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.”
According to Little Real Estate, these are their top suburbs to watch this year:
NEW SOUTH WALES
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 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.
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.
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.
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.
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.
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.
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.
The median sale price for units sits at $489,000.
The suburb is considered family friendly, with many lifestyle amenities available for residents.
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.
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.
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.
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.
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.
“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.