Australia’s property market has always been a hot topic for investors and homebuyers alike. In 2024, the real estate landscape is set to shift further, with certain suburbs tipped for significant growth. Knowing where to invest can make all the difference, whether you’re looking for capital growth, rental yield, or simply trying to find the best place to invest in Australia.
This guide takes you through the top 10 suburbs projected for property growth, based on infrastructure developments, affordability, and economic activity.
1. Pagewood, NSW
First on the list is Pagewood, a suburb in Sydney’s eastern suburbs that strikes the perfect balance between proximity to the CBD (just 8 km away) and the charm of coastal living.
With a median house price of $2,671,575 and a growth rate of 19.6% in the last 12 months, Pagewood continues to be a standout choice for both investors and homebuyers.
The suburb benefits from its proximity to world-famous beaches like Coogee and Maroubra, as well as ongoing infrastructure projects aimed at improving local amenities.
Why Invest?
Pagewood has seen consistent demand due to its family-friendly nature and access to key employment hubs, making it one of the best suburbs for property growth in 2024.
2. Ashfield, NSW
Ashfield, located in Sydney’s vibrant Inner West, offers a unique blend of multiculturalism, heritage, and modern living.
It boasts a median house price of $2,100,000, with an impressive annual growth of 16.99%. Ashfield’s appeal lies in its established transport links, thriving retail precincts, and strong sense of community.
It’s one of Sydney’s more affordable inner-city options compared to some neighbouring suburbs, yet its growth potential remains high.
Why Invest?
Ashfield is set to benefit from ongoing urban renewal projects and infrastructure upgrades, making it a property hotspot in 2024.
3. Alexandra Hills, QLD
Moving north to Brisbane, Alexandra Hills in the city’s eastern suburbs presents an attractive proposition for investors looking for affordability combined with growth potential.
The median house price here is around $790,000, and its location provides easy access to both the city and the coast. Alexandra Hills is particularly appealing to families due to its schools, parks, and community facilities.
Why Invest?
Queensland continues to attract interstate buyers, and Alexandra Hills is a high-growth suburb benefitting from this influx of demand.
4. Carseldine, QLD
In Brisbane’s northern suburbs, Carseldine is another top pick for 2024. The median house price sits at $980,000, and this suburb has been growing steadily thanks to its strategic location and ongoing residential developments.
Carseldine offers diverse housing options and appeals to a range of buyers, from first-home buyers to seasoned investors.
Why Invest?
As Brisbane continues its urban sprawl, suburbs like Carseldine are emerging as key areas for property growth. Expect this suburb to be one of the fastest-growing suburbs in Australia in the coming year.
5. Brookdale, WA
Over in Perth, Brookdale has made a name for itself as a suburb offering significant property growth at an affordable entry point.
With a median house price of $411,863 and annual growth of 22.5%, it’s one of the more affordable suburbs on this list, making it an attractive option for both first-time homebuyers and investors.
Why Invest?
Brookdale is an ideal location for those seeking affordability without compromising on future growth potential. As more families and young professionals move into the area, demand for housing is expected to rise.
6. Hilbert, WA
Also located near Perth, Hilbert is seeing strong demand from homebuyers and investors alike.
This relatively new suburb has a median house price of $501,895 and has seen a 20.8% rise in property values over the past year. Its well-planned residential estates and proximity to essential services make Hilbert a suburb to watch in 2024.
Why Invest?
Hilbert is one of the best investment suburbs in Australia for 2024, especially for those looking for newer properties with good growth potential.
7. Gosnells, WA
A well-established suburb in Perth’s southern corridor, Gosnells has experienced a growth of 20.5% in house prices over the last year.
The suburb is a mix of urban living with access to parks and reserves, making it popular with families and young professionals. The median house price here is $452,548, offering an affordable entry point into the Perth market.
Why Invest?
With its solid infrastructure and community amenities, Gosnells presents a fantastic opportunity for property investors in 2024.
8. Elizabeth North, SA
Adelaide has long been considered one of the most affordable capital cities in Australia, and Elizabeth North, located in the northern suburbs, is gaining attention for its investment potential.
The median house price here is $359,906, and prices have risen by 19.9% over the past year. This affordability, coupled with proximity to the Adelaide CBD, makes Elizabeth North an attractive suburb for investors.
Why Invest?
With ongoing developments and infrastructure improvements, Elizabeth North is emerging as a high-growth suburb in Australia, ideal for first-time investors or those seeking a budget-friendly entry point into the property market.
9. Seville Grove, WA
Seville Grove, another Perth suburb, has become increasingly popular due to its affordable housing and growth potential.
The median house price in Seville Grove is $489,940, with an annual growth of 19.9%. It offers a family-friendly environment with easy access to schools, parks, and shopping centres.
Why Invest?
Seville Grove’s combination of affordability and growth makes it a solid pick for investors seeking long-term returns and rental yields.
10. Camillo, WA
Rounding off the list is Camillo, located south-east of Perth.
This suburb has witnessed a growth of 20.4% in property prices over the past year, making it one of the most promising suburbs in the region. The median house price of $395,257 reflects its affordability, while the increasing demand ensures long-term potential for capital growth.
Why Invest?
Camillo is one of the best suburbs to invest in Australia, particularly for investors looking for high rental yields and affordability.
How MiMortgage Can Help
As property prices in these high-growth suburbs continue to climb, securing the right financing becomes even more important. MiMortgage offers tailored mortgage solutions to help you navigate the complexities of the real estate market.
Whether you’re a first-time homebuyer or a seasoned property investor, MiMortgage can help you secure competitive home loans that align with your financial goals. Our expertise in Australian property markets ensures that you’re well-equipped to make informed investment decisions, particularly in these growth areas.
Conclusion
The Australian property market is set for a dynamic year in 2024, with these top 10 suburbs showing the most growth potential. From the vibrant and bustling suburbs of Sydney and Brisbane to the affordable and rapidly developing areas in Perth and Adelaide, there are plenty of opportunities for property investors to make smart decisions.
Investing in high-growth areas can set you up for substantial capital gains and rental income, but it’s crucial to approach property investment with a solid financial plan. Partnering with MiMortgage can give you the edge you need to secure the best deals and make the most of Australia’s booming property market in 2024.
