- realestate.com.au have released their 'Hot 100 suburbs to watch in 2024' list.
- Western Australia is expected to be among the strongest property market performers next year.
- Experts predict that Armadale is expected to be a standout option for interstate investors.
Australia’s real estate industry leaders and experts have released their list of promising suburbs poised to overperform in 2024 through realestate.com.au‘s Hot 100 suburbs to watch in 2024.
“There are a lot of things that can make a suburb ‘hot’, it can be a desirable location that drives more demand, it can be undergoing gentrification to make it more attractive, it can be relatively affordable to other surrounding suburbs,” said PropTrack director of economic research, Cameron Kusher.
Western Australia is expected to be a particularly strong performer in 2024, with capital price growth predicted to go as high as 15% in Perth.
WA suburbs Armadale, Bayswater, Busselton, Fremantle, Geraldton, Mandurah, Noranda, Quinns Rocks, Rockingham, Tuart Hill, and Victoria Park are tipped to experience impressive price growth next year.
The Property Tribune reached out to two experts on WA’s suburbs: , and for their perspectives on the suburbs that made the cut.
The WA suburbs to shine this year
| Suburb | Nominated by |
|---|---|
| Armadale | Adrian Knowles |
| Bayswater | Christine Mikhael |
| Busselton | Simon Pressley |
| Fremantle | Dan White |
| Geraldton | Simon Pressley |
| Mandurah | Adrian Knowles, Dan White |
| Noranda | Pete Wargent |
| Quinns Rocks | Pete Wargent |
| Rockingham | Adrian Knowles |
| Tuart Hill | Peter Koulizos |
| Victoria Park | Peter Koulizos |
Source: Hot 100.
North of the river (NOR): Bayswater and Noranda
Bayswater has performed well in the past year, according to Perth Realty Group senior sales executive, Prash Nayar, and is due for even more significant growth thanks to METRONET, a huge investment into Perth’s public transport infrastructure.
“Infrastructure is an extremely strong factor in driving demand.”
Prash Nayar, Perth Realty Group
Nearby to Bayswater is Noranda, which is also expected to have a stellar 2024.
“The average sale price in that suburb, you do get value for money, and its proximity to the city and surrounding suburbs is a huge draw factor,” said Nayar.
“The family appeal, with the schools and the surrounding areas, applies to Bayswater as well.”
Noranda housing and unit market
| Median | Change | Supply | Demand | 10 year price growth | Rent | Change | Vacancy rate | Gross yield | |
| House | $690,000 | 4.2% | -16.1% | 33.0% | 16% | $650 | 25.0% | 0.2% | 5.0% |
| Unit | $369,000 | 11.6% | -21.6% | 40.0% | 2% | $425 | 5.6% | N/A | 6.5% |
Source: PropTrack.
Noranda is home to an older population, with the Hot 100 data showing a main demographic of 60-69. The 8,000 population suburb is just over 9.2 kilometres from the city centre.
Weekly asking property prices for 6053, including Bayswater
Your Property Your Wealth founder, Daniel Walsh, agreed that Bayswater is primed to perform exceptionally well.
“The price bracket between $500,000 and $800,000 will be the hot commodity for freestanding houses.”
Daniel Walsh, Your Property Your Wealth
Bayswater is home to over 15,000 people, according to the Hot 100, and less than seven kilometres from the city centre.
Mainly comprising 30-39 year olds, PropTrack data showed median house prices for the area were $740,000.
Bayswater housing and unit market
| Median | Change | Supply | Demand | 10 year price growth | Rent | Change | Vacancy rate | Gross yield | |
| House | $740,000 | 0.7% | -9.8% | 22.2% | 24% | $595 | 18.5% | 0.5% | 4.3% |
| Unit | $290,000 | -17.1% | 3.7% | 58.9% | -12% | $450 | 21.6% | 4.7% | 6.7% |
Source: PropTrack.
However, Nayar expressed some surprise that Ellenbrook did not make the list, due its similarities to Bayswater.
“The percentage growth Ellenbrook has achieved in the last 12 months is worth looking into,” he said.
