The best suburbs for property growth in 2022 – Part 2
Growth is currently forecast for these 15 suburbs in the year ahead.
Despite record growth for the property market over the past year, a new report has predicted growth will continue in a number of suburbs in Queensland, Western Australia and NSW.
Having already revealed a number of Australia’s best suburbs for property growth in 2022, property investment specialist Paul Glossop from Pure Property Investment outlined an additional 15 suburbs where residential property is predicted to grow in the year ahead.
Norman Gardens, QLD
Undergoing a resurgence across agriculture, mining and tourism is Norman Gardens, 7 kilometres from Rockhampton. The median house price of $410,000 is affordable compared to nearby suburbs and has sound infrastructure and school choices for families.
Burleigh Waters, QLD
Low-rise apartments in Burleigh Waters, 11 kilometres from the Gold Coast, are currently in limited supply with close access to lifestyle and employment hubs and sound access to public transport. The suburb has a median house price of $1,080,000 and is expected to maintain strong yields and growth moving forward.
Paradise Point, QLD
Similar to Burleigh Waters, low-rise apartments in Paradise Point, 14 kilometres from the Gold Coast, are in limited supply with strong yields and growth expected. The current median house price in Paradise Point is $1,100,000.
Southport, QLD
Likewise, there is also low supply of low-rise apartments in Southport, 8 kilometres from the Gold Coast, with a current median house price of $695,000 and strong yields and growth forecast.
Broome, WA
With a median house price of $482,500, Mr Glossop said Broome in Western Australia could see strong price growth and strong rental yields driven by high-paid local resource sector workers, particularly if gentrification continues and schools improve.
Carey Park, WA
Rents in Carey Park, 142 kilometres from Rockingham in Western Australia and in close proximity to the ocean, have grown at 10 per cent p.a. in 2021. The median house price is currently $245,000, and sound capital growth is expected if limited supply dynamics remain.
Falcon, WA
Situated 11 kilometres from Mandurah and less than an hour away from Perth, Falcon is close to both the beach and the bay and has a current median house price of $395,000. Rents have grown at 9 per cent p.a. in 2021, and limited supply may drive sound capital growth moving forward.
Mandurah, WA
A range of factors is in favour of property in Mandurah, according to Mr Glossop, including schools, the beach, transport amenities and its proximity to Perth less than 50 minutes away. The median house price is currently $285,500 and, like Carey Park and Falcon, sound capital growth is expected if limited supply dynamics continue.
Kallangur, QLD
After some of the strongest performance in the country in 2021, including capital growth of more than 30 per cent and rental growth in excess of 10 per cent, Kallangur is expected to continue to grow in coming years due to its proximity to the University of the Sunshine Coast Petrie campus and direct train access to Brisbane’s CBD. Situated 27 kilometres north of Brisbane, the median house price in Kallangur is currently $455,000.
Deception Bay, QLD
Thirty-eight kilometres north of Brisbane, Deception Bay also ranked as one of the top suburbs for growth in 2021, with capital growth of 34 per cent and rental growth of 9 per cent. Like Kallangur, it will benefit from its proximity to the USC Petrie campus and direct train access to the CBD. The median house price in Deception Bay is currently $420,500.
East Lismore, NSW
Among the top three regional suburbs for growth nationwide, East Lismore is situated 48 kilometres from Byron Bay and has a current median house price of $467,000. Mr Glossop said the market would receive consistent attention from first home buyers, investors and downsizers, and supply is expected to remain tight.
High Wycombe, WA
Located next to Perth airport, High Wycombe is set to benefit from a new high-speed train line that will connect it to Perth’s CBD in 20 minutes. The current median house price is $445,500, and limited supply along with strong rental yields are expected to drive ongoing growth.
Forrestfield, WA
Just south of High Wycombe is Forrestfield, which is also expected to reap the benefits of its proximity to the airport and upcoming direct train to the CBD. The current median house price is $433,500.
Karabar, NSW
Mr Glossop highlighted Karabar as having the proximity to Canberra without the Canberra price tag. Located in NSW, 16 kilometres south-east of the nation’s capital and with a median house price of $680,500, Karabar is set to be seen as a sound and safe investment with solid rents and strong employment in the long term.
Morayfield, QLD
After 25 per cent capital growth and 11 per cent rental growth in 2021, prices are still rising in Morayfield, 57 kilometres north of Brisbane. However, Mr Glossop said that the suburb’s relative affordability for investors, first home buyers and downsizers would keep demand high. Growth will also be driven by its proximity to beaches on the Sunshine Coast. The median house price is currently $423,500.
The best suburbs for property growth in 2022 - part one can be found here.
