John McGrath releases his top 2024 suburb property picks

Celebrity real estate agent John McGrath has released his annual list outlining the areas ripe for investment, amid a 19pc increase in listings at his east coast agency network over the past month.

Stefanie and Lachlan Cramb at their recently purchased home in Albion. Picture: Glenn Hunt

Investment properties are surging onto the market as owners weathering higher interest rates look to offload, according to celebrity real estate agent John McGrath, who has seen a 19 per cent jump in ­listings across his east coast network over the past 30 days.

Releasing his annual McGrath Report 2024, the McGrath Estate Agents chief executive said there were more listings from middle-income owners in the $1m to $3m price bracket who have been crippled by 12 successive interest rate rises, which could mean cheaper buying for those with cash.

“Some people are going to have to sell their investment properties … this could cause a correction in the sub-$1m bracket,” he said.

“Those who are fortunate will see this as an opportunity to acquire property. People will take advantage of a softer market.”

Mr McGrath also notes the rise of female property investors, saying it’s been a slow burning trend.

“It’s been escalating for some time: women are more thorough (when it comes to property); they have a better vision of what they can do; women can see what a property can be, not just what a property is.

“Twenty years ago it was unusual to see a female investor turn up to an auction. These days it’s commonplace,” Mr McGrath said, adding it doesn’t matter whether women are in partnerships or not.

The McGrath Report 2024 notes that the two regions with the highest female property ownership in the country are Sydney’s eastern suburbs (37.3 per cent versus 32.8 per cent last year) and northern suburbs (36.6 per cent versus 31.8 per cent).

And while it might be at least a year since the pandemic has been on a downward trend, Mr McMcGrath notes that people want more from their home than pre-Covid. Homeowners want all their lifestyle requirements in one place including a work-from-home office, a pool, space for the in-laws, and gyms.

“These are the things they would have gone out for before which ties in with finding their forever home. People are far more sensitive to what’s happening at home,” he said.

In Brisbane, Mr McGrath picks the suburb of Albion, 5 km north of the CBD, as one of the best performers, adding that the Sunshine State capital had the biggest population increase of any capital city over the past 12 months.

“Sometimes an area gets overlooked. In Sydney, suburbs like Marrickville are overlooked. Marrickville should not have been overlooked. I like Albion because of its proximity to the city and its walkability.”

John McGrath has released his annual McGrath Report 2024. Picture: David Swift

Recently married lawyers Stefanie and Lachlan Cramb purchased a four-bedroom and two-bathroom house in Albion saying they like the suburb because of its proximity to work, pubs, public transport and doctor’s surgeries.

“It ticked all the boxes,” said Ms Cramb, who has relocated from the Sunshine Coast. “We like the fact that everything is local. It’s really quick and easy for us to visit relatives and friends and it is 10 minutes to the city.

“As soon as we saw the house, we liked it. And there is potential to rent out the bottom if we wanted to. It has a lot of potential.

“We looked at the flood maps and this part of Albion is in the clear, at least where we are, and we had a look at where the Olympics will be, and there will be so much going on.”

In Sydney, Mr McGrath likes the wide, tree-lined streets and Federation homes of Gordon, saying it is a great pick for aspirational family living, and he also likes Chifley, near the beach suburb of Malabar, saying it sits under the radar: “It’s an ideal area for people who love the great outdoors without the premium price tag.”

Further south, Mr McGrath likes Point Cook which has a ­median house price of $760,000 which is below Melbourne’s median, saying prices have remained resilient and rents have grown strongly in the past year. He also likes Elsternwick, just 9km south east of the CBD, and Mansfield in regional Victoria.

In Tasmania, Acton Park, a semi rural suburb of Hobart, is an up-and-comer, he said, and Moonah, where you can find houses for less than $650,000, is a magnet for families buying their first home.