Which are the best suburbs for investors in 2024?

The weakest capital city house markets were mainly in Melbourne, although Millner in Darwin topped the list of declines, falling by -11 per cent. Similarly, most of the worst-performing unit markets were in Melbourne.

In regional areas, Venus Bay in Victoria saw the largest drop in house values nationwide, down -15.4 per cent, while Sunshine in Greater Melbourne had the biggest fall in unit values, with a decrease of -13.8 per cent.

But which were the best suburbs for investors in 2024?

NSW - Sydney

In NSW’s greater area, the south-west regions have seen the most growth in the past 12 months, grabbing seven out of 10 spots for the top-performing house suburbs, with Bonnyrigg taking the lead with a 19 per cent growth rate.

House price growth in Sydney’s metropolitan area ranged from 15.5 per cent to 19 per cent, with median values ranging from above $1.3 million to $770,793.

For units, the best suburbs were located across the board from the Inner South West to the Blue Mountains and Central Coast, showing a price growth ranging from 10.3 per cent to 18.3 per cent in Monterey, which topped the first position.

The highest price growth suburbs in Sydney in 2024 were:

Sydney houses:

1. Bonnyrigg – growth: 19.0 per cent – median price: $1,079,267

2. Wiley Park – growth: 18.5 per cent – median price: $1,352,924

3. Emerton – growth: 17.9 per cent – median price: $807,690

4. Bonnyrigg Heights – growth: 17.4 per cent – median price: $1,172,390

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5. Mount Pritchard – growth: 16.8 per cent – median price: $1,089,466

6. Lansvale – growth: 16.2 per cent – median price: $1,139,382

7. Tregear – growth: 15.7 per cent – median price: $770,793

8. St Johns Park – growth: 15.7 per cent – median price: $1,224,412

9. Wetherill Park – growth: 15.5 per cent – median price: $1,216,157

10. Edensor Park – growth: 15.5 per cent – median price: $1,322,438

Sydney units:

1. Monterey – growth: 18.3 per cent – median price: $886,980

2. Strathfield – growth: 15.3 per cent – median price: $765,699

3. Bass Hill – growth: 13.5 per cent – median price: $902,636

4. South Windsor – growth: 13.0 per cent – median price: $742,057

5. Camperdown – growth: 11.8 per cent – median price: $986,178

6. Kingswood – growth: 11.6 per cent – median price: $573,685

7. Queenscliff – growth: 10.7 per cent – median price: $1,375,911

8. Summer Hill – growth: 10.5 per cent – median price: $1,023,018

9. Wyoming – growth: 10.3 per cent – median price: $644,556

10. Brighton-Le-Sands – growth: 10.3 per cent – median price: $854,407

Regional NSW

In regional NSW, the Richmond-Tweed area scored nine suburbs out of 10 in the top-performing suburbs for houses, with an annual growth rate of at least 15.2 per cent and a maximum of 26.1 per cent.

Similarly, the Richmond-Tweed area’s suburbs were among the top-performing for units but shared the spotlight with Newcastle, the Illawarra region, and Murray.

The highest price growth suburbs in regional NSW in 2024 were:

NSW regional houses:

1. Coraki – growth: 26.1 per cent – median price: $447,343

2. South Lismore – growth: 23.9 per cent – median price: $382,972

3. Lismore – growth: 22.4 per cent – median price: $445,817

4. Lismore Heights – growth: 22.0 per cent – median price: $479,319

5. Terranora – growth: 20.8 per cent – median price: $1,360,010

6. Girards Hill – growth: 19.8 per cent – median price: $456,128

7. North Lismore – growth: 19.3 per cent – median price: $385,044

8. Bermagui – growth: 17.6 per cent – median price: $1,006,591

9. Woodburn – growth: 15.5 per cent – median price: $542,785

10. East Lismore – growth: 15.2 per cent – median price: $496,053

NSW regional units:

