Despite some recent slowdowns in the property market, there are still a number of locations set to experience significant growth from 2022 and beyond. Identifying some of these locations, we sat down with Hotspotting’s Terry Ryder to discuss these key markets and how they stack up in the current Australian property market.
Adding to Terry’s comments, we took a deeper dive on these key locations to help clients determine their next investment purchase:
1. Townsville (QLD) –
The city of Townsville consists of an estimated 197,992 current population. By 2041, the population is predicted to have grown by 90,933 residents based on an average growth rate of 1.6% per year. Townsville provides over 100,000 local jobs with 11,959 local businesses (ABS 2021). Unemployment is also at the lowest in decades at 4.4% showing a very strong employment sector. The city is well diversified with major employers consisting of the Australian Military Defense Force, Port of Townsville as well as key employment industries being Health Care & Social Assistance, Mining & Manufacturing.
- Average property price: $500-$550k
- Average rental income: $480-$520k
- Rental yield: 4.9%
- Vacancy rate: 0.2%
2. Rockingham, Wanneroo Region (WA) –
The Rockingham City region is home to 139,613 residents. The area is expected to experience rapid growth by 2046 growing an incredible 71.29% to 239,147 residents. Rockingham City features affordable housing, well-connected infrastructure and amenities, an enviable lifestyle proposition with its beachside dining and parks precincts and sound economic fundamentals with large nearby employment precincts. The suburb of Baldivis has ranked in the top two positions for first-home-buyer grants over the last decade indicating its suitability for young families seeking both lifestyle and convenience.
Wanneroo is the fastest-growing local government area in Western Australia.
The region is well-positioned for continued growth, as it is home to young
lifestyle-focused families and a diversified employment sector. State
government projects, including the Metrolink rail extension, and major private contributions from Stockland, Lendlease, and PEET Limited will provide residents with additional employment, retail, amenities, and improved infrastructure. Additionally, the area offers pristine beaches, restaurants, bars, and plenty of parkland for a lifestyle that is unmatched.
- Average property price: $490-$550k
- Average rental income: $470-$530 pw
- Rental yield: 5%
- Vacancy rate: 0.4%
3. Sunbury (VIC) –
Sunbury is located in the City of Hume which is one of Australia’s fastest growing municipalities home to nearly 250,000 residents. Hume City is a growing, urban fringe municipality about 20 km’s from Melbourne’s central business district. The Hume LGA is one of the most active property markets in Melbourne’s northern region. New land estates are being developed, which will attract families and first-time homebuyers who are priced out of the inner city and middle suburbs. Along with the development of residential areas are improvements to schools, community infrastructure, and transportation. Located in the centre of Melbourne’s northern growth corridor, this precinct has a bright future as a major component of Melbourne’s economy.
- Average property price: $495-$750k
- Average rental income: $400-$480pw
- Rental yield: 3.5%
- Vacancy rate: 0.7%
So If you’re interested in getting ahead of the next property boom in the coming years, simply fill out the form below to secure a no-obligation strategy session with one of our esteemed Senior Property Wealth Planners valued at $495 for FREE!