Lexi Webster
Australia's property market has been booming, with some suburbs experiencing rapid growth in property values and rental yields. While there are many factors contributing to this growth, one notable trend is the demand for affordable housing, with buyers seeking greater value for money. Beachlands in Western Australia was the nation's top growth suburb in 2024, with a median price of $391,659. Other top-performing suburbs include Warana on Queensland's Sunshine Coast, with a median price of $1.2 million, and Bellevue in Perth, with a median price of $674,768. These suburbs offer a blend of charm, modern conveniences, and attractive locations, drawing in both investors and homebuyers seeking a change of scenery. With strong market indicators and a diverse range of suburbs experiencing significant price growth, Australia's property market is an exciting prospect for both homeowners and investors alike.
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What You'll Learn
Affordable suburbs with high price growth
Australia's property market has witnessed a trend where affordable suburbs are experiencing high price growth. This shift is attributed to buyers' increased mindfulness about what they pay for a home, steering demand towards affordable suburbs. This dynamic is reflected in the CoreLogic Best of the Best 2024 report, which revealed that the ten suburbs with the highest growth in Australia had median house prices below their respective capital city or state averages. This indicates a surging demand for value-packed properties.
One notable example is Beachlands, a coastal suburb in regional Western Australia, which boasted a staggering +38.4% price growth in 2024, reaching a median price of $391,659. Beachlands offers a blend of heritage homes and modern builds, coupled with scenic coastal views. Its affordability compared to other WA coastal towns has attracted investors and sea-changers seeking a balanced lifestyle within their budgets.
Another suburb experiencing high price growth is Toolooa in Queensland, with a +35.6% annual increase, resulting in a median house price of $425,800. Toolooa's appeal lies in its proximity to Gladstone's industrial hub, providing affordable housing options near employment zones. The suburb caters to a diverse range of buyers, from those seeking older homes to those preferring modern estates. Rental demand in Toolooa has surged due to its affordability and convenient location.
Beverley, a rural town in regional WA, mirrors Toolooa's growth rate of +35.6%, with a median house price of $397,288. Beverley offers a peaceful country lifestyle with historic cottages and a strong sense of community. It has become an attractive option for tree-changers seeking affordable acreage.
Slacks Creek, located south of Brisbane, near Logan, has also experienced remarkable unit price growth, with a 27.4% surge in 2023. This suburb stands out for offering affordable housing options in a capital city, contributing to its appeal among buyers.
In summary, the Australian property market is witnessing a trend where affordable suburbs are experiencing high price growth. This shift is driven by buyers' increased price consciousness and the pursuit of value for money. As a result, suburbs like Beachlands, Toolooa, Beverley, and Slacks Creek have become sought-after destinations for investors, sea-changers, and those seeking a balance between lifestyle and budget.
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Factors leading to high growth
Beachlands, a suburb in regional Western Australia, was named the nation's top growth suburb in 2024, with prices soaring by 38.4% to a median of $391,659. Its relatively affordable price point compared to other WA coastal towns has attracted investors and sea changers seeking a relaxed lifestyle. The suburb's proximity to Geraldton's CBD, beaches, and local schools has made it attractive to families and retirees.
Bellevue, a suburb located 20km from Perth CBD, surged by 36.9% in 2024, with a median house price of $674,768. Bellevue offers a blend of established homes and new developments, making it appealing to families seeking space and accessibility.
The high growth in these suburbs can be attributed to several factors:
- Affordability: Beachlands and Bellevue offered relatively affordable price points compared to other coastal towns or more expensive suburbs. This attracted buyers looking for value-packed properties, particularly in a market where home values have surged and affordability has worsened.
- Strong demand: The consistent and rapid rise in property values in a short time frame indicates strong demand for these suburbs. Properties sell quickly, and the areas have low vacancy rates, suggesting a high desire for both ownership and rental accommodation.
- Proximity to amenities: Beachlands' proximity to Geraldton's CBD, beaches, and schools, as well as Bellevue's accessibility to Perth CBD and blend of established homes and new developments, have made these suburbs attractive to a range of buyers, including families and retirees.
- Infrastructure and lifestyle: The charm of Beachlands' heritage homes and Bellevue's established homes, along with the allure of scenic coastal views and accessible space, contribute to the desirability of these suburbs.
- Interstate and overseas migration: While not specific to these suburbs, Queensland, South Australia, and Western Australia are experiencing monumental changes in population through interstate and overseas migration, which is reflected in large price growth.
- Housing supply and demand: In some areas, such as Brisbane, a housing supply crunch has pushed buyers towards apartments. This dynamic between supply and demand can influence price growth and direct buyers to neighbouring suburbs or alternative housing options.
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Fastest-growing suburbs in 2023
While I cannot find information specific to the year 2023, here is some information on the fastest-growing suburbs in Australia from 2024 and 2025 sources.
Beachlands, a coastal suburb in regional Western Australia, was the nation's top growth suburb in 2024, with prices soaring by 38.4% to a median of $391,659. Beachlands offers a blend of heritage homes and modern builds, along with scenic coastal views. Its affordability compared to other WA coastal towns has attracted both investors and those seeking a relaxed lifestyle.
