Hottest affordable suburbs to watch in 2024
Karen Dellow, Senior Data Analyst
First published 15 December 2023, 06:02 AM
Last updated 19 December 2023, 02:20 PM
The end of the year is fast approaching, which means that many property seekers will take a well-earned break before resuming their search for a home in the new year.
But where are the best suburbs to find an affordable home?
To find out, realestate.com.au brought together a panel of industry experts – including the heads of major agency groups, buyer’s agents, researchers, investors and their own economists - to identify the suburbs to watch in the new year.
Suburbs were nominated based on factors such as affordability, location, family appeal and investment and infrastructure projects.
Of the top 100 suburbs on the list, Armadale in Perth had the most affordable houses based on median sale price.
Top 10 most affordable metro suburbs nationally in the Hot 100 list
|
Suburb |
State |
GCCSA |
Property type |
Median sale price |
|
Armadale |
WA |
Greater Perth |
House |
$370,000 |
|
Mandurah |
WA |
Greater Perth |
House |
$390,000 |
|
Rockingham |
WA |
Greater Perth |
House |
$509,000 |
|
Salisbury |
SA |
Greater Adelaide |
House |
$515,000 |
|
Morphett Vale |
SA |
Greater Adelaide |
House |
$540,000 |
|
Beaudesert |
QLD |
Greater Brisbane |
House |
$565,000 |
|
Parafield Gardens |
SA |
Greater Adelaide |
House |
$575,000 |
|
Rokeby |
TAS |
Greater Hobart |
House |
$586,000 |
|
Morayfield |
QLD |
Greater Brisbane |
House |
$606,000 |
|
Tuart Hill |
WA |
Greater Perth |
House |
$625,000 |
|
Source: realestate.com.au |
||||
The suburb, which was nominated for its affordability and investment opportunities, has a median house price of $370,000 that has grown by 19.4% in the past 12 months.
Demand for properties in Armadale is up 109% on last year, so it is clear that property seekers have realised the suburb's charms.
Mandurah and Rockingham, also in Perth, are the second and third cheapest of the nominated suburbs.
Mandurah’s median house price of $390,000 makes the suburb more affordable than much of Perth. Picture: realestate.com.au
Mandurah was nominated for affordability, amenity, family appeal, investment prospects and population growth and has a median house price of $390,000.
Described as a "lifestyle suburb" by the experts on the panel, Mandurah is expected to experience continued strong growth, with buyers drawn to the coastal lifestyle, affordable properties and investment prospects that the suburb and the wider region offer.
Suburbs in Perth, Adelaide, and Brisbane make up the cheapest areas on the hottest 100 list, but the two most expensive cities, Sydney and Melbourne, still have some affordable suburbs on the list.
Most affordable metro suburbs in the Hot 100 list
Top three per city
|
Suburb |
State |
GCCSA |
Property type |
Median sale price |
|
Armadale |
WA |
Greater Perth |
House |
$370,000 |
|
Mandurah |
WA |
Greater Perth |
House |
$390,000 |
|
Rockingham |
WA |
Greater Perth |
House |
$509,000 |
|
Salisbury |
SA |
Greater Adelaide |
House |
$515,000 |
|
Morphett Vale |
SA |
Greater Adelaide |
House |
$540,000 |
|
Parafield Gardens |
SA |
Greater Adelaide |
House |
$575,000 |
|
Beaudesert |
QLD |
Greater Brisbane |
House |
$565,000 |
|
Morayfield |
QLD |
Greater Brisbane |
House |
$606,000 |
|
Darra |
QLD |
Greater Brisbane |
House |
$660,000 |
|
Mickleham |
VIC |
Greater Melbourne |
House |
$673,000 |
|
Thomastown |
VIC |
Greater Melbourne |
House |
$683,000 |
|
Altona Meadows |
VIC |
Greater Melbourne |
House |
$720,000 |
|
Raby |
NSW |
Greater Sydney |
House |
$860,000 |
|
Kincumber |
NSW |
Greater Sydney |
House |
$985,000 |
|
Glenmore Park |
NSW |
Greater Sydney |
House |
$1,035,000 |
|
Rokeby |
TAS |
Greater Hobart |
House |
$586,000 |
|
Kingston |
TAS |
Greater Hobart |
House |
$720,000 |
|
North Hobart |
TAS |
Greater Hobart |
House |
$834,000 |
|
Holt |
ACT |
Australian Capital Territory |
House |
$750,000 |
|
Waramanga |
ACT |
Australian Capital Territory |
House |
$951,000 |
|
Dickson |
ACT |
Australian Capital Territory |
House |
$1,050,000 |
|
Source: realestate.com.au |
||||
Mickleham, in Melbourne's North West, is located in one of Melbourne's large green field development areas and has seen its population grow by five times between the 2016 and 2021 census'.
The median house price in this suburb is $673,000 and was nominated for its family appeal and investment opportunities.
Sydney's cheapest Hot 100 suburb is Raby at $860,000.
The outer southwest of metro Sydney has been undergoing a massive transformation in recent years, with significant house and land developments increasing the number of properties in this region.
House hunters can get more for their money in Raby, outer southwest Sydney. Picture: realestate.com.au.
It is also home to the planned Western Sydney International Airport and a huge business park that will increase jobs in the area.
Therefore, suburbs such as Raby will continue to be popular, and prices will rise as the development of this region increases, so getting in early could be a good plan whilst properties are still affordable.
There is no guarantee that these suburbs will outperform others in 2024; however, based on expert opinions and key metrics analysis, these areas show signs that demand and price growth will continue into next year.
Click here to check out the full Hot 100 list
Originally published at: https://www.realestate.com.au/insights/hottest-affordable-suburbs-to-watch-in-2024/
