10 new million-dollar suburbs with positive growth potential
With population growth, lifestyle appeal, infrastructure and employment opportunities, these 10 suburbs have everything to please home buyers and investors.
New research from Propertybuyer and Hotspotting has identified the new top 10 million-dollar suburbs with positive growth potential across the country for investors.
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The top 10 list features nine house suburbs and one unit suburb, with Queensland taking the lion’s share with four suburbs listed, followed by three in NSW, two in Victoria and one in South Australia.
Propertybuyer CEO and founder, Rich Harvey, said that while million-dollar suburbs have become more common, certain suburbs have superior capital growth and all suburbs selected have positive economic and market fundamentals that will drive price performance over the years.
He said that most of these suburbs are just below the million-dollar median price and that the smartest property buyers should think about purchasing before the properties tip over into the new price threshold.
“These top million-dollar markets are not just randomly selected. Rather, they have the classic drivers of population growth, lifestyle appeal, employment opportunities and infrastructure,” Harvey said.
“They generally are also established suburbs rather than greenfield ones – where you’re going to become oversupplied with new unit stock – plus, they are in desirable locations and are strategically positioned suburbs close to a variety of attributes.”
Here are Hotspotting’s top 10 million-dollar hotspots across Australia.
- Avalon Beach, NSW – 43 units sold over 12 months with a median price of $1,100,000 and a 12-month growth decrease of 4 per cent.
- Birtinya, Queensland – 63 houses sold over 12 months with a median price of $960,000 and 12-month growth of 12 per cent.
- Brighton, Queensland – 181 houses sold over 12 months with a median price of $945,000 and 12-month growth of 14 per cent.
- Chelsea Heights, Victoria – 51 houses sold over 12 months with a median price of $950,000 and 12-month growth of 6 per cent.
- Chittaway Bay, NSW – 39 houses sold over 12 months for a median price of $973,000 and 12-month growth of 8 per cent.
- Ferntree Gully, Victoria – 302 houses sold over 12 months for a median price of $898,000 and 12-month growth of 3 per cent.
- Flinders Park, South Australia – 98 houses sold over 12 months for a median price of $935,000 and 12-month growth of 13 per cent.
- Kotara, NSW – 57 houses sold over 12 months for a median price of $913,000 and 12-month growth of 1 per cent.
- Southport, Queensland – 294 houses sold over 12 months for a median price of $976,000 and 12-month growth of 13 per cent.
- Wynnum West, Queensland – 185 houses sold over 12 months with a median price of $ 920,000 and 12-month growth of 11 per cent.
Harvey noted that these million-dollar median suburbs are generally undergoing gentrification and have an ongoing price growth that will allow owners to build their wealth for the future.
“The trick is to get in before they hit the million-dollar median mark and be secure in the knowledge that you have bought in a fantastic location early and will reap the benefits of ongoing price growth for many years to come,” he said.
While all suburbs have ranked in the top 10, Harvey said investors should keep a close eye on Chittaway Bay on the NSW Central Coast as it is one of the top suburbs that embodies the potential of new million-dollar locations.
“Chittaway Bay offers a desirable lifestyle, it has job nodes, good access to transport and plenty of community amenities including a lakefront, which includes many kilometres of bike and walking trails plus public parks,” Harvey said.
Another suburb that seems promising for Harvey is Flinders Park in Adelaide, which is has lots of waterways, lush green spaces, shopping centres and schools.
“Flinders Park is just 3 kilometres from the Adelaide CBD, is close to the airport, and is just 5 kilometres from Adelaide’s famous beaches,” he said.
Hotspotting director Terry Ryder said investors had often overlooked Wynnum West on Brisbane’s bayside, but now has a strong capital growth trajectory.
Ryder said the suburb distance from the CBD, the airport and the port is allowing workers to enjoy the bayside lifestyle without having to compromise their jobs.
“Wynnum West has long been undervalued, but it is now on a strong trajectory of further growth offering some of the most consistent median price growth on the bayside of Brisbane in the past two years,” Ryder said.