Other fast-growing suburbs in 2024 include Balga, located 13km north of Perth's CBD, which saw a 35% increase, pushing the median house price to $662,263. Its convenient location, access to parks, and proximity to schools make it popular with families.
In 2025, suburbs like Rasmussen in Townsville, Queensland, and Toolooa in the Gladstone region of Queensland, are expected to perform well. Rasmussen has seen a stunning 35.9% growth rate, with a median house price of $456,080. It is known for its family-friendly vibe and leafy surroundings and has attracted first-home buyers and investors due to its affordability.
Toolooa has become a hotspot for workers seeking affordable housing close to employment zones, with a mix of older homes and modern estates. Its median house price climbed to $425,800 after a 35.6% annual increase.
It is worth noting that while population growth is a factor, it doesn't always lead to capital growth, and other factors like development and discovery, as seen in the case of Warana, a suburb on Queensland's Sunshine Coast, can also contribute to a suburb's growth.
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Fastest-growing suburbs in 2024
Australia's fastest-growing suburbs in 2024 offer a mix of coastal, country, and city living, attracting everyone from investors to first-home buyers and retirees. Beachlands in regional Western Australia took the top spot, with a staggering +38.4% price growth in 2024, reaching a median house price of $391,659. Its blend of heritage homes and modern builds, along with scenic coastal views, has drawn both investors and sea changers seeking a relaxed lifestyle.
Another standout suburb in Western Australia is Wonthella in the Greater Geraldton region, which saw a +34.2% climb in 2024, with a median house price of $391,658. Wonthella is known for its mix of charming older homes and modern renovations, attracting buyers seeking value in a coastal setting. The suburb's excellent sporting facilities and community hubs also make it appealing to families.
In Queensland, Rasmussen, a riverside suburb in Townsville, delivered impressive growth with a +35.9% increase, pushing the median house price to $456,080. Its family-friendly vibe, leafy surroundings, and proximity to James Cook University and local shopping hubs have made it attractive to both first-home buyers and investors.
Townsville's northern suburb, Cosgrove, also saw significant growth in 2024, with a +34.6% annual increase and a median house price of $627,400. The area's new housing estates, family-friendly environment, and easy access to the Bruce Highway make it ideal for commuters.
For those seeking a peaceful country lifestyle, Beverley, located 130km east of Perth, offers historic cottages, a strong sense of community, and affordable acreage. Beverley's growth in 2024 can be attributed to its affordability and the trend of remote working.
Lastly, in Sydney, Ultimo, an inner-city suburb, drew 19% more people, making it the state's third-fastest-growing area in 2024. While specific percentage growth figures are unavailable, Greater Adelaide also experienced notable growth, with the city centre alone growing by 1,400 people (7.5%) over the 2022/23 financial year.
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Fastest-growing suburbs in Queensland
Queensland has traditionally been a national leader in population growth, driven by internal migration. Outside Brisbane, the growth has been led by the Gold Coast and the Sunshine Coast. However, internal migrants have also been venturing to regional centres throughout Central Queensland and North Queensland.
Townsville is the unofficial capital of North Queensland, with a strong and diverse economy creating plenty of jobs. Kirwan, a suburb of Townsville, is the most popular with buyers, with over 500 sales in the past year, prices in the $300,000s, and scarce rentals.
The key Central Queensland regional centre of Rockhampton is a good fit for the 'Exodus to Affordable Lifestyle' trend and is attracting investors who can buy solid homes for below $400,000. Parkhurst in Rockhampton has seen a 54.2% rate of growth, with more prestigious homes being built.
On the Sunshine Coast, Warana has a median house price of $1.2 million and has grown 38.5% in the past year.
In Brisbane, Cannon Hill, 10km east of the city, is growing in popularity with young families, offering value for money. Within Brisbane, Brookwater has seen a median house price increase from $979,000 in 2020 to $1.2 million. Springfield, located less than 35 minutes from the Centenary Highway and 40 minutes to the CBD, is also one of the fastest-growing suburbs in Queensland.
Bellbird Park, considered an investment gold mine, has climbed 20% in property value in the last 12-18 months. Ripley, 43km southwest of Brisbane, is predicted to become the country's largest area for urban growth, with the Queensland Government expecting the population to boost to more than 120,000.
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Frequently asked questions
Beachlands in Western Australia was the nation's top growth suburb in 2024, with prices soaring by 38.4% to a median of $391,659.
High growth suburbs tend to have a consistent and rapid rise in property values over a short time frame, low vacancy rates, rising rental yields, and high auction clearance rates.
Warana on Queensland's Sunshine Coast, Parkhurst in Rockhampton, Queensland, Bellevue in Perth, and Annerley in Brisbane are some examples of fast-growing suburbs in Australia.
Affordable suburbs in Australia have offered the fastest price growth and biggest returns on investment. These areas provide a great opportunity for wealth creation, especially for working Australians.
