Top 10 Destinations in Australia to Invest in Real Estate
Australia is a vast and diverse country, offering a range of opportunities for property investors. Whether you are looking for affordability, amenity, growth, or rental yield, there is a suburb or town that suits your needs and goals. In this blog post, we will explore the top 10 destinations in Australia to invest in real estate in 2024 based on the insights of industry experts and data analysis.
1. Annerley (Units), Queensland
Australia, Real Estate for sale
Annerley is a suburb in Brisbane’s inner south, about 6 km from the CBD. It offers character homes, modern apartments, commercial spaces, easy access to public transport, hospitals, universities, and shopping centers. Annerley’s unit market is attractive for investors, with a median price of $375,000, a rental yield of 5.3%, and a vacancy rate of 2.4%. Annerley is also undergoing gentrification, with new developments and infrastructure projects enhancing its appeal and value.
2. Eaglehawk, Victoria
Eaglehawk is a town in the Bendigo region, about 150 km northwest of Melbourne. It was once a thriving gold mining center, but now it is a peaceful and affordable place to live, with a median house price of $355,0002. Eaglehawk has a solid rental market, with a yield of 5.8% and a vacancy rate of 0.8%. It also has a range of amenities, including schools, shops, parks, and a cinema. Eaglehawk is expected to benefit from the population growth and economic development of the Bendigo area, as well as the improved connectivity to Melbourne via rail and road.
3. Geraldton, Western Australia
Hurghada, Real Estate for sale
Geraldton is a coastal city in the Mid-West region, about 420 km north of Perth. It is a popular tourist destination and a major port and service center for the surrounding agricultural and mining industries. Geraldton’s property market is recovering from a prolonged downturn, with a median house price of $255,000 and a rental yield of 6.7%3. Geraldton has a low vacancy rate of 0.6%3, indicating a high demand for rental properties. Geraldton is also poised for growth, with several infrastructure and development projects underway, such as the Geraldton Port Expansion, the Oakajee Industrial Estate, and the Geraldton Health Campus Redevelopment.
4. Munno Para, South Australia
Munno Para is a suburb in Adelaide’s northern suburbs, about 28 km from the CBD. It is part of the Playford City Council, which is one of the fastest-growing areas in South Australia. Munno Para offers affordable housing, with a median house price of $255,000 and a rental yield of 6.3%. Munno Para has a low vacancy rate of 1.1%, reflecting solid rental demand. Munno Para also benefits from the ongoing development and investment in the area, such as the Playford Alive Project, the Northern Connector Road, and the Northern Adelaide Irrigation Scheme.
5. Murray Bridge, South Australia
Red Sea, Real Estate for sale
Murray Bridge is a town on the Murray River, about 76 km south-east of Adelaide. It is the largest town in the Murraylands region, serving as a regional hub for commerce, industry, and tourism. Murray Bridge has a median house price of $260,000 and a rental yield of 6.2%. Murray Bridge has a meager vacancy rate of 0.4%1, indicating a tight rental market. Murray Bridge is also experiencing population growth and economic diversification, with projects like the Murray Bridge Racing Club Redevelopment, the Murray Bridge Marina, and the Murray Bridge Regional Sports Precinct.
6. Muswellbrook, New South Wales
Muswellbrook is a town in the Upper Hunter region, about 240 km northwest of Sydney. It is a significant center for the coal mining and power generation industries and a base for the thoroughbred horse breeding industry. Muswellbrook has a median house price of $300,000 and a rental yield of 6.1%. Muswellbrook has a low % vacancy rate of 1.2%, showing a solid rental demand. Muswellbrook is also transforming, with initiatives such as the Muswellbrook Healthy and Well Program, the Muswellbrook CBD Revitalisation, and the Muswellbrook Art Centre Expansion.
7. Risdon Vale, Tasmania
Cairo, Real Estate for sale
Risdon Vale is a suburb on Hobart’s eastern shore, about 12 km from the CBD. It is one of the most affordable suburbs in Hobart, with a median house price of $295,0002. Risdon Vale has a high rental yield of 6.8% and a low vacancy rate of 0.5%. Risdon Vale is also close to major employment hubs like the Hobart Airport, the Cambridge Industrial Estate, and the Risdon Prison Complex. Risdon Vale is expected to grow further as Hobart’s property market remains strong and more buyers seek affordable options.
8. Salisbury, Northern Territory
Salisbury is a suburb in Darwin’s northern suburbs, about 15 km from the CBD. It is a well-established and diverse suburb with various housing types, ethnicities, and income levels. Salisbury has a median house price of $410,000 and a rental yield of 6.1%. Salisbury has a moderate vacancy rate of 3.3%, below the Darwin average of 4.5%. Salisbury is also near amenities like schools, shops, parks, and public transport. Salisbury will likely benefit from the recovery and growth of Darwin’s property market, driven by population growth, infrastructure spending, and defense projects.
9. St Marys, New South Wales
Soma Bay, Real Estate for sale
St Marys is a suburb in Sydney’s western suburbs, about 45 km from the CBD. It is a major commercial and industrial center with a diverse and multicultural population. St Marys has a median house price of $650,000 and a rental yield of 4.1%2. St Marys has a low vacancy rate of 1.6%, indicating a healthy rental market. St Marys is also a hotspot for infrastructure and development, with projects like the Western Sydney Airport, the North-South Rail Link, and the St Marys Town Centre Renewal.
10. Warrnambool, Victoria
New South Wales, Real Estate for sale
Warrnambool is a coastal city in the south-western region, about 260 km west of Melbourne. It is the largest city in the Great Ocean Road region, offering a range of attractions and services for residents and visitors. Warrnambool has a median house price of $420,000 and a rental yield of 4.8%. Warrnambool has a meager vacancy rate of 0.3%, indicating a high demand for rental properties. Warrnambool is also a growing and vibrant city, with projects like the Warrnambool City Centre Renewal, the Warrnambool Railway Station Precinct Upgrade, and the Warrnambool Campus Master Plan.
Conclusion
According to our research and analysis, these are the top 10 destinations in Australia to invest in real estate in 2024. Of course, there are many other factors to consider before making a property investment decision, such as your budget, goals, risk appetite, and personal preferences. Therefore, we recommend you do your due diligence and seek professional advice before buying or selling any property.
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