Aussie suburbs set to boom in 2024
Whether you own here or are looking to buy, you could be in luck because these are the Aussies suburbs set to enjoy big price growth next year.
With the hiking of interest rates almost at an end and more homes coming onto the market across the country, it is set to be a very different year for real estate and sellers and buyers in 2024.
Property guru John McGrath has selected the locations he thinks will perform best over the next year or so.
SYDNEY
Sydney is leading the national property market rebound, with home values resuming their long-term growth pattern following a relatively short and sharp market correction.
After a 24.5 per cent lift in median home values during the pandemic, Sydney property prices fell rapidly by 13.8 per cent between their peak in January 2022 and their trough in January 2023.
But the rebound has been equally as swift and Sydney is now re-entering a period of normal market conditions where 2-5 per cent growth per year is a reasonable expectation.
Gordon:
If wide tree-lined streets and Federation homes take your fancy, Gordon is a fine choice for aspirational family living. Access to great schools, both public and private, is a key reason why people move here.
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Buyers will find better value in Gordon than Killara, while still in the school catchment. Gordon has a large professional community and its own shopping village and train station, enabling an easy 30-minute commute to the CBD.
Glenorie:
This small, tranquil suburb with its relaxed semi rural lifestyle is just 44km from the CBD, and with proximity to major shopping hubs at Castle Hill, Rouse Hill and Hornsby. A family dominated suburb with virtually no apartments, the median house price has almost doubled since 2020.
Residents live in large forever-style houses on generous acreages that allow for horse stables and paddocks, pools and tennis courts. This is an equestrian-loving community with Glenorie Horse & Pony Club hosting many rallies, dressage competitions and show riding events.
Curl Curl:
‘Curly’, as it’s called by the locals, is a secluded suburb offering the best of the northern beaches without the hustle and bustle of its larger neighbours, Dee Why and Manly.
With a long stretch of white sandy beach and many wide open grassy spaces, locals love surfing, swimming, picnicking, fishing and strolling the coastal paths.
Several streets traverse majestic rocky clifftops where the area’s best homes capture vast ocean panoramas. Houses here command a premium, with the median price now on par with Sydney’s iconic Bondi Beach today.
Fairfield:
More than 70 per cent of residents are migrants, making Fairfield one of the most multicultural areas in Australia with a vibrant family community.
The suburb showcases a diverse mix of shops, cafes and restaurants offering delicious cuisine from many different countries.
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It’s just a 35 minute drive to the Western Sydney International Airport and Aerotropolis, which will make domestic and international travel more easily accessible and provide a major new employment hub for locals when it opens in 2026.
The development of more medium-density housing over the years has led to affordable homeownership opportunities.
A major transport hub for the region, it connects to several motorways and has a large train station serviced by two railway lines with a direct commute to Parramatta and the far west, and the CBD.
Chifley:
Still under the radar, Chifley sits next to the beach suburb of Malabar just 14km from the CBD.
An ideal area for people who love the great outdoors without the premium price tag. Chifley has easy access to several beautiful local beaches, big national parks and reserves, walking trails, sports fields, an equestrian club and several golf clubs.
The neighbourhood has had a facelift in recent years, with young family buyers replacing original houses with new, contemporary residences. There is also a much higher-than-average number of semis and townhouses in Chifley, providing more affordable options for buyers.
MELBOURNE AND SURROUNDS
With the pandemic firmly in the rear view mirror, Melbourne has reopened in the past year. Despite the current downturn in selling activity, everything that has long made the city one of the most liveable in the world remains proudly on display.
As more and more new arrivals call the city home within the next decade, the Melbourne market’s best days may well lie ahead.
Flemington:
With gentrified North Melbourne and Kensington on its doorstep, Flemington offers a similar level of inner city convenience at a much more attractive price point.
Like its neighbours, Victorian and Edwardian homes are thick on the ground here and trams provide a convenient way to get into the city.
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A vibrant local dining scene is complemented by further options in neighbouring Ascot Vale and Kensington, while strong demand from university students means rentals are quickly snapped up.
Point Cook:
Well-established and packed with amenities, Point Cook stands out from the crowd. With a median house price of $760,000, it remains below Melbourne’s median and below that of neighbouring Werribee South.
Prices have remained resilient during the recent downturn, and rents have grown strongly in the past year. The suburb, one of the country’s most multicultural, has a good mix of housing stock and its proximity to the water is a big drawcard for residents.
Spotswood:
While inner west hotspots like Seddon and Yarraville get all the headlines, Spotswood has often flown under the radar, despite a solid track record of price growth.
That makes it an ideal choice for those seeking a thriving multicultural community, expanding dining scene and good road and rail links, alongside strong growth fundamentals.
With the Grazeland Melbourne food market, Scienceworks museum and plentiful parkland, Spotswood is a suburb that’s got something for everyone.
Elsternwick:
Just 9km south east of Melbourne’s CBD, Elsternwick boasts excellent proximity to the city as well as nearby beaches.
It also offers all the buzz of the inner east with a touch of peace and quiet.
There is a range of housing options available, including new and old apartments and larger family homes.
