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Navigating the Australian Property Market: Suburbs to Watch in 2024

The Australian property market has experienced significant shifts over the past few years, influenced by factors such as rising interest rates, changing buyer preferences, and the lingering effects of the COVID-19 pandemic. While housing prices soared in 2021 and early 2022, the market is showing signs of stabilisation. However, property remains a key asset for wealth creation in Australia, with the demand for homes continuing due to strong population growth and economic fundamentals. For buyers and investors alike, the ability to secure competitive home mortgages has become more important than ever.

As the market evolves, navigating the complexities of securing a home mortgage while also finding the right property is crucial. Lenders have tightened their policies, with interest rate hikes affecting affordability and borrowing capacity. Buyers must therefore be strategic in their property search, looking beyond city centres to suburban and regional areas where more affordable opportunities exist. For those looking to invest or purchase a home in 2024, here are some suburbs to watch across Australia, offering a mix of affordability, lifestyle, and growth potential.

Suburbs to Watch in 2024

1. Frankston, Victoria

Located on the outskirts of Melbourne, Frankston has emerged as a prime spot for those seeking coastal living at an affordable price. The suburb has seen substantial infrastructure upgrades and a thriving community vibe. For homebuyers, home mortgages in Frankston tend to offer better value compared to inner-city Melbourne, with growing rental demand making it an attractive option for investors.

2. Coomera, Queensland

Nestled between Brisbane and the Gold Coast, Coomera is fast becoming a family-friendly hub with excellent transport links and affordable housing options. It boasts new developments such as the Coomera Town Centre, schools, and other amenities. First-time buyers looking to secure favourable home mortgages may find Coomera appealing due to its strong potential for future capital growth.

3. Marsden Park, New South Wales

In the western suburbs of Sydney, Marsden Park has caught the attention of buyers looking for affordable alternatives to the city’s high prices. The suburb has been growing rapidly, with a wide range of housing estates being developed. For those securing home mortgages, Marsden Park offers an opportunity to enter the Sydney market with the promise of long-term growth as new infrastructure projects come to fruition.

4. Mount Barker, South Australia

Only 30 minutes from Adelaide, Mount Barker has seen an influx of new residents thanks to its scenic surroundings and affordable real estate options. The suburb is ideal for those looking to stretch their home mortgage further, as housing prices remain competitive. It’s a great location for those wanting a quieter lifestyle without being too far from the city.

5. Rockingham, Western Australia

A coastal gem south of Perth, Rockingham offers an enviable beachside lifestyle without the hefty price tag seen in other coastal areas. Investors and homebuyers alike are taking note of Rockingham’s strong rental yields and capital growth prospects. Those securing home mortgages here can benefit from lower entry costs compared to Perth’s central suburbs, while still enjoying excellent amenities and a relaxed lifestyle.

With rising interest rates and tighter lending conditions, finding the right balance between securing a home mortgage and identifying growth suburbs is key to successful property investment in 2024. Emerging suburbs like Frankston, Coomera, and Marsden Park offer a blend of affordability, lifestyle, and long-term potential. Whether you’re a first-time buyer or an experienced investor, keeping an eye on these areas can help you navigate the ever-changing Australian property market and make informed decisions for your future.