A string of Sydney suburbs have dominated a list of the best places in which to invest in property, but it was two south-east Queensland neighbourhoods that took out the top spots.
The Brisbane suburb of Woolloongabba and the Gold Coast’s Burleigh Heads were named as the top two places in which to invest in residential property, in new research commissioned by Me Bank. They outranked a raft of NSW suburbs that made the list and took out nine of the top 20 spots.
Five Dock and Rozelle, both in Sydney’s inner west, and North Melbourne were also among the top five picks, based on analysis conducted by Ethos Urban, a planning and urban economics consultancy.
New transport infrastructure and lifestyle appeal measurables – such as the availability of cafes – were the key criteria used to determine the best investment prospects, accounting for half of a suburb’s ranking. Factors like population growth, median house prices, average rental prices and yields were also among a range of criteria used.
Chris McNeill, an urban economist and director of Ethos Urban, said there were strong links between property values and proximity to train and light rail stations, with demand likely to rise in areas set to benefit from new or upgraded transport infrastructure, which could also bring potential urban renewal.
A new light rail will help better connect Burleigh Heads, which was named the second best spot for investors to look to. Photo: Supplied
Woolloongabba, for example, was already serviced by two train stations, but the new Cross City Rail Project would provide a new line running directly under the suburb, increasing connectivity and changing the way people use the area, Mr McNeill said. As would the Gold Coast Light Rail, which would provide greater connectivity to Coolangatta and Surfers Paradise for Burleigh Heads, as well as Mermaid Beach (ranked 17th) and Miami (18th).
Kate Burke, Domain, Nov 25 2021