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2024 | Top growth suburbs in Australia right now

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OpenAgent articles are reviewed by real estate experts and professionals. Our reviewers confirm the content is thorough, accurate and reflective of current trends and best practice. Content is reviewed before publication and upon substantial updates. Learn more about our editorial policy and review board here.

Johanna is one of the co-CEOs of OpenAgent. She has over 8 years of experience in the real estate industry through her work at OpenAgent and holds a class 2 real estate license in NSW. Previously, Johanna worked at hipages.com.au, Australia's largest trade marketplace, where she built her experience understanding renovations and home improvements for 7+ years.

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Looking to invest in a property hotspot that's outperformed the market in 2023?

Against a backdrop of rising interest rates and the pandemic frenzy fizzling out, you’d be forgiven for thinking the brakes have been firmly slammed on house price growth. This is entirely correct, but despite market conditions softening in most major capital cities and overall nationally, there are still many locations where demand (and price growth) is robust. 

As we have reiterated on these pages before, each suburb is essentially its own property market, with its own drivers and conditions – and it’s all about using data to identify high-growth suburbs.

Using data to identify high growth suburbs

High growth suburbs tend to have one or more - sometimes all - of the following factors present:

  • Consistent and rapid rise in property values over a relatively short time frame.
  • Properties sell quickly, and don’t spend many days on market (DOM), a sign there is strong demand in a suburb.
  • Rising rental yields, which is a value of how much income a property could fetch over a timeframe, as a proportion of its value. Higher yields indicate there is strong demand for rental accommodation.
  • High auction clearance rates, which are reported as a percentage of the number of properties sold over a week/month.
  • Low vacancy rates indicate strong demand for rental property in an area.

Let’s now look at ten suburbs tipped to grow fast in the year ahead, based on the past year’s performance (Dec 2022 - Nov 2023).

Top 10 growth suburbs in Australia right now

1. Riverview, QLD 4303

Riverview, bounded on its northeast by the Brisbane River, has become especially popular with first homebuyers who can get more bang for their buck compared to other areas of Ipswich or Brisbane. Houses on decent-sized blocks are relatively cheap, and it is well-connected to these two city centres by regular train services and the Ipswich Motorway. With nearby shopping centres, parks, school and childcare options – and only a short drive to Ipswich’s vibrant Nicholas Street Precinct – it’s easy to see why house prices in Riverview have grown a solid +23.7 per cent over the past year, taking the median house price to $445,902.

  • Median house price: $445,902
  • Growth over 12 months: +23.7%

2. Kariong, NSW 2250

Surrounded by the scenic Brisbane Water National Park, Kariong on the NSW Central Coast is a family-friendly suburb close to the M1 Pacific Motorway and Gosford City centre. It’s only a short drive from shopping, dining, education and recreation facilities, and boasts a plethora of natural attractions for outdoor enthusiasts. Plus, the Australian Reptile Park is just up the road. Low inventory levels coupled with quality location have seen Kariong house prices rise +23.1 per cent over the past year, with a median house price of $938,101.

  • Median house price: $938,101
  • Growth over 12 months: +23.1%

3. Armadale, WA 6112

Armadale, a south-eastern suburb of Perth, is the first of four in the postcode 6112 on our list of Australia’s top 10 growth suburbs. One of WA’s fastest-growing centres, Armadale is undergoing an extensive urban renewal project. Homebuyers are drawn to the area’s good access to shopping, public transport, schools and green spaces, while a healthy rental yield of +6.5 per cent and low median house price of $388,284 have put Armidale firmly on the radar of East Coast investors. Strong growth is another lure – house prices have climbed +22.9 per cent over the past year.  

  • Median house price: $388,284
  • Growth over 12 months: +22.9%

4. Brookdale, WA 6112

Brookdale is located next door to Armadale, around a half-hour drive from Perth CBD. A mix of rural and residential areas, Brookdale offers a relaxed suburban lifestyle with access to public reserves and parks, shopping centres, schools and work centres. House prices have grown +22.5 per cent over the past year, but with a median house price of $411,863, Brookdale remains an affordable option for homebuyers and investors alike.

  • Median house price: $411,863
  • Growth over 12 months: +22.5%

5. Hilbert, WA 6112

Neighbouring suburb Hilbert offers similar attractions to Brookdale but at a slightly higher price point – the median house price is $501,895. First subdivided for urban development in the 2010s, Hilbert is also one of Perth’s newest suburbs, comprising planned residential communities that aim to provide affordable and diverse house options for homebuyers. With a +20.8 per cent gain in house prices over the past year and a rental yield of around +6.6 per cent, it also has promising investment potential.   

  • Median house price: $501,895
  • Growth over 12 months: +20.8%

6. Gosnells, WA 6110

Gosnells, a thriving suburb in the City of Gosnells, is around 23 minutes from Perth by train. Its popularity lies in its proximity to rugged natural attractions while being a bustling urban environment, complete with commercial, cultural and family-friendly amenities. While house prices have grown a strong +20.5 per cent over the past year, they remain relatively affordable for homebuyers, with a median house price of $452548.  

  • Median house price: $452,548
  • Growth over 12 months: +20.5%

7. Camillo, WA 6111

Relaxed and family-friendly, Camillo is another south-eastern Perth suburb catching the attention of investors and homebuyers. A median house price of $395,228 makes Camillo an affordable entry point to the property market, and families are catered for with plenty of local shopping centres, schools and parks. As Camillo’s house prices grow – rising +20.4 per cent over the past year – low vacancy rates and a rental yield of around +6.8 per cent could keep it in the investment spotlight.

  • Median house price: $395,257
  • Growth over 12 months: +20.4%

8. Seville Grove, WA 6112

Established as a separate suburb to Armadale in 2002, Seville Grove’s new residential estates are in demand with homebuyers and renters for their family-sized houses and quiet cul-de-sacs. House prices rose +19.9 per cent over the past year, with most buyer activity driven by investors, but homebuyers can still get a good deal – the median house price is $489,940.

  • Median house price: $489,940
  • Growth over 12 months: +19.9%

9. Elizabeth North, SA 5113

Elizabeth North is a northern suburb of Adelaide, offering homebuyers and investors affordable family houses on good-sized blocks only a short commute from the Adelaide CBD. Elizabeth City Centre – a shopping and entertainment precinct – is on the doorstep, as well as a choice of schools, parks and sporting facilities. With a median house price of $359,906, gaining +19.9 per cent over the past year, Elizabeth North is one of Adelaide’s promising suburbs in terms of value.

  • Median house price: $359,906
  • Growth over 12 months: +19.9%

10. Pagewood, NSW 2035

Only 8 kilometres from the Sydney CBD, Pagewood in the Eastern Suburbs is the most expensive suburb on this list, with a median house price of $2,671,575. Within striking distance of the best Sydney has to offer – including its famous eastern beaches – Pagewood offers a family-friendly lifestyle complete with good schools, shopping and dining. If affordability is not a concern, there is potential for a good return on investment, with house prices in Pagewood gaining +19.6 per cent over the past year.   

  • Median house price: $2,671,575
  • Growth over 12 months: +19.6%