The bustling shopping precinct along Glen Huntly Road boasts trendy cafes, boutique shops and restaurants, while nearby Elsternwick Park is a dog-walker’s paradise.
Mansfield – Regional Victoria:
Removalist trucks may not be such a common sight in Mansfield since the peak of the pandemic’s treechange frenzy, but there are still plenty of reasons why those seeking a change of pace, or a solid investment, should keep this regional Victoria town on their shopping list. Price growth has not yet reached the heights of high country lifestyle locations like Bright, while its proximity to Mt Buller ski resort means it’s the ideal launching point for winter sports fans.
BRISBANE AND SURROUNDS
It’s been a rollercoaster ride for Brisbane’s property market over the past year or so, with prices hitting a record high before cooling off and then beginning a recovery.
But with strong population growth and an infrastructure boom in the lead-up to the Brisbane 2032 Olympic and Paralympic Games, the long term outlook is positive.
Hamilton – Brisbane:
Part of the 304ha riverfront site, Northshore Hamilton, is being transformed into the athletes’ village for the 2032 Olympics, with apartments to be converted and sold to the public after the Games. The up-market suburb, on the north side of the Brisbane River, is already an appealing place to live, with Queenslander-style homes, waterfront parks and buzzing Eat Street Northshore markets. Combined with the revamp of the Portside Wharf dining and residential precinct, it is one to watch.
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Albion – Brisbane:
From its historical pub to funky cafes, patisseries and distilleries, riverside Albion has plenty of appeal. Just 5km north of the CBD, it’s an easy 15-minute bus ride to the office. A new indoor sports centre to be built at the Breakfast Creek Sports Precinct will host the Olympic basketball and Paralympic wheelchair basketball events.
Clontarf – Brisbane:
A coastal suburb that is easily connected to Brisbane City by public transport. With sprawling beaches, waterfront parks and plenty of playgrounds, families love this suburb on the southern end of the Redcliffe Peninsula. There is a boat ramp, a golf club and a dog park, too. It’s no wonder the suburb has been one of the best performers in the Moreton Bay region over the past year.
Southport – Gold Coast:
Offering a similar lifestyle to places such as Broadbeach, Burleigh Heads and Palm Beach at a more affordable price point, the plethora of high rises here makes it an attractive option for those who like to live close to the action. Broadwater Parklands has a lovely coastal walking track, modern playgrounds and barbecue areas, with regular events held on the Great Lawn. Australia Fair Shopping Centre has everything you’ll ever need, and it’s around 10 minutes’ drive to Surfers Paradise.
Coolum Beach – Sunshine Coast:
Exciting developments like the Kelly Slater-backed Surf Ranch are putting this relaxed beachside suburb firmly on the radar. Popular with families and couples, Coolum Beach is just 20 minutes south of Noosa Heads. It’s a mecca for surfers, with some of the most consistent waves on the Coast, and an easy drive to Sunshine Coast Airport, which is also being expanded.
TASMANIA
Tasmania’s charming capital city of Hobart has emerged as a shining star in Australia’s economic landscape in the past decade, underpinned by its affordable and robust housing market, while, as the recipient of some major spending initiatives, Launceston, Tasmania’s second largest city in the state’s north, is back and bustling after emerging from the disruptions of pandemic-induced lockdowns
Acton Park – Hobart:
Offering a semirural mix of tranquillity and urban convenience, just 15 minutes from Hobart and barely five minutes from the airport, Acton Park is ideal for families and those who seek plenty of space and a connection to nature on picturesque acreages. But it also has city-like amenities close by, such as the hip new Local Grocer, and wood-fired pizza from LUMA at the Cambridge Centre.
Moonah – Hobart:
An up-and-coming suburb where you can still find houses for less than $650,0001, Moonah is just 5km north of Hobart’s city centre. Its affordability and wide quiet streets make it a magnet for young families, as well as those buying their first home. Another drawcard is its thriving food scene clustered around Main Road, with renowned restaurants like St Albi. Cycle into Hobart on the Intercity Cycleway or catch the bus down New Town Road.
Riverside – Launceston:
On the banks of the Tamar River about 4km from the CBD, Riverside residents can be in town in minutes, or off tasting some of the best wines in the country in less than an hour. It’s not unusual for homes on suburban blocks to have views of the river or those a bit further out to have room for a horse or some chickens. Families love being close to the four schools in the area, the kids’ amusement centre and Tailrace Park.
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East Launceston – Launceston:
East Launceston is prime real estate thanks to its city fringe location, stunning heritage architecture and proximity to schools, Calvary Hospital, cafes and in-vogue restaurants like Geronimo. As the city’s most prestigious suburb, its median house price of $915,000 is affordable compared with equivalent suburbs in Hobart or on the mainland.
East Devonport – Regional Tasmania:
Its location – on the doorstep of walking trails, East Devonport Beach and close to the airport – makes this a sought-after suburb. But it’s still possible to buy a house here for less than $400,000, and the prices of homes with views of the river and beach are a drop in the ocean compared to waterside suburbs in mainland cities.
* John McGrath is the founder, Managing Director and Chief Executive Officer of McGrath Estate Agents
Originally published as Aussie suburbs set to boom in 2024
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