Your Guide to Australia’s latest 100 HotSpot Suburbs
Anyone watching the Australian property market trends will know the interesting changes that have unfolded over the past few years:
A global pandemic, changes to immigration (such as border closures), and continued housing shortages have put buyers and renters nationwide under additional pressure.
Why is the hot suburb list essential?
Realestate.com.au revealed at the end of 2023 the cities and suburbs to keep on your radar for the 2024 property market, showcasing the top 100 hotspots forecasted to perform favourably this year. Keeping up with the latest in the property market can help you make an informed decision on your next investment, whether stepping onto the property ladder for the first time or expanding your portfolio.
The rise of the regional property market:
Rising costs in cities have recently started to push buyers to look further afield, resulting in 40% of regional hotspots listed in the realestate.com.au top 100 forecasts.
Properties in regional towns gained unprecedented popularity during the pandemic. However, slow market growth began in 2023, as popularity during the COVID-19 era faded along with memories of border closures and restrictions.
Although the swift return to capital cities was easily predictable in the post-COVID period, the demand in Australia’s main cities, such as Sydney, revealed the growing home shortages facing many residents.
As work-from-home restrictions ended and more working professionals looked for opportunities in Australia’s economic centres, the regional market’s demand began to fall. However, it still plays a key role in future forecasts and predictions, showing potential growth for 2024.
How is the popularity of suburbs measured?
Family-driven suburbs have also continued to dominate the markets with their affordability, which is expected to continue this year.
With support from government initiatives for First-Time Buyers now fully rolled out for local Australian families, prices for popular family suburbs are expected to rise on both a short— and medium-term basis.
Overall, family suburbs are often a popular choice due to their access to transport links and local infrastructure, such as schools, parks, and shopping areas. It is, therefore, unsurprising that many suburbs on the list boast of their growing local economy and increased infrastructure projects.
We’ve listed below some of the hot suburbs on New South Wales's radar that made the top 100—visit realestate.com.au for the full list.
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Alexandria
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Armidale
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Avalon Beach
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Berowra
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Burwood
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Dee Why
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Dubbo
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Edmondson Park
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Elizabeth Bay
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Ettalong Beach
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Glenmore Park
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Hamilton
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Kincumber
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Kingsford
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Maitland
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Mayfield
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Mosman
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New Lambton
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Northbridge
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Raby
General Rising House Prices in 2024:
Home prices grew at a pace of 5.5% over 2023, likely influenced by rising cash rates and the cost of living experienced across the country.
The outlook for 2024 expects growth of 1-4% over this year, although more accurate forecasts are likely to become apparent in the 2nd half of the year, when uncertainty in the cash rate is predicted to settle.
If you’re a first-time buyer hoping to enter the housing market this year or looking to invest in your expanding property portfolio, we’re the trusted local broker service supporting the Eastern Suburbs community and beyond with home and investment loan services.
Contact us today or use our budget calculator to get started.