Woolloongabba offers the best prospects for property investors looking to invest post COVID-19 pandemic.
ME Bank and Ethos Urban's new research listed down 20 of the best places in Australia to invest, with Queensland clinching the two top positions: Woolloongabba and Burleigh Heads.
ME Bank consulting demographer Chris McNeil said new transport infrastructure has a huge impact on creating 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," he said.
"This will only be bolstered in the coming years as Brisbane prepares its infrastructure for the 2032 Olympics."
Furthermore, the new Burleigh Heads Light Rail is expected to "turbo charge" the value along the Gold Coast.
Three other Queensland suburbs made it to the list: Mermaid Beach, Miami, and Fairfield.
ME Bank and Ethos Urban used several quantitative and qualitative factors in identifying the best suburbs to invest in, including transport infrastructure, rental yields, population growth, median house price, average rental prices, and lifestyle appeal.
Based on these criteria, the following suburbs made it to the list:
New South Wales suburbs dominate the list
Nine of the 20 spots in the list were suburbs from New South Wales, with Five Dock claiming the third place.
Mr McNeill said there are key transport infrastructure projects like the Sydney Metro South West Project that will boost the connectivity of areas such as North Sydney and Crow's Nest to the CBD.
“Five Dock, Rozelle, Parramatta, Pyrmont, and Concord will significantly benefit from the high-speed, high-frequency metro line connecting them to the Sydney CBD,” he said.
“This adds to their appeal for investors following recent growth in rental prices, median house prices and change in white-collar workers.”
Victoria’s infrastructure upgrade
North Melbourne ranked fourth in the list, thanks to the addition of the North Melbourne underground that will connect Melbourne Central, Melbourne University, and Flinders Street, while incorporating in the Arden Street Precinct Structure Plan.
Mr McNeill said the 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,” he said.
“The Melbourne Metro upgrade will also see the already booming South Melbourne be the perfect spot for apartment investing.”
Western Australia’s diverse areas
Three Western Australian suburbs got a spot in the list and these areas, Mr McNeill said have diverse backgrounds.
For instance, Ellenbrook’s wineries and masterplan estate was able to take advantage of the Ellenbrook Rail Extension, connecting it to more than five suburbs.
Meanwhile, Yanchep’s beaches and coastal township is also set to benefit from the Yanchep Rail Extension, making the journey to Joondalup just a 30-minute commute.
Claremont, which is situated in Perth’s leafy western suburbs, is also set to be a hotspot for apartment buyers due to the Claremont station upgrade.
Photo by City of Gold Coast on Unsplash.
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