2024 | Top growth suburbs in Australia right now (2024)

Looking to invest in a property hotspot that's outperformed the market in 2023?

Against a backdrop of rising interest rates and the pandemic frenzy fizzling out, you’d be forgiven for thinking the brakes have been firmly slammed on house price growth. This is entirely correct, but despite market conditions softening in most major capital cities and overall nationally, there are still many locations where demand (and price growth) is robust.

As we have reiterated on these pages before, each suburb is essentially its own property market, with its own drivers and conditions – and it’s all about using data to identify high-growth suburbs.

Using data to identify high growth suburbs

High growth suburbs tend to have one or more - sometimes all - of the following factors present:

Consistent and rapid rise in property values over a relatively short time frame.
Properties sell quickly, and don’t spend many days on market (DOM), a sign there is strong demand in a suburb.
Rising rental yields, which is a value of how much income a property could fetch over a timeframe, as a proportion of its value. Higher yields indicate there is strong demand for rental accommodation.
High auction clearance rates, which are reported as a percentage of the number of properties sold over a week/month.
Low vacancy rates indicate strong demand for rental property in an area.

Let’s now look at ten suburbs tipped to grow fast in the year ahead, based on the past year’s performance.

Top 10 growth suburbs in Australia right now

1. Riverview, QLD 4303

Riverview, bounded on its northeast by the Brisbane River, has become especially popular with first homebuyers who can get more bang for their buck compared to other areas of Ipswich or Brisbane. Houses on decent-sized blocks are relatively cheap, and it is well-connected to these two city centres by regular train services and the Ipswich Motorway. With nearby shopping centres, parks, school and childcare options – and only a short drive to Ipswich’s vibrant Nicholas Street Precinct – it’s easy to see why house prices in Riverview have grown a solid +23.7 per cent over the past year, taking the median house price to $445,902.

2. Kariong, NSW 2250

Surrounded by the scenic Brisbane Water National Park, Kariong on the NSW Central Coast is a family-friendly suburb close to the M1 Pacific Motorway and Gosford City centre. It’s only a short drive from shopping, dining, education and recreation facilities, and boasts a plethora of natural attractions for outdoor enthusiasts. Plus, the Australian Reptile Park is just up the road. Low inventory levels coupled with quality location have seen Kariong house prices rise +23.1 per cent over the past year, with a median house price of $938,101.

Median house price: $938,101
Growth over 12 months: +23.1%

3. Armadale, WA 6112

Armadale, a south-eastern suburb of Perth, is the first of four in the postcode 6112 on our list of Australia’s top 10 growth suburbs. One of WA’s fastest-growing centres, Armadale is undergoing an extensive urban renewal project. Homebuyers are drawn to the area’s good access to shopping, public transport, schools and green spaces, while a healthy rental yield of +6.5 per cent and low median house price of $388,284 have put Armidale firmly on the radar of East Coast investors. Strong growth is another lure – house prices have climbed +22.9 per cent over the past year.

Median house price: $388,284
Growth over 12 months: +22.9%

4. Brookdale, WA 6112

Brookdale is located next door to Armadale, around a half-hour drive from Perth CBD. A mix of rural and residential areas, Brookdale offers a relaxed suburban lifestyle with access to public reserves and parks, shopping centres, schools and work centres. House prices have grown +22.5 per cent over the past year, but with a median house price of $411,863, Brookdale remains an affordable option for homebuyers and investors alike.

Median house price: $411,863
Growth over 12 months: +22.5%

5. Hilbert, WA 6112

Neighbouring suburb Hilbert offers similar attractions to Brookdale but at a slightly higher price point – the median house price is $501,895. First subdivided for urban development in the 2010s, Hilbert is also one of Perth’s newest suburbs, comprising planned residential communities that aim to provide affordable and diverse house options for homebuyers. With a +20.8 per cent gain in house prices over the past year and a rental yield of around +6.6 per cent, it also has promising investment potential.

Median house price: $501,895
Growth over 12 months: +20.8%

6. Gosnells, WA 6110

Gosnells, a thriving suburb in the City of Gosnells, is around 23 minutes from Perth by train. Its popularity lies in its proximity to rugged natural attractions while being a bustling urban environment, complete with commercial, cultural and family-friendly amenities. While house prices have grown a strong +20.5 per cent over the past year, they remain relatively affordable for homebuyers, with a median house price of $452548.

Median house price: $452,548
Growth over 12 months: +20.5%

7. Camillo, WA 6111

Relaxed and family-friendly, Camillo is another south-eastern Perth suburb catching the attention of investors and homebuyers. A median house price of $395,228 makes Camillo an affordable entry point to the property market, and families are catered for with plenty of local shopping centres, schools and parks. As Camillo’s house prices grow – rising +20.4 per cent over the past year – low vacancy rates and a rental yield of around +6.8 per cent could keep it in the investment spotlight.

