Property values in more than 250 suburbs across the country are tipped to double over the next decade, according to recent research by RP Data.
RP Data’s Autumn Investor Guide examines the performance of all suburbs in the country over the past five years, revealing areas that have seen strong home value and rental growth, and suburbs that offer attractive rental yields.
The report identified 263 suburbs around Australia that have recorded an annual value growth of more than 7.2 per cent and 792 suburbs that have reached the same benchmark for average annual rental growth.
According to RP Data, if this growth continues, property value and rental prices in those suburbs have the potential to double in 10 years.
Meanwhile, 582 suburbs have also been identified to have a rental yield of at least 5.5 per cent at the end of February.
Victoria emerged as the state with the largest number of suburbs where values are expected to double, and is closely followed by New South Wales.
However, for investors chasing rental yields, Queensland boasts the most suburbs with a gross yield of at least 5.5 per cent.
While regional areas of Australia have outperformed in terms of value growth and rental yields, capital cities offer more opportunities for rental growth.
In NSW, houses are tipped to double in Campbelltown (current median $319,731), Macquarie Fields ($346,720) and Mount Druitt ($359,635), where units in these suburbs also have the potential to see 100 per cent growth.