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Australia's top 10 suburbs tipped for property growth in 2024
We’ve identified the top 10 suburbs across Australia with the best growth prospects for 2024. Find out which locations made the cut.
29 May 2024
We’ve identified the top 10 suburbs across Australia with the best growth prospects for 2024. Find out which locations made the cut.
Canstar has just published its Rising Stars Australian Property Market Report for 2024 in conjunction with Hotspotting. We highlight the markets across Australia expected to provide the best growth prospects this year.
Using a series of forward-looking indicators, the Rising Stars Australian Property Market Report forecasts the prospects for annual price growth in each of the nation’s major market jurisdictions. It ranks 14 jurisdictions nationally – comprising eight capital cities and six regional states and territories – based on five key metrics. These are sales volumes, quarterly price growth, vacancy rates, rental growth and infrastructure spending.
Within each of the 14 jurisdictions, the Rising Stars report provided a Top 10 (or Top 5 in the smaller jurisdictions) list of suburbs/towns with the best prospects for future growth – identifying a total of 110 ‘Rising Star’ suburbs.
From those 110 locations, we have chosen our national Top 10, with affordability as a key metric.
Buyers of all kinds are chasing affordability like never before. In every market jurisdiction across Australia, from the biggest capital cities to the hill-change country towns, it’s the cheaper end of the market that is leading. This is reflected in our choices for the national Top 10 from the individual Top 5 and Top 10 lists for each of the 14 major market jurisdictions.
They’re all places that not only have that prized quality of relative affordability but also offer good prospects for capital growth, because of their proximity to desirable features and/or local events like major new infrastructure.
The other common feature is exceptionally low vacancy rates, with strong upward pressure on rents.
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Owner occupied
20% min deposit
Redraw facility
Owner occupied
20% min deposit
Redraw facility
Owner occupied
10% min deposit
Redraw facility
Owner occupied
20% min deposit
Redraw facility
Owner occupied
10% min deposit
Redraw facility
Top 10 growth locations in Australia
Here is a list of the top 10 suburbs or towns tipped for growth in 2024. These are not ranked in any particular order. They are listed alphabetically.
- Bellbird Park, Brisbane
- Bairnsdale, Victoria
- Broome, Western Australia
- Andrews Farm, Adelaide
- Ashfield, Sydney
- Charlestown, New South Wales
- Launceston, Tasmania
- Bargara, Queensland
- Ascot Vale, Melbourne
- Balcatta, Perth
Bellbird Park, Brisbane
Ipswich City in Brisbane’s south-west attracts consistent demand because it provides affordable options. Bellbird Park is a sought-after Ipswich suburb close to all the infrastructure provided by the Springfield master-planned community. This includes a university campus, medical facilities and a major shopping centre. Buyer demand and prices have risen recently in Bellbird Park, while vacancies below 1% provide a further indication of the area’s popularity.
→ Related: 10 best suburbs in Brisbane to invest in 2024
Bairnsdale, Victoria
This key regional centre in East Gippsland has benefited from home buyers moving from larger cities for an affordable lifestyle, with house prices rising on an average of 10.5% per year in the past decade. But Bairnsdale remains affordable, with a median house price in the mid-$400,000s. Buyer demand continues to rise. Tenancy is also strong, with a vacancy rate of 0.6%. There are also regular train services from Bairnsdale to Melbourne.
→ Related: 10 best suburbs in Regional Victoria to invest in 2024
Broome, Western Australia
The iconic town of Broome and its renowned Cable Beach in the north of WA is known as a tourist mecca. Its property market has been drawing attention recently, notably its apartment market – with the median unit price rising 22% in the past year, but remaining highly affordable at $380,000. The vacancy rate is just 0.4%, and has been below 1% since 2020, with rental yields well above average.
→ Related: 5 best suburbs in Regional Western Australia to invest in 2024
Andrews Farm, Adelaide
Buyers seeking affordable options in Adelaide usually look to the northern suburbs, where suburbs like Andrews Farm provide houses in the $400,000s. That follows a 20% rise in the past year and a long-term capital growth average above 10% per year. Andrews Farm has good transport connections through commuter rail and the Northern Expressway, plus schools, shopping centres and a golf course. Vacancies are well under 1%.
→ Related: 10 best suburbs in Adelaide to invest in 2024
Ashfield, Sydney
This Inner West precinct is one of the most vibrant in a busy Sydney market. About 8km from the CBD, Ashfield houses typically cost around $2 million and apartments in the $700,000s. Buyer demand is rising, with sales being dominated by apartments. Ashfield has a commuter train station, Sydney Private Hospital and a number of parks.
