Expanding your property portfolio? The three best spots in Australia to buy this year
When it comes to investing, knowing WHERE to invest is just as important as knowing WHAT type of property to invest in. And this is especially true in the current market, where strategic and long-term purchases are essential when building a profitable property portfolio.
This article will give you the tools on how to interpret trends in the Australian Property Market and make your next move toward a
successful and strategic purchase, giving you more direction in terms of the types of property you might be looking at, but also the exact
suburbs which are set to grow in 2023 and beyond.
What are the trends saying?
With regional areas being the places to buy in 2022, we’re seeing a move away from regional locations to small capital cities. In the suburbs of some of Australia’s smaller cities, real deals can be found - offering opportunities in terms of home renovation projects and new suburban developments. Why is this happening? With borders finally boundless we’re seeing a lot of internal migration - especially from cities that suffered huge hikes in terms of rental prices such as Sydney and Melbourne. With Sydney dropping from 4th to 12th in terms of a hot property market, a huge shift in terms of buying and selling power in what was once Australia’s most opportune property market.
So where are the hotspots?
The three top cities that top our hotspot list is led by Adelaide, closely followed by Brisbane and Perth. These three cities were singled out based on their sales volumes, price growth, vacancy rates and rental growth, plus infrastructure spending and amenities. Within these three capitals sit 110 trending suburbs, 81 of those offering homes for less than $600,000 - making them prime for purchase for those at the beginning of their investment journey.
Adelaide
Adelaide has seen a lot of growth over the past couple of years. Standing at the forefront of Australia’s property market, its growth is largely thanks to its new status as Australia’s tech capital. With many tech companies making roots in the city, it’s seen a huge shift in the economy and therefore lifestyle it can offer to those who lie there. Here are some of the best-rated areas to look out for:
- Christies Beach
- Craigmore
- Dover Gardens
- Elizabeth Vale
- Gilles Plain
- Kurralta Park
- Magill
- Munno Para
- Salisbury East
- Seaford Meadows.
Perth
Perth has also undergone mass development in wake of migration and economic changes in the city. The development of new properties has opened up opportunities for those looking for off-plan purchases. What’s more these new developments have also seen the growth of city amenities - making Perth a highly livable city which offers the best of both worlds. Whilst the whole city is booming and will continue to grow in terms of value, the following areas are prime to look out for:
- Armadale
- Baldivis
- Brabham
- Ellenbrook
- Forestfield
- Hocking
- Joondalup
- Orelia
- Waikiki
- Wellard
Brisbane
Finally, Brisbane, the city has seen a lot of development and continues to grow in terms of new opportunities and amenities. And whilst the CBD remains somewhat pricey, there is still mountains of room to grow. Brisbane is a prime city for internal migration, especially from those priced out of Melbourne or Sydney whom still wish to maintain a cosmopolitan lifestyle. Some of the key areas below include:
- Annerley
- Kangaroo Point
- West Point
- Caboolture
- Dakabin
- Deception Bay
- Eagleby
- Eastern Heights
- Redbank Plains
We hope these lists and our guidance have given you some confidence in your next purchasing decision. If you’re looking for a more tailored and strategic, long term property portfolio plan which will see you reach your long-term financial goals, reach out to our team of Property Strategists. They’re here to help you look further ahead than your next property, structure your debt and recession-proof your financial growth plan. Get in touch today.