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
3 min
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, Sydney
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.
Chifley, Sydney
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, Melbourne
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, Melbourne
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, regional Victoria
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”.
Clontarf, Brisbane
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, Gold Coast
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.
Coolum Beach, Sunshine Coast
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.
Moonah, Hobart
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.”
Riverside, Launceston
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.
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The harbourfront estate has views of the Sydney Opera House and can entertain up to 500 guests
2 min
A Sydney waterfront mansion that has just hit the market could set a countrywide price record as the first home to sell for A$200 million (US$129.77 million).
Located in the affluent suburb of Point Piper, the sprawling home sits on a lot that’s equivalent to “four normal housing blocks” and features 98 meters (321.5 feet) of water frontage along the harbor, according to an announcement on Wednesday from Ken Jacobs, director of Australia Pacific of Forbes Global Properties, who has the listing in association with real estate agent Brad Pillinger.
“The estate is Australia’s most iconic residence and ranks amongst the best in the world, combining both privacy and space, exuding elegance and comfort, while featuring gun-barrel views of the Sydney Opera House and the Harbour Bridge,” Jacobs said in a statement.
The residence is expected to sell for A$200 million or more, Pillinger added. “There is no comparable property in Australia.”
The home, named Wingadal, as it’s located on Wingadal Place, was built for Aussie Home Loans founder John Symond, who purchased the property in 1999. It took eight years to complete the mansion, which was designed by architect Alec Tzannes, according to the listing agency.
“Wingadal is a highlight of my career in residential design and architecture,” Tzannes said. “The timeless design on the Point Piper peninsula offers a unique appreciation of Sydney Harbour from a variety of angles, rotating around an axis that lines up perfectly with the Sydney Harbour Bridge.”
The colossal home has enough internal space to entertain up to 500 people, and underground parking provides space for 20 cars, plus eight more can fit inside the garage.
The four-level home has four bedrooms as well as a two-bedroom apartment. There’s also a 2,500-bottle wine cellar, a home theater that seats 22, two commercial kitchens and a swimming pool.
“Wingadal has been a special home for my family over the past two decades, and now I’m looking forward to spending more time traveling overseas,” Symond said in a statement. “While being an exceptional family home, we have also enjoyed hosting many important events for charities and other worthwhile causes.”
This is not the first time Symond has tried to sell his waterfront estate. In 2016, he listed the home in hopes of selling it for at least A$100 million, which would’ve been a price record for the country at that time Mansion Global reported . The current benchmark was set in 2022, when a baronial-style estate, also in Point Piper, sold for A$130 million, according to The Sydney Morning Herald .
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