For every Bondi Beach, there are dozens of other suburbs that don’t have the same notoriety, yet have the potential for incredible growth.
Herron Todd White has compiled its list of ‘unsung hero hotspots’, which are suburbs that might not get as much attention as their famous neighbours, but are ripe for growth in an already strong property market.
NSW
Chippendale
The proximity to educational New South Wales institutions, public transport and the CBD makes Chippendale well-positioned for future growth. Moreover, land surrounding nearby Central Station is touted for redevelopment into a tech hub, further contributing to future growth prospects in the area.
Mortlake
The surrounding suburbs have experienced strong capital growth for both apartments and dwellings in recent years. Mortlake has also experienced an uplift in prices, but not to the extent of these neighbouring suburbs.
VIC
Collingwood
Collingwood is an inner-city suburb that finds itself able to take advantage of neighbouring Fitzroy’s features, which are all within walking distance. In comparison, average prices are significantly lower with Collingwood being 17 per cent cheaper than its neighbouring suburb, recording a median sale price of $1,462,500.
QLD
Taringa
Paddington buyers pay a premium for their address – particularly those coming from Sydney. But look to some nearby options and see what’s on offer. You could secure a property in Taringa in the $900,000s. It’s thousands cheaper than in Auchenflower or Paddington for a similar property.
SA
Evandale
What Evandale lacks in size and notoriety it makes up for in charm and character, being one of the last heritage suburbs heading northeast of the city. Evandale has a current median house price of $730,000 which provides a more affordable entry point to those nearby suburbs of Maylands, Stepney and St Peters.
WA
St James
St James borders East Victoria Park, which also includes a mixture of developments from older, weatherboard dwellings, renovated character homes and low-density unit developments. Though these two suburbs border one another, the median house price of East Victoria Park is currently $655,000 while the median house price of St James is $530,000. A noticeable difference! The appeal of East Victoria Park is its proximity to the vibrant and cosmopolitan area of Victoria Park, known for its bars, cafes and restaurants along Albany Highway. However, St James lies only four kilometres from Victoria Park.
NT
The Gardens
This inner-city suburb has only a small residential component as the majority of its area holds great amenities such as a golf course, casino, schools and, of course, the botanic gardens. With the proposed master planned community Parklands development on Blake St on hold as planning and public opinions on the matter are gathered, we could see revitalisation of the development site. This is currently a fenced-off area, which would, if planned properly, more than likely also enhance the surrounding area. Whether Parklands gets the go-ahead or not, it is only a matter of time before this site is fully utilised.
ACT
Chifley and Lyons
Chifley and Lyons are quite central, being close to Curtain, Hughes and Woden town centre, Westfield shops and the proposed light rail extension. The suburbs offer good facilities, local shops and community infrastructure. Lyons has seen sales for three-bedroom properties from $800,000 upwards. While they’re not the cheapest suburbs in Canberra, these locations provide good access to schools and public transport. The majority have local parks and established greenery. Although many of the dwellings are of an older style compared to the newer suburbs, there have been some fantastic renovations of older homes that rival a new project construction.
TAS
Midway Point, Sorrell and Claremont
The market is hot all across Tassie right now, but investors are heading to the outer suburbs and nearby regions for slightly lower purchase prices and good rental returns. Midway Point, Sorrell and Claremont are all within easy striking distance of Hobart too.
