic.

Explore more properties for sale in Altona Meadows VIC 3028.

3. Geelong

  • Median House Price: $770,000
  • Rental Yield: 4.2%
  • Highlights: Established city with diverse neighborhoods, waterfront lifestyle,significant government investment in infrastructure and job creation, proximity to Melbourne.
  • Remember: Research specific neighborhoods and developments based on your needs and budget. Geelong caters to various preferences and budgets, so thorough research is crucial.

Geelong emerges as a dynamic alternative, offering a vibrant waterfront lifestyle, diverse job opportunities, and significant ongoing investment. Explore its established neighborhoods like Geelong West and Newtown, or consider newer developments like Armstrong Creek for a modern living experience.

Remember, Geelong caters to various budgets and lifestyles, so research thoroughly.

Explore more properties for sale in Geelong VIC 3220.

4. Ballarat East

House for sale in York Street, Ballarat East, VIC
  • Median House Price: $420,000
  • Rental Yield: 4.8%
  • Highlights: Sovereign Hill goldfields and museum, Lake Wendouree for recreation, Ballarat Art Gallery showcasing cultural heritage.
  • Explore: Diverse pockets within the suburb offer different price points and lifestyles.

As a regional hotspot, Ballarat East offers an enticing mix of historical charm and modern living. It stands out for its affordable housing, rich cultural heritage, and burgeoning local economy.

With ongoing development projects enhancing its infrastructure and amenities, Ballarat East is attracting attention from those looking to escape the city’s hustle without sacrificing convenience or lifestyle quality.

While affordability is a major draw, it’s crucial to remember that not all suburbs experience the same level of growth. If affordability is your primary concern, exploring Melbourne suburbs where house prices are falling might be beneficial.

However, ensure the chosen suburb aligns with your lifestyle needs and long-term goals.

Explore more properties in Ballarat East VIC 3350.

5. Berwick

House for sale in Minta Estate, Berwick, VIC | Price Guide: $871,462
  • Median House Price: $950,000
  • Rental Yield: 3.2%
  • Highlights: Berwick Village with cafes and shops, Berwick Springs National Park for nature walks, Casey RACE family entertainment complex.
  • Stay informed: Development of Berwick South expected to impact infrastructure and potentially prices.

Berwick combines the allure of spacious, family-oriented living with the convenience of urban amenities. Known for its picturesque landscapes, top-tier schools, and vibrant shopping districts, Berwick is becoming a beacon for families and professionals alike.

Its ongoing development and community-focused atmosphere make it a prime location for those seeking a blend of tranquility and accessibility.

Explore more properties in Berwick VIC 3806.

6. Carrum

Apartment for rent in Smith Street, Carrum, VIC | Price Guide: $550 /wk
  • Median House Price: $875,000
  • Rental Yield: 4.5%
  • Highlights: Carrum Beach with cafes and walking paths, Edithvale Wetlands for birdwatching, close proximity to Frankston.
  • Research: Specific pockets near the beach might experience faster price growth than others.

Carrum’s appeal lies in its idyllic coastal setting and lifestyle. With its beautiful beaches, upgraded transport infrastructure, and revitalized shopping precincts, Carrum offers a serene yet connected living experience.

The suburb is becoming increasingly popular among those who prioritize lifestyle and wellness, making it a promising area for growth in the coming years.

Explore more properties for rent in Carrum VIC 3197.

7. Cheltenham

House for sale in Bendigo Street, Cheltenham, VIC | Price Guide: $1,200,000-$1,300,000
  • Median House Price: $820,000
  • Rental Yield: 3.8%
  • Highlights: Southland shopping centre with major retailers, Cheltenham Park for picnics and sports, proximity to Mentone beach.
  • Monitor: Demand for larger family homes might push prices further upwards.

Positioned as a hub of connectivity and convenience, Cheltenham stands out for its excellent schools, shopping centres, and transport links.

The suburb’s growth is further supported by its thriving local economy and community facilities, making it an attractive option for families and young professionals. With a mix of residential and commercial development, Cheltenham is set to continue its upward trajectory.

Explore more properties for sale in Cheltenham VIC 3192

8. Ferntree Gully

Apartment for sale in  Renwick Road, Ferntree Gully, VIC | Price Guide: $720,000 – $792,000
  • Median House Price: $650,000
  • Rental Yield: 4.0%
  • Highlights: Dandenong Ranges National Park for hiking and scenic views,Kokoda Track Memorial Walk commemorating WWII history, proximity to Olinda village with cafes and galleries.
  • Consider: Potential limitations on future development due to environmental factors.

Nestled at the foothills of the beautiful Dandenong Ranges, Ferntree Gully offers a unique blend of natural beauty and suburban comfort. Its affordability, coupled with the appeal of outdoor activities and strong community spirit, makes it a standout choice for families and nature lovers.

The suburb’s investment in infrastructure and community amenities further bolsters its position as a desirable place to live.

Explore more properties for sale in Ferntree Gully VIC 3156.