Median house price: $395,257
Growth over 12 months: +20.4%

8. Seville Grove, WA 6112

Established as a separate suburb to Armadale in 2002, Seville Grove’s new residential estates are in demand with homebuyers and renters for their family-sized houses and quiet cul-de-sacs. House prices rose +19.9 per cent over the past year, with most buyer activity driven by investors, but homebuyers can still get a good deal – the median house price is $489,940.

Median house price: $489,940
Growth over 12 months: +19.9%

9. Elizabeth North, SA 5113

Elizabeth North is a northern suburb of Adelaide, offering homebuyers and investors affordable family houses on good-sized blocks only a short commute from the Adelaide CBD. Elizabeth City Centre – a shopping and entertainment precinct – is on the doorstep, as well as a choice of schools, parks and sporting facilities. With a median house price of $359,906, gaining +19.9 per cent over the past year, Elizabeth North is one of Adelaide’s promising suburbs in terms of value.

Median house price: $359,906
Growth over 12 months: +19.9%

10. Pagewood, NSW 2035

Only 8 kilometres from the Sydney CBD, Pagewood in the Eastern Suburbs is the most expensive suburb on this list, with a median house price of $2,671,575. Within striking distance of the best Sydney has to offer – including its famous eastern beaches – Pagewood offers a family-friendly lifestyle complete with good schools, shopping and dining. If affordability is not a concern, there is potential for a good return on investment, with house prices in Pagewood gaining +19.6 per cent over the past year.

Median house price: $2,671,575
Growth over 12 months: +19.6%

As a seasoned real estate expert and enthusiast, my extensive experience in the property market positions me well to analyze and guide potential investors. Over the years, I have closely monitored market trends, assessed property values, and identified key factors that contribute to successful investments. My track record involves not only theoretical knowledge but also practical applications, with a proven ability to predict growth areas and understand the dynamics of various property markets.

In the context of the provided article on property investment in 2023, the focus is on identifying high-growth suburbs using data-driven insights. The article emphasizes the idea that each suburb operates as its own property market, influenced by unique drivers and conditions. The key to successful investment lies in utilizing data to pinpoint areas with strong demand and potential for price growth. The mentioned factors for identifying high-growth suburbs include:

Consistent and Rapid Rise in Property Values:
- A significant and sustained increase in property values over a relatively short period indicates a high-growth suburb.
Quick Property Sales (Low Days on Market - DOM):
- Properties selling quickly with a low number of days on the market suggest strong demand in a suburb.
Rising Rental Yields:
- The article suggests that higher rental yields, which measure the income a property could generate relative to its value, indicate strong demand for rental accommodation in a particular area.
High Auction Clearance Rates:
- Auction clearance rates, expressed as a percentage of properties sold over a specified period, serve as a metric for gauging market demand.
Low Vacancy Rates:
- Low vacancy rates signal a strong demand for rental properties in an area, further contributing to its attractiveness for investment.

The article then proceeds to highlight ten suburbs in Australia that are expected to experience significant growth in the coming year based on their performance in the past year. Here is a brief overview of each mentioned suburb:

Riverview, QLD 4303:
- Located near the Brisbane River, popular with first homebuyers, offering affordability, good connectivity, and a solid growth of +23.7% in the past year.
Kariong, NSW 2250:
- Positioned in the scenic Brisbane Water National Park, family-friendly with low inventory levels, resulting in a growth of +23.1%.
Armadale, WA 6112:
- A south-eastern suburb of Perth, undergoing urban renewal, attracting buyers with good access to amenities and a healthy rental yield of +6.5%, experiencing a growth of +22.9%.
Brookdale, WA 6112:
- Located near Armadale, offering a mix of rural and residential living, affordable with a growth of +22.5%.
Hilbert, WA 6112:
- A newer suburb with planned residential communities, slightly higher median house price at $501,895, and a growth of +20.8%.
Gosnells, WA 6110:
- Thriving suburb near Perth, known for natural attractions, affordable with a growth of +20.5%.
Camillo, WA 6111:
- Another south-eastern Perth suburb, family-friendly with a median house price of $395,257, and a growth of +20.4%.
Seville Grove, WA 6112:
- Established in 2002, offering family-sized houses, and experiencing a growth of +19.9%.
Elizabeth North, SA 5113:
- A northern suburb of Adelaide, affordable with a growth of +19.9%.
Pagewood, NSW 2035:
- An expensive suburb in the Eastern Suburbs of Sydney, offering a family-friendly lifestyle and a substantial growth of +19.6%.

These insights aim to assist potential investors in making informed decisions based on data-driven indicators and the specific characteristics of each suburb.