Australia’s best bargain suburbs offering good growth prospects have been revealed by leading property experts, where location, amenities and infrastructure look set to offer the perfect mix of buyer appeal.
The inaugural realestate.com.au Hot 100 – compiled from insights of industry professionals – has revealed the top suburbs from each capital offering the best bargain prospects for this year and beyond.
Located about 30kms from Brisbane, Redbank Plains is a family-friendly enclave where about 60% of its population is comprised of families.
Buyer’s agent Kate Hill from Adviseable said the suburb was developed about 14 years ago as a new estate.
“What makes it popular is that it is actually more affordable than say Ripley, where you’re getting the brand new houses, or Springfield Lakes on the other side,” she said.
“So, it’s popular because it is more affordable because I think it’s just that little bit more established.”
The median house price is $500,000 and the median unit price is $340,000.
An abundance of train stations makes the work commute easier, Ms Hill said, but typically people lived and worked locally.
Presenting a chance to get on the property ladder at a reasonable price point was a key attraction of Boondall, Pete Wargent ok from BuyersBuyers believed.
“Boondall was traditionally a cheaper area of Brisbane,” he said.
“However, (it) is gentrifying thanks to its relative affordability and excellent connections to the city.”
The suburb’s median house price is $830,000, while the median unit price is sitting at $505,000.
Predominantly a family suburb, Mr Wargent said about three-quarters of the population was families with children.
Mr Wargent said with the pandemic accelerating the working-from-home phenomenon, many people have relocated from Sydney and Melbourne up to Brisbane, where entry-level homes were more affordable.
“Interstate migration to Queensland hit a record high in 2022, and this will benefit the more affordable suburbs of Brisbane, such as Boondall,” he said.
Described by buyer’s agent Kate Hill from Adviseable ok as a sleeping giant despite its small size, Preston’s affordability was putting it on buyer’s radars.
“It’s close to Sydney’s new airport construction, where billions of dollars of major infrastructure planning are happening now,” she said.
“People can get to where they work more easily because they’ve got those motorways, they’ve got trains, and they’ve got options to get to multiple places of work.”
The median house price is $975,000.
Situated just 11km southwest of the CBD, Arncliffe has undergone a massive regeneration with new retail spaces, childcare centres and train station upgrades, arguably making it one of Sydney’s best inner-city suburbs.
The locale’s gentrification, well-priced houses and infrastructure development were the reasons buyer’s agent Michelle May from Michelle May Buyers Agents chose Arncliffe as a Hot 100 suburb.
“It’s really a suburb that’s been really on the quiet but I think it should be on first homebuyers’ radars much more than it is,” she said.
“And I think maybe that’s because it doesn’t have that ‘cool factor’ yet. You know, it’s like Marrickville 10 years ago.”
The median house price is $1,425,000, while the median unit price is $708,000.
The Adelaide suburb of Craigmore is a picture-perfect mix of suburbia in close proximity to life’s amenities, Buyer’s agent Kate Hill from Adviseable ok said.
Bigger shopping centres and supermarkets were all within a five-minute drive, while the suburb’s proximity to the Northern Expressway was a popular buyer attraction, Ms Hill said.
“It has a very appealing street appeal… but close to all those facilities, with the Adelaide Hills kind of in the background,” she said.
“You kind of get almost a semi-rural feel but with access to everything you need. You are not a million miles in the ditches (but) five minutes away from everything you need.”
The median house price is $410,000.
Offering an opportunity to buy a home on 600sqm of land or more was proving to be an attractive option for many buyers now that remote working was more commonplace, Pete Wargent ok from BuyersBuyers said.
He said many residents were moving to Dandenong North who could work remotely, or who were only required to go to their place of work less frequently than what might have been the case in the past.
“It’s a long way out from the heart of Melbourne, 27km to the southeast, and in parts quite sleepy,” he said.
“But not everyone needs to be in the CBD these days.”
Dandenong Plaza and Stud Road shopping centres, Waverley Gardens, and other amenities including parks, a golf course, and good schools, were popular drawcards, he said.
With the median house price sitting at $750,000, Mr Wargent said Dandenong North was an affordable locale for families wanting to get onto the property ladder.
Deemed a more affordable suburb in comparison to Melbourne, Geelong West has become more expensive thanks to the pandemic, Mr Wargent said.
“And more people have been able to work remotely, or at least only be in the office two to three days per week now, making it a more viable option for many employees,” he said,
Popular among families and professionals, Geelong West was about 65km from Melbourne.
The house median is $980,000, while the unit median price is $500,000.
Close to the coast, walking distance to shops, supermarkets and restaurants, coupled with attractive parks made the suburb a reasonably peaceful place to live, Mr Wargent said.
Article source: Queensland Property Investor