The Queensland suburb of Woolloongabba has been named the best place to invest in Australia, based on new research by ME.
The inner eastern suburb ranked number one in the top 20 list of places to invest for residential property investors looking to forge new financial goals following the COVID-19 pandemic.
The Queensland suburb of Burleigh Heads came in second, while Five Dock, in Sydney, was third.
In total, NSW had nine suburbs in the top 20, while Queensland had five, Victoria had three and Western Australia had three as well.
South Australia, the Northern Territory, the ACT and Tasmania didn’t make the top 20.
Rounding out the top 20 were:
ME’s Consulting Demographer, Chris McNeill from Ethos Urban said a common theme that stood out in ME’s list was the huge impact new transport infrastructure had on creating investment opportunities in a suburb.
“Woolloongabba, for example, is already serviced by two train stations and the new Cross City Rail Project will provide a new line running directly under the suburb, increasing connectivity and changing the way people use the area,” Mr McNeill said.
“This will only be bolstered in the coming years as Brisbane prepares its infrastructure for the 2032 Olympics.
“Add to this the exciting atmosphere in Logan St, its rapid population growth and steady house price growth, it really does offer a unique opportunity for those looking to invest in the residential property market.”
ME’s list of best places to invest captures all levels of investment, from apartment-focused buying in Five Dock, South Melbourne or Claremont to larger freestanding home opportunities in up and coming suburbs such Yanchep or Preston.
ME General Manager, John Powell said many people across the country spent the COVID-19 lockdowns reviewing their financial goals and were now looking to take the next step in achieving them.
“The ME best places to invest list provides quality information which will help investors narrow their property search and find the ideal investment,” Mr Powell said.
State findings from the report
New South Wales dominates the top 20
New South Wales is a clear winner when it comes to investment opportunities for Australians, claiming nine spots in the top 20 national list. Five Dock, Rozelle, Parramatta, and Crows Nest all secured spots in the top 10.
“Key transport infrastructure projects like the Sydney Metro South West Project will enhance connectivity to the CBD from areas including North Sydney and Crows Nest, bolstering the already well-established apartment market and coffee scene,” Mr McNeill said.
“Five Dock, Rozelle, Parramatta, Pyrmont and Concord will significantly benefit from the high-speed, high-frequency metro line connecting them to the Sydney CBD. This adds to their appeal for investors following recent growth in rental prices, median house prices and change in white-collar workers”.
Victoria claims three spots in the top 10
The already eclectic North Melbourne boasts fourth position in the list.
“As the North Melbourne underground will connect with Melbourne Central, Melbourne University and Flinders Street, while incorporating in the Arden Street Precinct Structure Plan,” Mr McNeill said.
“The Andrews Government’s investment in removing level crossings is creating change around Victoria. For instance, upgrades to safety and amenities in Preston, have significantly improved the investment prospects for the north Melbourne suburb.
“The Melbourne Metro upgrade will also see the already booming South Melbourne be the perfect spot for apartment investing. With connectivity to Albert Park, good investment returns and capital growth, and lively coffee culture, what’s not to love.”
Queensland shines with top two positions
In addition to the coveted title of ‘Australia’s best place to invest’, Queensland is home to a quarter of the suburbs in the top 20.
“Queensland’s investment in both Woolloongabba and the Gold Coast has been key,” Mr McNeill said.
“The new Cross City Rail and the Burleigh Heads Light Rail will turbo charge value along the picturesque coast line of the Gold Coast, adding to its already valuable apartment living and growing retail focus, creating greater connectivity to both the Coolangatta (including Airport) and Surfers Paradise for the three Gold Coast suburbs of Burleigh Heads, Mermaid Beach, and Miami.”
WA secures three top 20 spots
Featuring three suburbs in the top 20, Australia’s west covers diverse areas from wine country, to the beach to the leafy well-regarded suburbs perfect for apartment investments.
“The new growth area of Ellenbrook, with its wineries and masterplan estate took out sixth place thanks to WA’s investment in the Ellenbrook Rail Extension, connecting more than five suburbs,” Mr McNeill said.
“Yanchep’s beautiful beaches and coastal township is also set to benefit from the Yanchep Rail Extension, making the journey to Joondalup just a 30-minute commute, while Claremont in Perth’s leafy western suburbs will benefit from the Claremont station upgrade, making it for a perfect residential apartment investment opportunity.”
While the ACT, South Australia, Tasmania and Northern Territory, had no entries in the top 20, this didn’t suggest they were lacking in favourable investment options, according to Mr McNeill.
“Based on the statistical approach and methodology applied, it is simply that the most impactful transport projects presently being undertaken, are in New South Wales, Victoria, Queensland and Western Australia,” he said.