5 suburbs where business boomed early in 2023

Despite the Australian residential market’s recovery beginning in 2023 slowly, these Smart Property Investment FAST 50 suburbs reported a booming start to the year.

new Australia suburbs aerial

The report, which launched in May, combines the collective expertise of a 14-strong investment expert panel and recent housing performance drawn from open-source data to form a report and ranking which aims to provide unparalleled insight into the Australian suburbs set for future growth.

While the report is loaded with insights into some of the most promising Australian suburbs for investors, in this series SPI breaks the FAST 50 report down based on each utilised data point.

So far, we’ve covered the five most affordable suburbs contained in the report and the highest yielding regions.

Today, we shine the spotlight on the suburbs recording the highest average quarterly growth.

Norman Gardens (QLD) 8.9 per cent:

Near Rockhampton, on Queensland’s sunny central coast, Norman Gardens promises solid returns for investors. Not only is the region attractive for those hunting longer-term tenants but, with a reported 27,000 people visiting the region over the five years to 2022, there is potential in the community’s short-term rental market that needs to be tapped into.

Kearneys Spring (QLD) 7.2 per cent:

A core component of the bustling Toowoomba region, this suburb is set to burst in coming years, especially with the 2032 Olympics promising to shape Brisbane into one of Australian real estate’s key players.

Toby Sandell, property partner at The Agency Toowoomba, informed SPI earlier this year that the region possesses a significant supply shortfall in the face of increased demand from prospective residents migrating from southern states.

Salisbury (SA) & Clayfield (QLD) 6.8 per cent:

North Adelaide and Brisbane couldn’t be further apart, and yet these two suburbs sit united in their shared median quarterly growth.

Celebrated for its 50-strong army of heritage listed properties, Clayfield is the ideal location for investors looking to land themselves a slice of one of Brisbane’s premium markets.

Meanwhile, Salisbury is one of Adelaide’s leading multicultural hubs, with residents hailing from all corners of the globe. According to the region’s local council, the area is underpinned by “quality serviced industrial land, a diverse and thriving business base, excellent transport and freight linkages, and a large, skilled workforce.”

Seaford (SA) 6.4 per cent:

Remaining within the city of churches, even if we’ve now moved more coastally, our investigation takes us to the popular surfing hub of Seaford, which lies adjacent to the St Vincent Gulf.

Big things are planned for the area, with the local council pencilling in Seaford as one of the state’s currently fastest-growing regions, while the local Community Plan 2030 highlights provisions and pathways for the council to support local jobs, maximise tourism, increase the area’s sustainability, and ensure a pipeline of well-built housing can support such chance.

Aldinga Beach (SA) 6.3 per cent:

One of the state’s most popular tourist destinations, Aldinga Beach has long been on the wish list of Australian investors, and its stance in the FAST 50 report ratifies this. The region has been noted as one of South Australia’s most resilient locations, especially in the face of the COVID-19 pandemic and the Reserve Bank of Australia’s cash rate hiking cycle.

To find out which other suburbs made Smart Property Investment’s FAST 50 report, download it here.

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