Location, location, location. You’ve heard it a million times before. But what does it actually mean for property investment? Buying in the most prestigious area? No. Buying somewhere close to the CBD? No. Buying somewhere that’s well-connected to public transport? Often, but not always.

‘Location’ means so much more than that, and this is reflected in the top 10 Australian suburbs for property investment in 2024. Looking at the list, you’ll notice that prestige, proximity to a CBD and public transport aren’t the big factors; the biggest factor is growth.

Let’s unpack Australia’s top 10 suburbs for property investment in 2024 with the experts from Patrick Leo:

The list – in no particular order:

1.  Munno Para, SA
   This outer-northern suburb of Adelaide is one of Australia’s busiest markets. Its houses are low-cost, high-yield and low vacancy and average prices have grown from around $200,000 in 2020 to in the mid $300,000s now.
2. Geraldton, WA
   Affected by the end of the resources boom, Geraldton has spurred reinterest thanks to the growing trend of regional relocation in Australia. It’s a coastal city with median yields above 6%.
3. Eaglehawk, VIC
   Eaglehawk, a suburb of Bendigo, has shown excellent, stable growth for a long time, thanks to a strong economy and good transport links to Melbourne. Houses range from $300-$400k and have low vacancies.
4. Muswellbrook, NSW
   This regional NSW town less than 2 hours’ drive from Newcastle boasts a median house price of $440,000, a vacancy rate of 0.6% and a yield of 5.1%, making it the state’s most attractive suburb for growth buyers.
5. Annerley, QLD
   Units in Annerley, an inner-city suburb of Brisbane, are the big attraction, with a median price of $460k and in high demand.
6. New Norfolk, TAS
   Tasmania’s only suburb to make the top 10 is New Norfolk, a historic town 30km from Hobart, boasting original 1800s cottages that are usually in the $400,000s.
7. Murray Bridge, SA
   Just outside of the prestigious Adelaide Hills region, Murray Bridge is a riverside town which offers an affordable alternative, with houses in the low $300,000s and growing steadily.
8. Sunbury, VIC
   Sunbury offers houses in the high $500,000s to $600,000s range – still affordable for a suburb of Melbourne. It has great amenities like a major shopping centre and train station on the Melbourne-Bendigo line.
9. Waikiki, WA
   In between Perth and Mandurah lies Waikiki, a suburb smack bang in the middle of a stunning beach and a regional park. Houses are in the low $400,000s and sales per quarter have almost double over the past 2 years.
10. South Toowoomba, QLD
    South Toowoomba is characterised by its strong local economy, steady growth, low vacancy rate of 0.3% and solid yield of 4.8%.

Interested in learning more about one of these 10 top Aussie suburbs for property investment? Consult the professionals at Patrick Leo. We’re Australia’s specialists in investment properties, helping you find the best properties to benefit your mid-to-long-term financial position. Start the conversation with our team today.