“There’s been a lot of discussion amongst interstate buyers looking at Ellenbrook and the surrounds, and Armadale.
“Affordability and per square metre potential are the big draws there.”
Weekly asking property prices for 6069, including Ellenbrook
Where are interstate investors looking?
Eagle eyes from over east are honing in on Quinns Rocks, according to Walsh.
“Quinns Rocks will do quite decently because the stock is really low.
“But you can still buy properties in the $500,000 to $600,000.”
Daniel Walsh, Your Property Your Wealth
Walsh added the sheer lack of stock, combined with it neighbouring a desirable location like Mindarie, will make it one of the top performers next year.
Weekly asking property prices for 6030, including Quinns Rocks
Quinns Rocks is home to over 8,800 people, with the main demographic between 45 and 54 years old.
The suburb is located some 36 kilometres from the CBD.
Quinns Rocks housing market
| Median | Change | Supply | Demand | 10 year price growth | Rent | Change | Vacancy rate | Gross yield | |
| House | $638,000 | 10.0% | -18.7% | -2.8% | 25% | $550 | 10.0% | 1.4% | 5.1% |
Source: PropTrack.
“A lot of investors are tracking places that are more affordable,” said Walsh.
“They were looking at Rockingham and cheaper suburbs in the north coast – now they’re just about to hit the Armadale section because of its affordability.”
Weekly asking property prices for 6112, including Armadale
Walsh said he expects Armadale’s price property growth to go into the double digits over the next couple of years.
“The asset that I would be picking for Perth would be an asset that has potential growth and a market where there is some form of scarcity; whether it’s because the asset is irreplaceable or it’s closer towards the beaches, where there’s land scarcity.”
Daniel Walsh, Your Property Your Wealth
Nayar added that Armadale is also attracting interest due to the large sub-division potential.
Armadale housing and unit market
| Median | Change | Supply | Demand | 10 year price growth | Rent | Change | Vacancy rate | Gross yield | |
| House | $370,000 | 19.4% | -7.8% | 109.2% | 21% | $450 | 25.0% | 2.0% | 6.5% |
| Unit | $300,000 | 11.1% | -6.9% | 109.6% | 4% | $415 | 18.6% | N/A | 7.7% |
Source: PropTrack.
The full list of suburbs and what makes them tick
Note: Those already covered above will not be repeated.
Busselton
The major regional location was highlighted for its amenity, investment prospects, and location.
Known for the Busselton Jetty and being the gateway to locations like Margaret River, and beyond, the locale is about halfway between Bunbury and Margaret River.
“Over the last three years, and broadly across the last two decades, the property market in Busselton has outperformed the state’s capital city, Perth,” said Propertyology’s Simon Pressley.
To note, the below data represents the suburb of Busselton only.
Busselton housing market
| Median | Change | Supply | Demand | 10 year price growth | Rent | Change | Vacancy rate | Gross yield | |
| House | $683,000 | 8.3% | 2.4% | 10.4% | 57% | $600 | N/A | 0.0% | 5.1% |
Source: PropTrack.
Fremantle
Selected for its location and amenity, the waterfront and harbourfront suburb is an eclectic melting pot and home to many well-known destinations such as the Fremantle Markets, the Fremantle Prison, and more.
Ray White’s Dan White said the suburb is home to a diverse mix of restored period brick cottages through to modern apartments.
Nearly two fifths of homes in the suburb are freestanding and about a third are semi-detatched.
Standalone homes tend to fetch between $1.5 million and $2 million, while townhouses can be found below the million dollar mark. Apartments can be as low as $500,000.
Fremantle housing and unit market
| Median | Change | Supply | Demand | 10 year price growth | Rent | Change | Vacancy rate | Gross yield | |
| House | $1,106,000 | 10.0% | 0.0% | -6.6% | 30% | $750 | 15.4% | 0.3% | 4.0% |
| Unit | $520,000 | -4.1% | -8.9% | 4.5% | 20% | $550 | 14.6% | 1.0% | 5.6% |
Source: PropTrack.
Geraldton
Located some four hours north of Perth, the third largest Western Australian city was chosen for its affordability, infrastructure, and investment prospects.
