️ Highlights:
1. Realestate.com.au has released its annual Hot 100 list, which highlights 100 suburbs across Australia that are expected to outperform in 2024 and beyond. The selection criteria included economic and local growth drivers such as supply and demand, population growth, and infrastructure projects.
2. The list encompasses suburbs from all over the country, indicating ample opportunities for property seekers. Factors that make a suburb “hot” include desirable location, gentrification, and affordability compared to surrounding areas.
3. PropTrack’s Property Market Outlook report predicts a slower pace of home price growth in the next 12 months, with prices expected to increase between 1% and 4%. Perth and Adelaide are expected to outperform other capital cities in 2024.
4. Affordability, amenity, family appeal, location, investment prospects, gentrification, population growth, demographic change, and infrastructure were key growth drivers considered in selecting the suburbs for the Hot 100 list.
5. Regional areas feature prominently in the list, accounting for around 40% of the selected suburbs. Despite underperforming capital cities in the past year, regional areas have seen positive net intrastate migration and are expected to benefit from continued population growth and affordability compared to cities.
Identifying Potential Real Estate Hotspots Across Australia
Property seekers looking for the next big opportunity in the Australian real estate market have a comprehensive guide at their disposal, with new forecasts identifying 100 suburbs poised for significant growth in 2024 and beyond. The annual realestate.com.au Hot 100 list has been compiled based on a variety of economic and local growth drivers, including supply and demand dynamics, population growth, and infrastructure projects, all of which are expected to positively influence property prices in the short to medium term.
Diverse Opportunities Across the Nation
Cameron Kusher, PropTrack director of economic research, emphasizes that the Hot 100 list showcases a wide array of opportunities throughout Australia. Factors contributing to a suburb’s ‘hot’ status include desirable location, ongoing gentrification, affordability relative to neighboring areas, and individual characteristics that may lead to underperformance or overperformance in specific locales.
Predictions for Home Price Growth
PropTrack’s latest Property Market Outlook report forecasts that home prices across the country will grow between 1% and 4% over the next 12 months, a slightly slower pace compared to the 5.5% growth recorded so far in 2023. Perth and Adelaide are expected to lead the pack among capital cities in 2024, reflected in the increased number of Western Australian and South Australian suburbs featured in this year’s Hot 100.
Key Themes and Trends for 2024
Anne Flaherty, PropTrack economist, notes several key themes in the list, including the dominance of family-friendly suburbs with excellent access to schools, parks, shopping precincts, and transport infrastructure. Many of these suburbs also offer relative affordability, presenting opportunities to buy below the median prices of their respective capital cities. Additionally, about 40% of the list comprises regional suburbs, reflecting a continued interest in regional real estate despite recent underperformance compared to capital cities.
Expert Insights and Data Analysis
The Hot 100 list was curated by a panel of industry experts, including heads of major agency groups, buyer’s agents, researchers, investors, and an academic, supplemented by PropTrack data and economic analysis. While there is no guarantee that these areas will outperform, the list provides valuable insights into expert opinions and key drivers of price growth. It also encourages buyers to explore new suburbs, potentially broadening their search areas and discovering more affordable options with comparable attributes.
Conclusion
The realestate.com.au Hot 100 for 2024 offers a detailed and expertly curated guide for property seekers, ranging from first-home buyers to seasoned investors. It highlights the diverse and dynamic nature of the Australian real estate market, providing a valuable resource for those looking to make informed decisions in the ever-evolving landscape of property investment.
More information about 100 suburbs are here at https://www.realestate.com.au/news/hot-100-suburbs-to-watch-in-2024/