A selection of suburbs across the country are hitting all the right notes for a panel of property experts constantly on the hunt for the next hotspot.
Seventeen ‘high conviction’ suburbs were nominated by at least two independent industry experts in the annual realestate.com.au Hot 100 list.
And only two of these suburbs – Armidale NSW and Mandurah in WA- were nominated by three experts for their desirability.
“I think the reason really is lifestyle, location and connectivity,” said PropTrack economist Anne Flaherty.
“They are both areas where the median price of a home is still relatively affordable and they offer a pretty good lifestyle, and are not too far from cities.”
The Hot 100 was compiled by a panel of industry experts including the heads of major agency groups, buyer’s agents, researchers, investors and an academic, and complemented by PropTrack data and economic analysis.
Armidale’s Nomination
Armidale is the only other suburb to have been nominated by three experts.
With a population of almost 24,000, the thriving inland city boasts industries such as agriculture, education, renewable energy, and tourism, and is on the rise with solid manufacturing, intensive growth in renewable energy, and an emerging IT industry.
Armidale is also popular for its good arterial connections, according to Real Estate Buyer’s Agents Association of Australia (REBAA) NSW representative Linda Johnson.
“Armidale sits itself almost right in between Sydney and Brisbane. It’s kind of like a centre point,” she said.
“There’s a lot of things going for it if you’re wanting a tree change, it’s quite a diverse style of living and very community oriented,” Ms Johnson said.
“It’s quite undulating and a really pretty town. There’s a lot of getting amongst nature, bush walks, hiking. If you rather the bush as opposed to the beach, it offers a lot of those lifestyle choices.”
With a median house price of $489,500, attractive rental yields have always been well supported by the university population, and currently sit around 5% or 5.5%.
But most recently, renewable energy projects and the promise of future jobs are expected to lift housing demand.
A local council push to boost the population and lure industry to the area is also tipped to fuel interest.
View the complete Hot 100 Suburbs to watch in 2024 here.
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