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).
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.
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.
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.
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.
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.
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.
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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I'm an expert in real estate investment, particularly in the Australian property market. My knowledge is based on extensive research, market analysis, and firsthand experience in property investment. I've closely followed trends, studied various locations, and have a deep understanding of the factors influencing property prices, rental yields, and overall market dynamics in Australia.
Now, let's delve into the key concepts mentioned in the article about the top investment locations in Australia for 2024, according to Little Real Estate's annual report:
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Kensington, New South Wales:
- Noted as a popular Eastern Sydney suburb, with proximity to the CBD and beaches.
- Top performer in rent growth in 2023.
- Home to institutions like the University of New South Wales (UNSW) and the National Institute of Dramatic Arts (NIDA).
- Introduction of a new light rail service enhancing connectivity.
- 4.2% rental yield for units, $940,000 median unit price, and 24.9% growth in rents.
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Wiley Park, New South Wales:
- Second-strongest 12-month growth in rents in a capital city across the country.
- Median property value of $450,756, seventh most affordable suburb in Greater Sydney.
- 6.1% rental yield, third-highest in Greater Sydney.
-
Edmondson Park, New South Wales:
- Experiencing a population boom and rapid gentrification.
- Above-average rental returns with a 3.4% gross yield for houses and $730 weekly median rent.
- Units have a median price of $610,000 and a gross rental yield of 4.6%.
-
Carlton, Victoria:
- Located on the Melbourne north side, known for proximity to Melbourne University and the medical precinct.
- 7.2% rental yield for units, among the highest in inner Melbourne.
- Diverse housing mix catering to students, healthcare professionals, and young professionals.
- Affordable inner-city suburb with a 15.6% decrease in median unit price.
-
Moonee Ponds, Victoria:
- Ideal for those seeking an inner-city lifestyle, 6km from Melbourne's CBD.
- Median property prices range from $1.5m for houses to $490,000 for units.
- 5.3% yield for units, with rental price increases of 11.6% for houses and 15% for units in the last year.
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Point Cook, Victoria:
- Significant rise in rental prices, with a 16.3% increase for houses and 12% for units in the past year.
- Family-friendly suburb with lifestyle amenities.
- Median sale price for units is $489,000.
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Bulimba, Queensland:
- Positioned as a premier lifestyle suburb, 4.1km from Brisbane's CBD.
- House prices dropped 7.5%, but units increased by 5.6%.
- Median unit price of $805,000, with unit rental prices jumping 14.1% and a 4.6% rental yield.
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Caloundra West, Queensland:
- Rapidly growing beachside suburb popular among families, professionals, and retirees.
- Houses have a median price of $755,000, units at $625,000.
- Strong rental market with a 91% 10-year price growth in rent for houses and a 4.5% rental yield.
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Southport, Queensland:
- Located in Gold Coast's CBD, a bustling hub of shopping, dining, and business.
- Strong rental market, with houses showing a 115% 10-year price growth and a 4.4% rental yield.
- Median house price is $903,000, and units increased 9% annually to $556,000.
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Coomera, Queensland:
- Experienced healthy growth over the past year with a diverse community.
- Median unit price at $540,000, offering a 5.6% rental yield.
- Strong rental market for houses with a 4.8% yield and an average weekly rent of $680.
These suburbs are highlighted as potential growth areas in 2024 due to factors such as population growth, rental demand, proximity to amenities, and unique features of each locality.
