Melbourne and Sydney suburbs have topped the national rankings for growing suburbs that are perfect for property investment. These suburbs were chosen based on the median number of days spent on the market, price comparison to neighbouring suburbs, supply, demand and the annual growth rate. For those who wish to enter Sydney property investment or Melbourne property investment these are the suburban areas that are most likely to increase in value.
Not all suburbs that are identified for high growth potential are high end areas. Needless to say, high end areas such as Darlinghurst and Rose Bay which are among the top suburbs for growth, are definitely a good idea for those who seek capital growth. Real estate experts recommend steering clear from suburbs that have seen sudden growth solely due to new developments.
If you are seeking affordable suburbs, Dakabin with a 15.3% annual growth rate and Mernda with an 8.3% annual growth rate both offer median house prices below $500,000. The median number of days on the market for Dakabin and Mernda are quite high in comparison to other high growth suburbs at 71 and 43, respectively. These two suburbs have features strong price growth for the past five years and are considered to be low in demand. It is very important that you do not only look at the price growth when assessing a location.
St Kilda West displays an annual growth rate of 10.7% along with an 8% decline in median number of days on the market. Over the past year, market demand for St Kilda West has increased by 44%. At the moment, prices are high at St Kilda West. It is considered quite an achieving suburb for potential Melbourne property investors to consider.
If you are a Sydney property investor, looking towards northern beaches, you can consider Narrabeen which reported an annual growth rate of 10.6% and a 50% increase in market demand. In comparison to neighbouring Sydney suburbs, Narrabeen has seen price increases due to the arterial roads which offer multiple access points into Sydney.
Capital Wealth Property provides a range of investment opportunities all across Australia. Whether you are looking for growing suburbs in Sydney, Melbourne or Gold Coast, we can assist you choose the right location, the right property and the right investment approach. Contact us today for more information.