The Australian property market continues to be a hotbed of opportunity, with certain suburbs offering the potential for significant capital growth. As we step into 2024, identifying these emerging hotspots can give investors an edge in maximizing their returns. Whether you’re a seasoned property investor or looking to make your first foray into the market, understanding where to invest is key.
This blog explores the top suburbs expected to deliver strong capital growth in 2024, based on factors such as infrastructure development, population growth, and affordability.
1. Brisbane’s Outer Suburbs
Brisbane has been on investors’ radars for some time, and in 2024, its outer suburbs are continuing to shine. The city has undergone massive infrastructure upgrades ahead of the 2032 Olympics, making it a major growth region.
- Suburb to Watch: Ipswich, located around 40 km southwest of Brisbane, has seen significant investment in transport and public infrastructure. With property prices still affordable compared to inner Brisbane, Ipswich is poised for strong capital growth as more buyers are priced out of the city centre and seek suburban alternatives. Investors can expect demand for rental properties to rise as the population continues to grow.
2. Western Sydney
Western Sydney has emerged as one of Australia’s key growth corridors, driven by population growth and ongoing infrastructure projects. The Western Sydney Airport, set to open in 2026, is expected to further fuel property demand in the region.
- Suburb to Watch: Penrith, with its proximity to the new airport and improved transport links, has been flagged as a suburb to watch for capital growth in 2024. With a diverse range of properties available and continued commercial development, Penrith is fast becoming a hub for both families and investors seeking long-term capital appreciation.
3. Perth’s Coastal Suburbs
After years of slow growth, Perth’s property market has picked up, and coastal suburbs are showing great potential for capital appreciation in 2024. The city has been benefiting from interstate migration and an improving economic outlook.
- Suburb to Watch: Rockingham Located along the coast, about 45 minutes from Perth CBD, Rockingham is increasingly appealing to both homebuyers and investors. The suburb offers affordable properties with great access to beaches, shopping centres, and schools. With the demand for coastal living on the rise, Rockingham is forecasted to experience solid capital growth over the next few years.
4. Adelaide’s Northern Suburbs
Adelaide has been a consistent performer in recent years, and its northern suburbs are standing out as affordable investment hotspots. The region’s affordability combined with growing job opportunities has attracted new residents and investors alike.
- Suburb to Watch: Elizabeth, located about 25 km north of the Adelaide CBD, is currently undergoing rejuvenation, with new housing developments and infrastructure projects in the pipeline. With a median house price still significantly lower than other capital cities, Elizabeth presents a strong opportunity for capital growth in 2024, especially for first-time investors.
5. Melbourne’s Growth Corridors
Melbourne has long been a favourite for investors, but with inner-city prices reaching new highs, many are looking to the city’s growth corridors for opportunities in 2024. These areas, often in the city’s outer fringes, are benefiting from new transport links, schools, and commercial hubs.
- Suburb to Watch: Craigieburn, located in Melbourne’s northern growth corridor, is an emerging suburb with great capital growth potential. Major infrastructure projects such as new train lines and shopping centres have improved the suburb’s livability. With population growth continuing in the area, property prices are expected to rise, making Craigieburn an attractive option for investors.
6. Hobart’s Eastern Shore
Hobart’s property market has been booming in recent years, and while it has slowed slightly, the city still holds promise for capital growth, especially on the Eastern Shore. The region offers scenic views, access to outdoor activities, and affordable housing.
- Suburb to Watch: Bellerive, located across the Derwent River from Hobart’s CBD, is a standout suburb for investors in 2024. With its waterfront appeal, proximity to Hobart, and growing amenities, Bellerive offers both lifestyle and investment potential. While house prices have risen, the area still presents solid long-term growth prospects.
7. Regional Victoria
Regional Victoria continues to offer strong capital growth, as more Australians seek a tree-change lifestyle. With remote work becoming more viable, regional areas are becoming increasingly attractive, offering affordability and proximity to Melbourne without the city’s price tag.
- Suburb to Watch: Ballarat, located just over an hour from Melbourne, is a regional city with a rich history and growing population. With affordable housing and significant infrastructure investment, including upgrades to transport links, Ballarat offers investors the potential for solid capital gains in 2024.
8. Gold Coast Hinterland
The Gold Coast has long been a popular destination for property investors, and its hinterland suburbs are now emerging as growth hotspots. These areas offer a combination of lifestyle appeal and affordability, drawing both buyers and renters.
- Suburb to Watch: Nerang, located inland from the Gold Coast, offers a semi-rural lifestyle while still being close to the beaches and city amenities. With continued population growth in Southeast Queensland and increased demand for lifestyle properties, Nerang is set for capital growth in the coming years.
Conclusion
2024 presents numerous opportunities for property investors looking for capital growth. From the coastal appeal of Rockingham and Hobart’s Eastern Shore to the infrastructure-driven growth in Western Sydney and Brisbane’s outer suburbs, there are plenty of options for those willing to look beyond the major cities.
As always, thorough research and a long-term view are key to successful property investment. Keep an eye on areas with growing infrastructure, population increases, and affordability to ensure your investment strategy remains strong throughout 2024.
