The Five Best Places to Buy Property in Australia
Written by: Jason Mudford
No market is more secure than the property market, and very few property markets are as fruitful as Australia’s. The enormous growth of this country’s real estate sector in recent years is no secret, nor is there any uncertainty with regard to its continued growth.
Many of the factors that have spurred the property boom, such as gentrification, shifting demographics and improving infrastructure, can also be useful in predicting future hotspots. Listed below are the five Australian suburbs that show the greatest potential for both short and long term property investment.
1. Botanic Ridge, Melbourne. The South Eastern suburbs have demonstrated the strongest annual growth, with Cranbourne East yielding 16.9% and Botanic Ridge a very impressive 20%. It is the latter that shows the most investment potential, owing to its idyllic location besides the Royal Botanic Gardens. Gains in the region are expected to grow exponentially as retiring baby boomers resituate from the inner suburbs to more picturesque areas.
2. Mosman, Sydney. Although a house in this harbour-side suburb will likely cost more than 2 million dollars, the value of a one bedroom apartment in the same area is, for the moment, drastically underrated. Units selling for less than $500,000 are not uncommon, and in a seafront suburb only ten minutes from Sydney’s CBD this is remarkable indeed.
3. Redcliffe Peninsula, Queensland. The Moreton Bay Rail Link, slated for completion in mid to late 2016, will connect Brisbane’s CBD to the Redcliffe Peninsula, bolstering the latter’s already strong tourism trade. Property values in the idyllic seafront suburbs of Redcliff, Margate and Woody Point are set to rise, and adjacent Clontarf has already shown an impressive annual growth rate of 11.2% in three bedroom units, the highest for that property type in the state.
4. Scarborough, Perth. This seaside suburb has been earmarked for large government spending and redevelopment of its streetscapes and beachfront. For the moment, three bedroom homes for under $600,000 are readily available, but given the area’s planned gentrification, values are sure to rise.
5. Torrensville, Adelaide. Less than 2km from the CBD and only minutes from the beach, Torrensville is a suburb undergoing revitalisation. A vibrant café-restaurant scene has sprung up along Henley Beach Road and the area has an abundance of characterful houses selling for under $700,000.