City Lights Over Regional Dreams: Top Aussie Suburbs for Property Investment in 2024

The Australian property market is constantly evolving, and this year, it seems the spotlight is back on capital cities. After a period of regional dominance, Canstar's Rising Stars Report reveals Brisbane, Adelaide and Sydney as the top contenders for future price growth.

This shift comes after a "subdued" performance in regional areas, previously booming thanks to affordability and lifestyle seekers. While regional opportunities still exist, the report highlights a return to capital cities, where pockets of affordability remain coupled with the undeniable buzz of urban living.

Brisbane Takes the Crown

Brisbane, abuzz with multi-million dollar infrastructure projects in preparation for the 2032 Olympics, claims the number one spot. Adelaide follows closely, its relative affordability fueling strong house price growth. Sydney rounds out the top three, benefitting from government investments in transport and education.

Investing in Your Future: Top Suburbs to Watch

The report identifies ten "Rising Star" suburbs within each city for investors to keep an eye on. Here are a few highlights:

• Brisbane: From trendy Milton units ($445,000) to family-friendly Springwood houses ($780,000), Brisbane offers a range of options.
• Adelaide: Looking for affordability? Adelaide delivers with suburbs like Elizabeth East ($375,000) and Salisbury units ($320,000).
• Sydney: While often known for its high prices, Sydney boasts some sub-$1 million options, including Mt Druitt houses ($870,000) and units ($420,000).

Affordability Remains Key

The report acknowledges the impact of rising interest rates and living costs on affordability. This is reflected in the high number of Rising Star suburbs (54%) with median prices below $600,000. Interestingly, the report also identifies a significant increase in units on the list (37% compared to 18% last year), presenting potential opportunities for apartment investors.

The Takeaway

Whether you're a seasoned investor or a first-time buyer, the 2024 property market offers exciting opportunities. By focusing on capital cities with strong growth prospects and exploring affordable pockets within them, you can find your own piece of the Aussie property dream. Remember, conducting your own research and consulting with a property professional is crucial before making any investment decisions.