1. Figtree – growth: 19.4 per cent – median price: $786,588

2. West Albury – growth: 17.6 per cent – median price: $415,449

3. Banora Point – growth: 16.4 per cent – median price: $765,220

4. Tweed Heads West – growth: 16.2 per cent – median price: $616,630

5. Raymond Terrace – growth: 14.5 per cent – median price: $463,098

6. Tweed Heads South – growth: 13.6 per cent – median price: $769,333

7. Thornton – growth: 11.3 per cent – median price: $524,555

8. Evans Head – growth: 11.0 per cent – median price: $663,119

9. Pottsville – growth: 10.8 per cent – median price: $957,791

10. Lavington – growth: 10.5 per cent – median price: $332,095

Queensland - Brisbane

While Queensland made the headlines throughout 2024 for overtaking Victoria in second place in the investors’ market, dwelling prices kept rising.

Ipswich areas saw their house values grow between 20.4 per cent and nearly 25 per cent, while Brisbane’s inner city areas took the lion’s share of the top-performing suburbs for units seeing a value growth of 30 per cent or above.

The highest price growth suburbs in Brisbane in 2024 were:

Brisbane houses:

1. Leichhardt – growth: 24.8 per cent – median price: $579,323

2. Brisbane City – growth: 23.7 per cent – median price: $629,007

3. One Mile – growth: 23.6 per cent – median price: $564,986

4. Tivoli – growth: 23.5 per cent – median price: $619,982

5. Fernvale – growth: 23.4 per cent – median price: $736,096

6. Churchill – growth: 22.2 per cent – median price: $601,690

7. Kingston – growth: 21.4 per cent – median price: $650,100

8. North Ipswich – growth: 21.0 per cent – median price: $627,576

9. Lowood – growth: 20.6 per cent – median price: $596,825

10. Gailes – growth: 20.4 per cent – median price: $634,514

Brisbane units:

1. Loganlea – growth: 43.4 per cent – median price: $556,086

2. Bethania – growth: 43.1 per cent – median price: $517,609

3. Waterford West – growth: 42.4 per cent – median price: $438,011

4. North Booval – growth: 39.5 per cent – median price: $529,927

5. Shailer Park – growth: 38.3 per cent – median price: $564,365

6. Waterford – growth: 36.0 per cent – median price: $541,487

7. Logan Central – growth: 32.8 per cent – median price: $390,063

8. Kingston – growth: 32.6 per cent – median price: $502,130

9. Goodna – growth: 32.3 per cent – median price: $380,532

10. Redbank – growth: 30.5 per cent – median price: $514,168

Regional Queensland

In regional Queensland, Townsville took eight out of the 10 spots for best-performing suburbs for houses. With a median price ranging from $383,567 to $627,400 and more than 32 per cent value growth, it has become an interesting hub for investors.

Townsville asserted its position in the unit suburb ranking, grabbing three spots, while the rest of the ranking were suburbs located in the Mackay area.

The highest price growth suburbs in regional Queensland in 2024 were:

Queensland regional houses:

1. Rasmussen – growth: 35.9 per cent – median price: $456,080

2. Toolooa – growth: 35.6 per cent – median price: $425,800

3. Barney Point – growth: 34.6 per cent – median price: $383,567

4. Cosgrove – growth: 34.4 per cent – median price: $627,400

5. Vincent – growth: 33.8 per cent – median price: $443,312

6. Wulguru – growth: 33.6 per cent – median price: $470,934

7. Condon – growth: 33.0 per cent – median price: $465,332

8. Currajong – growth: 32.9 per cent – median price: $457,912

9. Balgal Beach – growth: 32.8 per cent – median price: $499,321

10. Deeragun – growth: 32.5 per cent – median price: $528,135

Queensland regional units:

1. Dolphin Heads – growth: 52.8 per cent – median price: $224,429

2. East Mackay – growth: 49.6 per cent – median price: $350,448

3. West End – growth: 42.0 per cent – median price: $348,306

4. Railway Estate – growth: 41.9 per cent – median price: $372,882

5. South Mackay – growth: 36.6 per cent – median price: $344,447

6. Blacks Beach – growth: 35.1 per cent – median price: $413,973

7. Aitkenvale – growth: 35.0 per cent – median price: $362,095

8. Rosslea – growth: 32.1 per cent – median price: $319,524

9. Mackay – growth: 31.6 per cent – median price: $394,206

10. Pimlico – growth: 31.4 per cent – median price: $311,890

Western Australia - Perth

While the Perth market performed all year round in 2024, the Perth north-east areas showed the most growth, ranging from 30.7 to nearly 37 per cent, and taking nine spots out of 10 on the top 10 performing suburbs for houses.

