Best investment suburbs across Australia in 2024 - realestate.com.au (2024)

From Sydney’s eastern suburbs to regional Queensland, the top investment locations across Australia for 2024 have been revealed.

Little Real Estate have released their annual report which shares their top locations for investing.

The report considers median sales prices, rental prices, lifestyle and rental yield for each suburb.

Little Real Estate executive general manager of sales James Kirkland said the report spotlights the suburbs believed to be the top performers in Australia’s property market this year.

“In 2024, we anticipate a surge in property prices fuelled by the relentless demand for housing outpacing the available supply,” he said.

“An exceptionally strong rental market, coupled with a shortage of housing, continues to exert upward pressure on house prices nationwide.”

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According to Little Real Estate, these are their top suburbs to watch this year:

NEW SOUTH WALES

KENSINGTON

Kensington is noted in the report as a “popular Eastern Sydney suburb,” notably for its proximity to the CBD and beaches, which according to Little Real Estate was the top performing Sydney suburb for rent growth in 2023.

Kensington is home to landmark institutions including the University of New South Wales (UNSW) and the National Institute of Dramatic Arts (NIDA).

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The Bansal family are currently selling their home in Kensington as they spend more time overseas in the new year. Picture: Justin Lloyd.

“The introduction of the new light rail service significantly enhances its connectivity, reducing commute times to the city and amplifying its appeal for professionals and families alike.”

The suburb has a 4.2 per cent rental yield for units, a median unit price of $940,000, and an impressive 24.9 per cent growth in rents over the past year.

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WILEY PARK

Wiley Park has emerged as a suburb to watch in 2024, after experiencing the second strongest 12-month growth in rents in a capital city across the country.

Wiley Park has a median property value of $450,756, ranking in as the seventh most affordable suburb in Greater Sydney.

It has a 6.1 per cent rental yield, the third highest in Greater Sydney.

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Denham Ave in Wiley Park.

EDMONDSON PARK

Edmondson Park situated in Sydney’s south west is notable due to it’s emergence in the long-term growth market. With significant developments happening in the area, the suburb is experiencing a population boom and rapid gentrification.

Rental returns are above average for Sydney, with houses offering a gross yield of 3.4 per cent and a weekly median rent of $730.

Units have a median price of $610,000 and a gross rental yield of 4.6 per cent.

VICTORIA

CARLTON

In Victory, the Melbourne north side suburb of Carlton stands out for multiple reasons.

Rental yield for units is at 7.2 per cent – among the highest in inner Melbourne.

Fuelled by its proximity to Melbourne University and the medical precinct, it attracts a steady flow of students and healthcare professionals.

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Carlton is popular among young professionals and students.

It is also considered a more affordable inner city suburb, Carlton’s median unit price is down 15.6 per cent in the past 12 months, sitting at $400,000 according to PropTrack data.

The suburb’s housing mix, which includes Victorian terraces, public housing, student accommodations, and high end multi-unit townhouses and apartments, caters to a diverse range of residents.

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MOONEE PONDS

Just 6km from Melbourne’s CBD, Moonee Ponds is ideal for those seeking an inner-city lifestyle.

The median property prices range from $1.5m for houses to $490,000 for units.

Units are rented out for around $460 per week and have a yield of 5.3 per cent.

Over the last year it has seen an increase of rental prices by 11.6 per cent for houses and 15 per cent for units, with a median time on the market of 17 days.

POINT COOK

Houses in Point Cook in Melbourne’s South West, have experienced a significant rise in rental prices, with a 16.3 per cent increase over the past year, reaching a median rental price of $500 per week.

Units have also experienced significant growth, with a 12 per cent increase year on year, renting out at around $420 a week.

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Point Cook has experienced significant rental price increases over the past year.

The median sale price for units sits at $489,000.

The suburb is considered family friendly, with many lifestyle amenities available for residents.

QUEENSLAND

BULIMBA

In Queensland, Bulimba is named a “premier lifestyle suburb” situated just 4.1km from Brisbane’s CBD.

Within proximity to cafes and shops, it is known for leafy streets positioned along the Brisbane River.

House prices dropped 7.5 per cent over the year, however units increased by 5.6 per cent.

Sitting at a median price of $805,000, unit rental prices jumped 14.1 per cent and have a rental yield of 4.6 per cent.

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Bulimba is known for its leafy streets and premier lifestyle location.

CALOUNDRA WEST

The rapidly growing beachside suburb is popular among families, professionals and retirees.

The suburb boasts parks, convenience to daily needs, efficient public transport links and easy access to the Bruce Highway.

Houses in Caloundra West have a median price of $755,000 while units are priced at $625,000 with a 6 per cent increase over the last 12 months.

The rental market is equally strong, with houses showing a 91 per cent 10 year price growth in rent and a 4.5 per cent rental yield.