“This major regional city has so much potential,” said Pressley.
“The lifestyle and infrastructure are there and, at a time when the entire nation is up in arms about affordable housing, a $320,000 median house price should be salivating.”
To note, the following represents the CBD suburb of Geraldton only.
Geraldton housing and unit market
| Median | Change | Supply | Demand | 10 year price growth | Rent | Change | Vacancy rate | Gross yield | |
| House | $320,000 | -3.0% | -20.2% | 22.5% | -6% | $400 | 14.3% | 0.3% | 6.2% |
| Unit | $182,000 | -33.8% | 4.6% | 12.6% | -46% | $260 | 4.0% | N/A | 7.7% |
Source: PropTrack.
Mandurah
An hour and a half south of Perth, Mandurah was nominated for an extensive list of perks, including affordability, amenity, family appeal, investment prospects, and population growth.
“Mandurah is the lifestyle capital of Western Australia because of everything it has to offer without the big price tag,” said White.
“When it comes to property, Mandurah offers something for everyone, from affordable options for first-home buyers to upmarket canal homes,” he added.
Mandurah housing and unit market
| Median | Change | Supply | Demand | 10 year price growth | Rent | Change | Vacancy rate | Gross yield | |
| House | $390,000 | 11.4% | -18.7% | 38.2% | 21% | $450 | 18.4% | 1.1% | 6.1% |
| Unit | $320,000 | 0.0% | -0.3% | 10.4% | -2.00% | $400 | 14.3% | 3.9% | 6.5% |
Source: PropTrack.
Rockingham
A suburb chosen for its amenity, family appeal, and affordability, the suburb is north of Mandurah and roughly forty minutes from Perth.
Rockingham was noted as an ideal place for affordable beachside living. It is also well served by a shopping centre and the Mandurah rail line.
Rockingham housing and unit market
| Median | Change | Supply | Demand | 10 year price growth | Rent | Change | Vacancy rate | Gross yield | |
| House | $509,000 | 7.4% | -7.5% | 28.3% | 21% | $500 | 16.3% | 0.5% | 5.2% |
| Unit | $346,000 | 9.8% | -9.3% | 24.0% | 17% | $440 | 15.8% | 1.1% | 6.3% |
Source: PropTrack.
Tuart Hill
A stone’s throw from the Perth CBD at 6.6 kilometres, the suburb of Tuart Hill has affordable standalone homes at around the $600,000 mark, while units are almost $400,000.
Weekly asking property prices for 6060, including Tuart Hill
“Not only is it close to the city but it is an easy commute to the beach and airport,” said Peter Koulizos.
“It has solidly built 1960’s and 1970’s homes, which would respond well to a new coat of paint, polish of the timber floors and possibly a new kitchen and bathroom,” he added.
Tuart Hill housing and unit market
| Median | Change | Supply | Demand | 10 year price growth | Rent | Change | Vacancy rate | Gross yield | |
| House | $625,000 | -2.3% | -18.3% | 75.6% | 8% | $550 | 5.8% | 0.3% | 5.2% |
| Unit | $375,000 | 4.2% | -9.8% | 71.9% | -3% | $450 | 15.4% | 1.5% | 6.4% |
Source: PropTrack.
Victoria Park
The suburb of Victoria Park was chosen for its location, amenity, and gentrification, with the main strip of activity up and down Albany Highway currently undergoing significant transformation.
Many evenings and weekends will see the strip packed with patrons of the countless eateries, with the suburb also benefiting from close proximity to the CBD and major draw cards such as universities.
Weekly asking property prices for 6100, including Victoria Park
Victoria Park housing and unit market
| Median | Change | Supply | Demand | 10 year price growth | Rent | Change | Vacancy rate | Gross yield | |
| House | $799,000 | 6.1% | -15.6% | 54.1% | 20% | $625 | 13.2% | 0.1% | 4.3% |
| Unit | $330,000 | -15.2% | -15.5% | 34.7% | -19% | $450 | 21.6% | 0.6% | 7.0% |
Source: PropTrack.