The city’s north-eastern areas asserted their growth in the unit market, ranking four suburbs on the top-performing list. Annual growth varied from 33.7 per cent to 45.6 per cent.

The highest price growth suburbs in Perth in 2024 were:

Perth houses:

1. Bellevue – growth: 36.9 per cent – median price: $674,768

2. Balga – growth: 35.0 per cent – median price: $619,885

3. Stratton – growth: 34.1 per cent – median price: $662,263

4. Armadale – growth: 33.0 per cent – median price: $579,011

5. Yangebup – growth: 32.8 per cent – median price: $850,317

6. Koondoola – growth: 32.2 per cent – median price: $639,655

7. Midvale – growth: 31.2 per cent – median price: $636,361

8. Midland – growth: 31.1 per cent – median price: $602,639

9. Lockridge – growth: 31.0 per cent – median price: $668,101

10. Beechboro – growth: 30.7 per cent – median price: $723,147

Perth units:

1. Armadale – growth: 45.6 per cent – median price: $484,906

2. Dudley Park – growth: 43.5 per cent – median price: $426,790

3. Balga – growth: 37.6 per cent – median price: $592,495

4. Kelmscott – growth: 36.5 per cent – median price: $437,577

5. Halls Head – growth: 35.1 per cent – median price: $566,248

6. Noranda – growth: 34.4 per cent – median price: $497,820

7. Waikiki – growth: 34.4 per cent – median price: $493,101

8. Osborne Park – growth: 34.2 per cent – median price: $476,845

9. Coolbellup – growth: 33.8 per cent – median price: $529,454

10. Lockridge – growth: 33.7 per cent – median price: $458,021

Regional Western Australia:

The Western Australian outback saw the most growth in house prices across the region, with an increase of at least 31.6 per cent, with a median value ranging between $303,487 and $526,860.

The top 10 performing suburbs for units in regional Western Australia were split evenly, with the outback and Bunbury areas each grabbing five spots.

The highest price growth suburbs in regional Western Australia in 2024 were:

Regional Western Australia houses:

1. Beachlands – growth: 38.4 per cent – median price: $391,659

2. Beverley – growth: 35.6 per cent – median price: $397,288

3. Wonthella – growth: 34.2 per cent – median price: $391,658

4. Karloo – growth: 33.5 per cent – median price: $306,675

5. Rangeway – growth: 32.7 per cent – median price: $303,487

6. Sunset Beach – growth: 32.6 per cent – median price: $526,860

7. Nulsen – growth: 32.5 per cent – median price: $378,437

8. Kellerberrin – growth: 32.1 per cent – median price: $207,768

9. Withers – growth: 31.7 per cent – median price: $479,490

10. Geraldton – growth: 31.6 per cent – median price: $398,287

Regional Western Australia units:

1. South Bunbury – growth: 34.4 per cent – median price: $509,168

2. Geraldton – growth: 32.4 per cent – median price: $315,706

3. Carey Park – growth: 29.6 per cent – median price: $462,830

4. West Busselton – growth: 28.3 per cent – median price: $583,838

5. Somerville – growth: 24.5 per cent – median price: $315,133

6. Bunbury – growth: 20.1 per cent – median price: $492,471

7. Kalgoorlie – growth: 19.8 per cent – median price: $280,580

8. South Kalgoorlie – growth: 19.7 per cent – median price: $306,937

9. Dunsborough – growth: 19.1 per cent – median price: $638,827

10. Kalbarri – growth: 17.5 per cent – median price: $270,168

Victoria - Melbourne

Whether in Greater Melbourne or regional areas, Victoria saw lower dwelling growth compared to NSW, Queensland and Western Australia, with Tatura in regional Victoria showing the biggest house growth at 11 per cent.

