The best Melbourne suburbs for property investors in 2024

As we look forward to 2024, it’s crucial to keep in mind the ever-evolving real estate market and the changing dynamics of property investment.

Understanding the Melbourne property market in 2024 means considering the significant changes that have occurred in recent years. RBA data shows that, despite the second steepest monetary policy tightening cycle in history, the Australian economy has remained resilient. The data also shows that the cost of living remains “sticky”, meaning wage growth has not kept up with inflation.  This environment creates a complex challenge for property investors looking to invest in Melbourne in 2024. However, with the economy and property market now in full recovery from the impacts of the pandemic, we can expect that Melbourne’s property market will continue to rebound, with prices in property hotspots not only reclaiming what they shed in 2022 but continuing to push higher.

Tips For Investors

  • Look for growth potential:  When considering a suburb for investment, it’s important to look at its growth potential. This can include factors such as population growth, infrastructure developments, and future plans for the area.
  • Consider the rental market: If you’re looking to rent out your property, make sure to research the rental market in the area. Look at average rental prices and vacancy rates to get an idea of potential returns on your investment.
  • Stay informed about future developments:  Keep an eye on any future developments or projects planned for the suburb you’re interested in. These can have a significant impact on property values and the overall desirability of the area.
  • Research property prices:  It’s important to research property prices in the suburb you’re interested in. Look at recent sales data and compare it to other suburbs to determine if your investment is priced accordingly.

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