In 2024, several suburbs in Perth are considered excellent for investment properties due to their strong growth potential, affordability, and attractive rental yields. But what is considered to be the best suburb?
Here are the best suburbs to invest in Perth in 2024:
- Balcatta: Known for its quick property turnover and 10% price growth. It offers good amenities, schools, and green spaces, making it a desirable suburb for families and investors.
- Banksia Grove: This suburb has seen an 11% increase in median house prices and has very low rental vacancies. It’s appealing due to its green spaces and proximity to schools and shopping centers.
- Belmont: Close to the Perth CBD and airport, Belmont offers good value with a median house price of $545,000 and one of the lowest vacancy rates in the city.
- Golden Bay: With a median house price below $500,000 and a high annual growth rate, Golden Bay is attractive for its affordability and quick property sales.
- Brookdale: This suburb has experienced a remarkable 32.8% price growth over the past year. It also offers solid rental yields, making it a standout option for investors.
- Ellenbrook: Known for its modern amenities and strong rental market, Ellenbrook boasts a median house price around $510,000 and low vacancy rates.
- Alkimos: A coastal suburb that benefits from recent infrastructure improvements, Alkimos has a strong rental yield and appealing natural beauty, making it a great choice for investment.
- Madora Bay: This coastal suburb offers a median house price of $669,000 and strong rental yields. It’s popular for its serene environment and proximity to Mandurah.
- Joondalup: A student hotspot with numerous amenities, including Edith Cowan University and a local hospital, Joondalup remains a solid investment with steady rental demand.
- Harrisdale: Offering good infrastructure and amenities, Harrisdale has seen a 10% price growth and remains popular for its green spaces and connectivity to central Perth.
Speak To Our Property Investing Agents
Consider Working With Professionals
Given the size of Perth, investors need to work with professionals who know the city and region to ensure they buy investment property in the right areas. Professionals help you fine-tune your investment needs and identify the best location and type of property that will deliver to your expectations.
Furthermore, Perth real estate professionals make the search for an ideal property easier. They will help you get an asset that meets your budget in a location that will fetch maximum rental returns.
Conduct Your Own Research
To identify the best location to buy an investment property, you need extensive market research. Having a professional advise you is the first step in conducting a survey that will help you identify the ideal location to buy your asset. Visit several financial advisors before you make up your mind on the location.
Secondly, when you have a list of several suburbs that meet your goals for an ideal investment location, visit these areas. It helps you solidify your idea and image of the property and area you want to invest in.
Set Your Budget
Proper market research and consulting with professionals will help you develop a realistic budget for the kind of real estate asset you want to buy.
Depending on how much money you have to invest, you can decide whether your investment property will be situated in a low-income area of Perth or a premier real estate location. Further, understanding your budget helps you know how many properties to acquire in which locations.
Amenities
When considering where to buy your investment property, assess the amenities. The better and the closer amenities are, the more attractive your property, and the higher the rental income it can attract.
The amenities you want near your property depend on the target market. Investing in a retirement community will require different amenities from investing for young families.
To get the best location for your investment location, take your time to visit Perth suburbs to have a feel of what they offer before you buy.