Investor hubs: Where are the next million-dollar suburbs?
With steady price growth, rising rent, high demands and low vacancy rates, these 10 suburbs have everything to please investors.
New research from Propertybuyer and Hotspotting has identified the next top 10 million-dollar suburbs with positive growth potential across the country for investors.
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 the suburbs are “teetering” on the edge of a million-dollar median and should soon tip over.
“They are the markets where price growth has been steady in recent years and demand remains strong, and with that trajectory set to continue, these markets will soon breach the million-dollar barrier,” Harvey said.
“They are also strong markets for investors, where rents have been rising, yields are solid, and vacancy rates are low.”
Harvey said while opportunities for investors are all around the country, they should keep an eye out as the Australian market continuously evolves.
“Making a smart property purchase requires a blend of historical and forward-looking data, local expertise, and the agility to act swiftly when the ideal opportunity arises,” he said.
“And there are still plenty of opportunities for investors to find markets that are set to tip over into million-dollar markets in 2025.”
Here are Hotspotting’s next top 10 million-dollar hotspots across Australia:
Capalaba, Brisbane, Queensland
Median house price: $876,000
Median rental yield: 4 per cent
Vacancy rate: 0.9 per cent
With 242 sales in the last 12 months, low days on the market, historically low supply, and a steady increase in buyer demand, Capalaba is a hub for investors and home buyers alike.
Additionally, a new $250 million town centre development starting early 2025 will offer a range of employment opportunities.
“There is significant future development proposed, including commercial precincts, public spaces, a new library, community facilities, and upgraded retail and dining areas,” Harvey said.
Coombabah, Gold Coast, Queensland
Median house price: $950,000
Median rental yield: 4.3 per cent
Vacancy rate: 0.8 per cent
According to Hotspotting director, Terry Ryder, Coombabah will experience an annual growth of 6.8 per cent over the next four years, driven by a strong population growth trend.
He said Coombabah’s location – 15 kilometres from the Gold Coast CBD and with good public transport connections – will contribute to buyers’ demand.
“It is a picturesque riverside location with plenty of open space, parks and recreational facilities, making it a family-friendly and peaceful area,” Ryder said.
Edwardstown, Adelaide, South Australia
Median house price: $900,000
Median rental yield: 3.7 per cent
Vacancy rate: 0.4 per cent
Located about 7 kilometres from the Adelaide CBD and nearby two train stations, Edwardstown is a hotspot for city workers and offers affordable housing options for investors and first home buyers.
“The ongoing construction of the North-South Motorway will continue to enhance that connectivity,” Harvey said.
“With low days on the market and steady buyer demand, Edwardstown remains an attractive area for investors and home owners.”
Hampton, Melbourne, Victoria (units)
Median unit price: $920,000
Median rental yield: 4.4 per cent
Vacancy rate: 0.7 per cent
Hampton, the only unit suburb to make the top 10 next million-dollar list, is described as the best beachside living alternative to Brighton and ideal for families.
“Hampton has a vibrant shopping strip that offers a wide range of services, including cafes, restaurants, boutiques, gyms and bars,” Ryder said.
“There are pockets including Margarita Street, Castlefield Estate, Mills Street and Orlando Street, which are sought-after for their proximity to schools and amenities.”
Langwarrin, Frankston, Victoria
Median house price: $855,000
Median rental yield: 4 per cent
Vacancy rate: 1.2 per cent
According to Ryder, Langwarrin is an ideal spot for both owner-occupiers and investors.
Langwarrin maintains a charming semi-rural atmosphere while being just 7 kilometers from Frankston Beach.
Additionally, it’s only minutes from the Peninsula Link Freeway, providing easy access to the Mornington Peninsula’s beaches, wineries and restaurants, and only a 35-minute drive to Western Port Bay for fishing and around 45 minutes to Melbourne’s CBD.
“It is popular with families as it has five outstanding schools, including Woodlands Primary, Elisabeth Murdoch College, and Woodleigh Secondary,” Ryder said.
Teralba, Lake Macquarie, NSW
Median house price: $900,000
Median rental yield: 4.3 per cent
Vacancy rate: 0.9 per cent
Harvey said Teralba will see 6.1 per cent annual growth over the next four years due to the expansion of Lake Macquarie Private Hospital by 2027, and the $1 billion North-West Lake Macquarie development, which will add 13,000 residents and 3,000 jobs.
“It has strong investment appeal for subdivision and townhouse development,” Harvey said.
“The suburb provides a lakeside lifestyle with easy access to Lake Macquarie, perfect for boating and sailing enthusiasts. It is also close to key local hubs of Warners Bay and Toronto.”
Upper Coomera, Gold Coast, Queensland
Median house price: $910,000
Rental yield: 4.6 per cent
Vacancy rate: 1.1 per cent
Upper Coomera has been experiencing consistent growth, fuelled by rising demand for family-oriented housing, and is set to grow further following the ongoing development of the $1.5 billion Harbour Shores master-planned community and the $3.02 billion Coomera Connector.
Ryder said the developments are “expected to help boost the area’s growth and demand”.
“It offers easy access to both Brisbane and the Gold Coast and major transport hubs, and features modern homes on medium-sized blocks, with plenty of parks, schools and recreational facilities to support future population growth.”
Waratah, Newcastle, NSW
Median house price: $905,000
Median rental yield: 4 per cent
Vacancy rate: 0.9 per cent
With low days on the market, low supply, high buyer demand, and low vacancy rate of around 1 per cent, Waratah is a hotspot for investors.
Harvey said the suburb is expected to experience a further 6.4 per cent annual growth over the next four years, thanks to its proximity to Newcastle’s key hubs.
“Waratah offers easy access to Newcastle University, Mater Hospital, and quality schools, plus excellent transport connections via train.”
Woombye, Sunshine Coast, Queensland
Median house price: $970,000
Median rental yield: 4 per cent
Vacancy rate: 0.6 per cent
Woombye in the Sunshine Coast hinterland has the perfect location only 15 kilometres from the CBD and easy access to major transport hubs.
With low supply, high buyer demand and low days on the market, Woombye “small town vibe” has appealed to buyers seeking affordable living and tranquillity.
“The suburb has a family-friendly, peaceful atmosphere with parks, scenic views and local markets,” Ryder said.