→ Related: 5 best suburbs in Sydney to invest in 2024
Charlestown
Charlestown is the largest town in the Lake Macquarie region. Located on the edge of Newcastle, it has a range of amenities, including Charlestown Square (the largest shopping centre in the Hunter region), Lake Macquarie Private Hospital and major nature reserves. It’s a popular location for property buyers, with around 250 home sales in the past12 months, and houses selling typically in four weeks. Vacancies are a low 0.6%.
→ Related: 10 best suburbs in Regional New South Wales to invest in 2024
Launceston, Tasmania
Tasmania’s second city has been one of Australia’s leading performers in the past five years. And whilst Tasmania has moved from this peak, there do remain precincts which attract good demand, including inner-city Launceston. The inner-city precinct provides lots of amenities, including restaurants, parks, waterfront areas and Launceston General Hospital. Sales are evenly split between houses and apartments. Vacancies have fluctuated in recent years but have generally remained below 2%.
→ Related: 5 best suburbs in Regional Tasmania to invest in 2024
Bargara, Queensland
Bundaberg is a key regional city in Central Queensland, with a growth economy and a popular lifestyle. The seaside enclave of Bargara, close to the renowned Mon Repos Turtle Centre, is attracting buyers. Both houses and units are selling quickly, and growth rates, both short-term and long-term, are high. Dwellings are typically in the $500,000s and $600,000s, but sea frontage fetches well over $1 million.
→ Related: 10 best suburbs in Regional Queensland to invest in 2024
Ascot Vale, Melbourne
Homes are selling quickly in this suburb just 6 km north-west of the Melbourne CBD, with a median house price now above $1.3 million and apartments becoming popular around $600,000. The suburb is connected via both trains and trams, as well as Citylink. It is also a neighbour of Parkville with its hospitals and university campuses. Vacancies are below the Melbourne average at 1%.
→ Related: 10 best suburbs in Melbourne to invest in 2024
Balcatta, Perth
The City of Stirling is consistently among the best performers among the Perth property markets and the suburb of Balcatta provides a worthy case study. This middle ring suburb, which is north of the Perth CBD, has commercial and retail sectors as well as residential, access to the Mitchell Freeway, multiple parks and reserves, and several schools. Homes typically sell in two weeks and prices rising at 10%.
→ Related: 10 best suburbs in Perth to invest in 2024
Australia’s Top 10 growth locations
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| Suburb | Local Government Area (LGA) |
State | Median price* |
1-year growth |
Median rental yield |
|---|---|---|---|---|---|
| Bellbird Park | Brisbane | QLD | $612,000 | 5.1% | 4.7% |
| Bairnsdale | East Gippsland | VIC | $445,000 | 1.0% | 5.0% |
| Broome | Broome Shire | WA | $545,000 | -1.8% | 8.5% |
| Andrews Farm | Playford | SA | $450,000 | 20.1% | 5.3% |
| Ashfield | Inner West Sydney | NSW | $1,885,000 | 5.7% | 2.4% |
| Charlestown | Lake Macquarie | NSW | $880,000 | -7.0% | 3.7% |
| Launceston | Meander Valley | TAS | $800,500 | 4.9% | 3.6% |
| Bargara | Bundaberg | QLD | $650,000 | 6.6% | 4.4% |
| Ascot Vale | Moonee Valley | VIC | $1,325,000 | 0.4% | 2.6% |
| Balcatta | Stirling | WA | $650,000 | 10.7% | 4.9% |
Source: www.canstar.com.au. Prepared on 22/01/2024. Based on a selection of suburbs’ median prices, growth and rent figures provided by Hotspotting by Ryder. Initial outlay figures include the deposit, stamp duty, mortgage registration and transfer fees; and lenders’ mortgage insurance (LMI) premium for the 10% deposit scenarios. Stamp duty calculated based on an owner occupier purchase of an established dwelling. LMI premium based on Helia LMI Premium Calculator for an owner occupier borrower and a loan term of 30 years. Monthly repayments calculated based on the average variable interest rates of 6.5% (20% deposit) and 6.8% (10% deposit) and a loan term of 30 years. Interest rates based on the average owner occupier, principal and interest variable rate for a loan of $600,000 over the past year, rounded to the nearest 0.1%. Percentage of income based on the average total income by Greater Capital City Statistical Area (ABS Personal Income, 2020-21), adjusted by the ABS Wage Price Index (Sep-2023)
Cover image source: Adwo/Shutterstock.com
Owner occupied
10% min deposit
Redraw facility
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