Sydney and Melbourne’s southeastern suburbs emerge as wise investment choices for 2024

Sydney and Melbourne’s southeastern suburbs are shaping up to be investment hotspots in 2024, courtesy of improved infrastructure, good schools and lifestyle amenities.

According to buyers’ agent Lloyd Edge, the founder of Aus Property Professionals, next year, Sydney will see significant growth in the Randwick council suburbs of Coogee, Kingsford and Kensington, with better infrastructure coming to the area.

“Coogee is a gentrified coastal suburb in Sydney’s South-East, on the cusp of significant growth thanks to increasing infrastructure projects scheduled for the near future,” he said.

“The $2.2 billion South-East Light Rail connecting the area to Circular Quay is expected to further elevate its property demand and drive up prices.”

Mr Edge said nearby Kingsford would also benefit from the light rail project providing a direct link to the Sydney CBD. 

“Kingsford is a residential suburb situated just south of the University of New South Wales, and a stone’s throw away from Coogee Beach,” he said.

Neighbouring Kensington, which is also known for the National Institute of Dramatic Arts (NIDA), will benefit for similar reasons.

In Melbourne, Mr Edge said Caulfield, Elsternwick and Ormond would prove wise choices for investors. 

“Located 10km southeast of Melbourne’s CBD, Caulfield enjoys excellent tram and train connectivity to the city and neighbouring suburbs, making it highly accessible,” he said.

Just 1km closer to the CBD, Mr Edge said Elsternwick offered fantastic amenities, quality schools and proximity to the beach, which made it a popular choice for families looking for rentals.

“Ormond boasts a high owner-occupier rate, a balanced demographic mix, and a growing cafe culture,” he said.

“Excellent schools and public transport make it a rising star.”

Aus Property Professionals Founder Lloyd Edge.

In Brisbane, Mr Edge said the inner suburbs of Teneriffe, New Farm and Ascot would make good choices for investors looking for properties in locations tenants found highly desirable. 

“Teneriffe stands out with lifestyle precincts, walkability, short commutes, and excellent school zones,” he said.

“It’s strategically located near Brisbane’s expanding CBD job market.

“Known for its riverside charm and convenience, New Farm is a highly desirable suburb. 

“It boasts a village atmosphere and strong demand, reflecting its median house price of $2.63 million.

“Ascot’s central position between Brisbane’s key employment hubs, iconic cafe strip, and solid school catchment make it an attractive choice for residents.”

And in the nation’s capital, Mr Edge said the southern suburb of Chisholm had recorded consistent sales, quarter by quarter for four years.

“It’s median price has increased 23.4 per cent in 12 months,” he said.

“It has schools, parks and shopping and community services, while rents have risen over 10 per cent.”

In Adelaide, Mr Edge said Craigmore was a standout choice with good schools, lots of sports fields and green space and good road and rail connections.

“Buyer activity has risen in the past 18 months, prices are rising but remain affordable and vacancies near zero mean rents have increased 20 per cent in the past year,” he said.

In Perth, Mr Edge said the market in the City of Rockhampton had elevated buyer demand and price growth, with Baldivis being the suburb of choice.

“It has good affordability, seaside location and proximity to one of Perth’s biggest employment zones,” he said.

“Houses remain in the $400,000s and at 0.4 per cent, the vacancy rate is even lower than Perth’s average of 0.6 per cent.”

In Hobart, Mr Edge said the market had peaked some time ago but the northern suburb of Glenorchy was one where sales activity continued to rise. 

“Houses remain relatively affordable with the median at $600,000 despite strong growth of close to 10 per cent a year over a decade,” he said.

“Vacancies are near zero and Glenorchy has the second largest shopping district in Tasmania.”

In Darwin, Mr Edge said the suburb of Bakewell offered affordable properties that attracted solid yields.

“Sales have quadrupled in the past two years in Bakewell,” he said.

“Typical houses cost in the $400,000s and the median yield is 5.5 per cent, underpinned by a vacancy rate of 0.4 per cent.” 

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