Want bang for your buck? Try these 15 locations

According to Mathew Tiller, head of research at the LJ Hooker Group: “Suburbs that have a median house price that is better for the budget compared to neighbouring suburbs should see a solid demand.”

Here are the top suburbs that Mr Tiller believes will see a surge in popularity in 2024.

Sydney

For families, Sydney’s western suburbs will remain the top choice in 2024. According to Mr Tiller, Glenmore Park in the City of Penrith offers “good value for families with its median house price falling 2.4 per cent to $1 million”. Raby in Sydney’s south-west is another affordable pick, with its median dropping 1.8 per cent to $865,000.

For those seeking apartment life, Dee Why on Sydney’s Northern Beaches could be an excellent choice, with apartment prices falling a staggering 8.4 per cent in the past 12 months.

Melbourne

Hotspots in Melbourne will be concentrated in the city’s eastern suburbs, thanks to price drops over 2023. Looking into the new year, Mr Tiller predicted that Croydon South, Carrum Downs and Bayswater North may grow in popularity over the coming months.

Brisbane

“Buyers will be looking for suburbs with attractive price points such as Taringa which has a median house price of $1.587 million, up 9.10 per cent during the past year,” said Mr Tiller.

He shared that some areas of the Gold Coast, such as Elanora and Arundel, have seen house prices stabilise in recent months, which could draw the attention of budget-smart buyers.

Adelaide

In the South Australian capital, Mr Tiller stated: “Steady growth has been recorded in Payneham, making it a suburb to watch.”

Median unit prices in Payneham surged 9.4 per cent to $396,000, putting the suburb on the radar of investors seeking strong capital growth.

Another Adelaide suburb with solid buyer demand is Plympton Park, which has seen low days on the market and a 5.9 per cent rise in median house price to $775,000.

Perth

The inner north suburb of Bayswater in Perth has witnessed “similar market conditions” to Plymouth Park, with a 6 per cent value increase in the last year, and a median house price of $747,000.

Looking south, Greenfields in Perth’s Mandurah area has seen astonishing demand, with the average home spending just 12 days on the market. As well as seeing a 15.3 per cent surge in house prices in the past year, Greenfields offers strong rental yields to savvy investors.

Hobart

For buyers after a budget-friendly investment, Mr Tiller reported that the suburbs of Kingston and West Hobart offer excellent value, with the areas seeing a median price decline of 10 per cent and 12 per cent respectively.