SOUTHPORT

Located in Gold Coast’s CBD, Southport is a busting hub of shopping, dining and business.

Home to Australia Fair shopping centre and Griffith University, as well as a range of public and private schools the suburb attracts both families and students.

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Views of the CBD from a South Port apartment.

Southport’s rental market is thriving, with houses showing a 115 per cent 10-year price growth and a 4.4 per cent rental yield, and units offering a 5.9 per cent yield.

The median house price is $903,000 and units have increased 9 per cent annually to $556,000.

COOMERA

Having experienced healthy growth over the past year, this Gold Coast suburb has a diverse community.

Popular with families, the median price for units has risen over 9 per cent in the past year.

Offering a 5.6 per cent rental yield, the median unit price now sits at $540,000.

The rental market for houses is also strong, with a 4.8 per cent yield and an average weekly rent of $680.

Coomera’s significant population growth and its large proportion of parks and open spaces make it an attractive location for families and investors in 2024.

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Coomera is picked to be a great investment with a rental yield 4.8 per cent for houses.

“Whether you’re an investor, a family looking for a new home, or a professional seeking the ideal work-life balance, these suburbs are the ones to watch for growth and potential in the upcoming year,” Mr Kirkland said.

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As an expert in real estate and property investment, my understanding of the Australian property market is deeply rooted in comprehensive data analysis and a keen awareness of current trends. My expertise extends to evaluating various factors such as median sales prices, rental prices, lifestyle, and rental yield to identify potential investment opportunities. I am familiar with the dynamics of different regions, including Sydney's eastern suburbs, regional Queensland, and other key areas across Australia.

The recently released annual report by Little Real Estate sheds light on the top investment locations for 2024 in Australia. The report considers crucial metrics, including median sales prices, rental prices, lifestyle, and rental yield for each suburb. According to James Kirkland, the executive general manager of sales at Little Real Estate, the anticipated surge in property prices in 2024 is fueled by relentless demand for housing outpacing available supply.

Here is a breakdown of the key concepts and information provided in the article:

New South Wales

1. Kensington

  • Popular Eastern Sydney suburb.
  • Proximity to CBD and beaches.
  • Top performing Sydney suburb for rent growth in 2023.
  • Home to institutions like UNSW and NIDA.
  • New light rail service enhances connectivity.
  • 4.2% rental yield for units, $940,000 median unit price, 24.9% growth in rents.

2. Wiley Park

  • Second strongest 12-month growth in rents in a capital city.
  • Seventh most affordable suburb in Greater Sydney.
  • $450,756 median property value, 6.1% rental yield.

3. Edmondson Park

  • Located in Sydney’s south-west.
  • Experiencing long-term growth due to significant developments.
  • Houses offer a 3.4% gross rental yield, $730 weekly median rent.
  • Units have a $610,000 median price, 4.6% gross rental yield.

Victoria

4. Carlton

  • Melbourne north side suburb.
  • 7.2% rental yield for units.
  • Proximity to Melbourne University and medical precinct.
  • Diverse housing mix, including Victorian terraces and student accommodations.
  • $400,000 median unit price.

5. Moonee Ponds

  • 6km from Melbourne’s CBD.
  • Houses range from $1.5m to $490,000 for units.
  • 5.3% yield for units, $460 per week rent.
  • Rental prices increased by 11.6% for houses and 15% for units in the last year.

6. Point Cook

  • Significant rise in rental prices (16.3% increase for houses).
  • $500 per week median rental price for houses.
  • $489,000 median sale price for units.
  • Family-friendly suburb with lifestyle amenities.

Queensland

7. Bulimba

  • "Premier lifestyle suburb" in Brisbane, 4.1km from CBD.
  • House prices dropped 7.5%, units increased by 5.6%.
  • $805,000 median unit price, 14.1% jump in unit rental prices.

8. Caloundra West

  • Rapidly growing beachside suburb.
  • Houses at $755,000 median price, units at $625,000.
  • 6% increase in unit prices over the last 12 months.
  • Strong rental market with 91% 10-year price growth in rent for houses.

9. Southport

  • Located in Gold Coast’s CBD.
  • Median house price of $903,000, 9% annual increase in unit prices.
  • Strong rental market with 115% 10-year price growth for houses.
  • Units offer a 5.9% rental yield.

10. Coomera

  • Significant growth over the past year.
  • Diverse community, popular with families.
  • $540,000 median unit price, 5.6% rental yield for units.
  • 4.8% rental yield for houses, $680 average weekly rent.

In conclusion, these suburbs are highlighted as promising investment opportunities for 2024, catering to a range of preferences from investors and families to professionals seeking an ideal work-life balance.

Best investment suburbs across Australia in 2024 - realestate.com.au (2024)
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