9. Mickleham

House for sale in Mickleham, VIC, 3064, | Price Guide: $614,400
  • Median House Price: $520,000
  • Rental Yield: 4.3%
  • Highlights: Proximity to Melbourne Airport and surrounding business hubs,planned community centre and sporting facilities, large green spaces.
  • Remember: Rapid development might lead to higher density living compared to other suburbs.

As one of Melbourne’s fastest-growing outer suburbs, Mickleham is making waves with its expansive green spaces, modern housing developments, and strategic location.

It offers a fresh start in a community-focused environment, with plans for new schools, shopping centres, and parks. Mickleham represents the future of suburban living, combining affordability with a quality lifestyle.

Explore more properties for sale in Mickleham VIC 3064.

10. Watsonia

House for sale in Leonard Crescent, Bundoora, VIC,
  • Median House Price: $690,000
  • Rental Yield: 4.2%
  • Highlights: Watsonia Arts Centre featuring local artists, proximity to Plenty River Trail for cycling and walking, family-friendly parks and playgrounds.
  • Explore: Established neighbourhoods and newer developments offer diverse housing options.

With its leafy streets, friendly community, and excellent transport links, Watsonia provides a quiet retreat within close reach of the city.

The suburb’s charm is enhanced by its local shopping strip, community events, and parks. Watsonia’s steady growth and investment in public amenities make it a solid choice for those valuing peace and convenience.

Explore more properties in Watsonia VIC 3087.

Other Victorian Suburbs with Potential

Beyond the top 10, several other Victorian suburbs offer unique opportunities for buyers and investors. Point Cook and Narre Warren South are noted for their family-friendly atmosphere and affordability​​.

Suburbs like Spotswood and Moonee Ponds attract attention for their investment potential and strategic locations​​.

Emerging areas such as Burnside Heights and Croydon South promise growth and development, making them exciting prospects for the future​​.

What about the fastest-growing areas? If rapid growth is a key factor in your decision, consider exploring regions like the Surf Coast Shire, experiencing an impressive 45.70% population increase between 2011 and 2021, or the Mitchell Shire, boasting a growth of 42.80% in the same period.

You can learn more about these areas and other fastest-growing regions in Victoria in this dedicated article.

Conclusion: What Suburbs Will Boom in Victoria This Year?

Suggested reading: If you’ve enjoyed these insights, our feature on the best suburbs in Australia is sure to intrigue you further

Victoria’s real estate landscape in 2024 is diverse and dynamic, with suburbs catering to a wide range of preferences and priorities.

Whether you’re drawn to the urban renewal of Arden, the regional appeal of Ballarat East, or the coastal lifestyle of Carrum, thorough research and consideration will guide your decision in this promising market.

Here’s a concise overview for each suburb mentioned in the article, aiding investors and homebuyers in their decision-making process.

SuburbMedian House PriceHighlightsConsiderations
Albion$920,000Upgraded transport links, diverse dining sceneGrowing demand may push prices upwards
Altona Meadows$680,000Seaside charm, family-friendly parksPotential impact of industrial development
Geelong$770,000Waterfront lifestyle, diverse job opportunitiesResearch specific neighborhoods and developments
Ballarat East$420,000Historical charm, affordable housingDiverse pockets offer different lifestyles
Berwick$950,000Picturesque landscapes, top-tier schoolsDevelopment of Berwick South may impact prices
Carrum$875,000Idyllic coastal setting, lifestyle appealSpecific pockets near the beach may grow faster
Cheltenham$820,000Excellent schools, shopping centersDemand for larger family homes may push prices
Ferntree Gully$650,000Natural beauty, suburban comfortPotential limitations on future development
Mickleham$520,000Expansive green spaces, modern housingRapid development may lead to higher density
Watsonia$690,000Quiet retreat, excellent transport linksEstablished neighborhoods offer diverse housing

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Disclaimer: Market data used in this article is based on publicly available information as February 2024 and may not reflect the most recent fluctuations.

FAQs on What Suburbs Will boom in Victoria in 2024?

Where is the best place to invest in Melbourne 2024?

Investing in Melbourne in 2024 offers various promising opportunities. Some recommended suburbs include Flemington, Point Cook, Spotswood, Elsternwick, Narre Warren South, Croydon South, Burnside Heights, Moonee Ponds, and Northcote.

What are the fastest growing suburbs in Vic?

The fastest-growing suburbs in Victoria include Albion, Altona Meadows, Arden, Ballarat East, Belmont, Berwick, Burwood, Carrum, Cheltenham, Churchill, Croydon South, Delacombe, and Ferntree Gully, among others.

Where to invest in property 2024?

For property investment in 2024, consider suburbs like Yallambie, Croydon South, Heathmont, Flemington, Point Cook, Spotswood, Elsternwick, Narre Warren South, and Mickleham. These areas present promising opportunities for investors.

What is the property market forecast for Melbourne in 2024?

The property market forecast for Melbourne in 2024 is optimistic, with various suburbs expected to experience significant growth. Suburbs such as Coolaroo, Hampton Park, Doveton, Wandong, and Campbellfield are among those projected to boom in the coming year.

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