John McGrath’s Best Suburb Selections for 2024: Where to Invest Next
A new market cycle is commencing as prices rebound in almost every market this Spring
A new market cycle is commencing as prices rebound in almost every market this Spring
Australian property industry veteran, John McGrath says the next major market upswing is “just over the horizon” amid strong auction clearance rates this Spring and rebounding prices in many areas.
Mr McGrath says he expects greater market activity in 2024 as inflation continues to trend down, thereby bringing an end to the fastest interest rate hiking cycle in decades.
McGrath has just released its annual market report, in which Mr McGrath names his top suburb picks for 2024 across the East Coast of Australia and why these areas are poised for price growth.
Kanebridge News profiles 10 of Mr McGrath’s top suburb picks for 2024 below.
Fairfield is one of Australia’s most multicultural communities, making it an attractive place to settle for some of the 715,000 net migrants expected to arrive in Australia over the next two years.
Mr McGrath says the Western Sydney International Airport will create a new local jobs hub when it opens in 2026. He notes that significant medium-density development “has led to affordable homeownership opportunities” for younger buyers, with the median apartment price just $410,000.
Mr McGrath says Chifley offers a great outdoorsy lifestyle with close proximity to national parks and reserves, walking trails, sports fields, an equestrian club and several golf clubs.
“The neighbourhood has had a facelift in recent years, with young family buyers replacing original houses with new, contemporary residences,” he says. “There is also a much higher-than-average number of semis and townhouses in Chifley, providing more affordable options for buyers.”
Point Cook is a well-established suburb that is packed with amenities and offers great value, with a median house price of $760,000, according to Mr McGrath.
“Prices have remained resilient during the recent downturn, and rents have grown strongly in the past year,” he said. “The suburb … has a good mix of housing stock and its proximity to the water is a big drawcard for residents.”
Spotswood has flown under the radar in the shadow of neighbouring hotspots Seddon and Yarraville, says Mr McGrath.
He points out that Spotswood has a solid track record of price growth and “strong growth fundamentals” for the future, including an expanding dining scene and good road and rail links.
Mansfield was an extremely popular treechange destination during the pandemic, when many people left Melbourne and moved to the regions because they were able to work remotely.
Mr McGrath says there is still room for Mansfield home values to grow further, pointing out that “price growth has not yet reached the heights of high country lifestyle locations like Bright”.
Located at the southern end of the Redcliffe Peninsula, Mr McGrath says Clontarf was one of the top growth suburbs in the Moreton Bay region in 2023. He says the suburb is highly desirable among family buyers due to its transport links to Brisbane, sprawling beaches and waterfront parks.
Southport offers a more affordable price point but the same attractive lifestyle amenities as Broadbeach, Burleigh Heads and Palm Beach. “The plethora of high rises here makes it an attractive option for those who like to live close to the action,” Mr McGrath says.
Mr McGrath says Coolum Beach is known for some of the most consistent waves for surfers on the coast. He says the suburb is popular with family buyers and couples and sits in a central location within an easy drive of Sunshine Coast Airport and only 20 minutes south of Noosa Heads.
About 5km north of Hobart’s city centre, Mr McGrath says Moonah is “an up-and-coming suburb where you can still find houses for less than $650,000.”
He adds: “Its affordability and wide quiet streets make it a magnet for young families, as well as those buying their first home. Another drawcard is its thriving food scene clustered around Main Road, with renowned restaurants like St Albi.”
On the banks of the Tamar River about 4km from the CBD, Riverside is appealing to family buyers due to its proximity to the city and four local schools.
Mr McGrath says the Riverside market provides the opportunity to buy homes with water views, or homes on larger parcels of land a bit further out where many residents keep horses and chickens.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
Home to Sir Robert Menzies and Dame Pattie, this grand Melbourne estate is a piece of Australian political history.
It may be a well-worn cliche, but if these walls could talk there would be plenty of state secrets to share. The landmark residence at 8-10 Howard St, Kew was once the private residence of Sir Robert Menzies and Dame Pattie between 1929 and 1949, during the Prime Minster’s first term in the top job. He later held the role again from 1949 to 1966, making him Australia’s longest serving Prime Minister.
Historical land records indicate that the Howard St property was sold to Leonard Clinton Shaw, brother-in-law of Pattie Menzies. Robert and Patti then moved to live into The Lodge in Canberra.
The stately arts and crafts era home was built in the 1910s and has reportedly played host to a long list of dignitaries and VIP guests. As rumour has it, the drawing room of the Kew property is where Menzies crafted his iconic speeches and held many clandestine meetings.
Today the imposing five-bedroom residence, which sits on a vast 1874sq m land parcel in the coveted Studley Park precinct, has come to market through Marshall White agents James Tostevin and Chris Barrett with a price guide of $8.3 million to $8.9 million.
According to CoreLogic, the property last sold in 2018 for $7.75 million.
Beyond the expansive parklike grounds that to pay homage to celebrated Australian landscaper Edna Walling, the two-storey house is packed with meticulously maintained period features.
Showcasing the best of arts and crafts design influences, the home has a charming tuck-point brick façade, a tessellated tile veranda, coloured leadlight glass windows, dark stained wood panelling inside, as well as high decorative ceilings and cornices.
The large foyer divides the lower level into two distinct zones; big formal rooms and more casual family-friendly spaces. Built for entertaining on a grand scale, both the lounge and dining rooms rooms have original fireplaces and open out to either the undercover veranda or enclosed sunroom.
Also on the ground level, a spacious family room with yet another fireplace connects to an everyday meals area, and the contemporary kitchen comes complete with granite surfaces, a Paul Bocuse stove, an integrated Miele dishwasher, a walk-in pantry and wine cellar. A home office, or potential guest bedroom, plus a large laundry and two powder rooms round out the lower level floor plan.
Up via a majestic timber staircase, four big bedrooms have fireplaces and built-in wardrobes, while the primary suite is home to a palatial ensuite and dressing room. This accommodation level also houses two family bathrooms and a rear balcony that overlooks the grounds.
Outdoors there are multiple lifestyle features including a north/south tennis court with lighting, a unique rounds swimming pool and all-weather terraces.
Other features include an alarm, hydronic heating, a 60,000L underground tank, a garden shed, a remote double garage and additional off-street parking.
Located on the old Oakland Estate, the Menzies’ former home is close to popular eateries, Xavier College, St Vincents Private Hospital and golf courses.
Expressions of interest close on March 11, at 5pm for 8-10 Howard St, Kew. The home is listed with a price guide of $8.3 million to $8.9 million through agents James Tostevin and Chris Barrett of Marshall White.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.