Melbourne houses saw a maximum growth of 5.2 per cent in Balaclava, while units in Parkville grew by a maximum of 10.2 per cent.

However, while the state showed slight growth, 2024 revealed a massive drop in value across all dwellings, with Melbourne having six out of the 10 spots for worst-performing suburbs.

Chelsea in Greater Melbourne saw a -10.2 per cent drop in house values. Meanwhile, Sunshine recorded the biggest fall in unit values, decreasing -13.8 per cent.

The highest price growth suburbs in regional Melbourne in 2024 were:

Melbourne houses:

1. Balaclava – growth: 5.2 per cent – median price: $1,463,856

2. Beaconsfield – growth: 4.5 per cent – median price: $1,048,334

3. Pearcedale – growth: 4.3 per cent – median price: $982,976

4. Narre Warren North – growth: 3.8 per cent – median price: $1,550,520

5. Jacana – growth: 3.7 per cent – median price: $578,626

6. Gembrook – growth: 3.6 per cent – median price: $998,163

7. Coolaroo – growth: 3.5 per cent – median price: $539,203

8. Noble Park – growth: 3.4 per cent – median price: $790,862

9. Coburg North – growth: 2.9 per cent – median price: $1,052,591

10. Middle Park – growth: 2.7 per cent – median price: $2,678,327

Melbourne units:

1. Parkville – growth: 10.2 per cent – median price: $569,333

2. Carlton – growth: 7.7 per cent – median price: $364,298

3. Sydenham – growth: 6.7 per cent – median price: $504,983

4. Eumemmerring – growth: 6.0 per cent – median price: $529,802

5. Kew – growth: 4.9 per cent – median price: $874,055

6. Whittlesea – growth: 4.7 per cent – median price: $461,121

7. Sunbury – growth: 4.3 per cent – median price: $489,726

8. Clarinda – growth: 3.8 per cent – median price: $755,891

9. Travancore – growth: 3.8 per cent – median price: $399,348

10. Thomastown – growth: 3.5 per cent – median price: $503,066

Regional Victoria

The Shepparton area in regional Victoria took both spots in houses and units of top-performing suburbs, showing the biggest growth across the board.

Similarly to suburbs in Shepparton, the Bendigo area also ranked across Victoria’s top-performing suburbs for both houses and units.

In regional areas, Venus Bay experienced the largest decline in house values nationwide, dropping by 15.4 per cent.

The highest price growth suburbs in regional Victoria in 2024 were:

Victoria regional houses:

1. Rochester – growth: 12.5 per cent – median price: $334,574

2. Red Cliffs – growth: 11.3 per cent – median price: $358,034

3. Tatura – growth: 11.0 per cent – median price: $499,265

4. Merbein – growth: 9.5 per cent – median price: $337,673

5. Kialla – growth: 8.0 per cent – median price: $706,777

6. Rutherglen – growth: 7.5 per cent – median price: $517,057

7. Irymple – growth: 6.9 per cent – median price: $621,414

8. Mooroopna – growth: 6.5 per cent – median price: $394,792

9. Marong – growth: 5.9 per cent – median price: $685,292

10. Bandiana – growth: 5.6 per cent – median price: $642,992

Victoria regional units:

1. Shepparton – growth: 8.0 per cent – median price: $351,123

2. Mooroopna – growth: 7.1 per cent – median price: $325,629

3. Mildura – growth: 5.9 per cent – median price: $306,226

4. Echuca – growth: 5.5 per cent – median price: $419,160

5. Wodonga – growth: 4.0 per cent – median price: $352,542

6. Drouin – growth: 3.9 per cent – median price: $417,029

7. Drysdale – growth: 3.7 per cent – median price: $508,064

8. Moe – growth: 3.5 per cent – median price: $277,591

9. Benalla – growth: 3.1 per cent – median price: $312,730

10. Golden Square – growth: 3.0 per cent – median price: $389,030

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