The average residential dwelling price across New South Wales has risen by $15,600 to $973,300 between April and June 2024 as the state’s 2.3% annual population growth continues to push real estate prices north.
To give you a glimpse at NSW’s potential for investment, we’ve collated the latest real estate data to create a list of the best suburbs to invest in NSW in 2024.
Dapto, 2530
Situated just over 100km from the Sydney CBD and a short 15-min drive from the Wollongong centre, Dapto covers just over 7 square kilometres and is home to almost 11,000 residents.
A family friendly suburb that has continued to expand throughout the last decade, featuring a good spread of quality schools and close proximity to Lake Illawarra, Dapto’s housing market has broken past the period of stagnation it experienced last year and is slated for further growth.
The recent upward trend is a clear sign that the suburb is looking to make its exit from the relatively affordable $700,000 mark — investors should move quickly if they want to capture a piece of Dapto’s market before it happens.
Median house price: $790,500 (Up 6.8% from Oct 2023 – Sept 2024)
Median weekly house rent: $570 (Down 1.7% from Oct 2023 – Sept 2024)
Median unit price: $660,000 (Up 1.5% from Oct 2023 – Sept 2024)
Median weekly unit rent: $480 (Up 4.3% from Oct 2023 – Sept 2024)
Median weekly household income: $1,475 (ABS, 2021)
Population: 10,954 (ABS, 2021)
Private dwellings: 4,482 (ABS, 2021)
Windang, 2528
Located 14km from central Wollongong, Windang sits on the eastern edge of Lake Illawarra, featuring a classic coastal suburb vibe and lifestyle that is beloved by residents and visitors alike. With the lake on one side and the sea on the other, activities like fishing, boating, and windsurfing are highlights of local recreation. House prices for Windang have surged by 18.9% in the last 12 months; an indication of the rising popularity in the area.
Median house price: $1,135,555 (Up 18.9% from Oct 2023 – Sept 2024)
Median weekly house rent: $600 (Down 7.7% from Oct 2023 – Sept 2024)
Median weekly household income: $916 (ABS, 2021)
Population: 2,610 (ABS, 2021)
Private dwellings: 1,460 (ABS, 2021)
Bateau Bay, 2261
Bateau Bay sits on the Central Coast, just 17 km northeast of Gosford’s CBD. There is a wealth of lifestyle amenities in combination with access to natural areas like Wyrrabalong National Park which spans 6.2km² and connects Bateau Bay and Forresters Beach.
Prices for both houses and units are on the rise, with houses leading the charge at 13.4% year-on-year growth and a median price of just over a million. Rental price growth is seeing the most movement among units at a healthy 8.7%.
Median house price: $1,100,000 (Up 13.4% from Oct 2023 – Sept 2024)
Median weekly house rent: $600 (Down 1.6% from Oct 2023 – Sept 2024)
Median unit price: $670,000 (Up 3.1% from Oct 2023 – Sept 2024)
Median weekly unit rent: $500 (Up 8.7% from Oct 2023 – Sept 2024)
Median weekly household income: $1,475 (ABS, 2021)
Population: 12,516 (ABS, 2021)
Private dwellings: 5,204 (ABS, 2021)
Botany, 2019
Positioned 11km from the Sydney CBD and a 5 min drive to the Sydney Airport, the once industrially-dominated suburb of Botany has since been developed into a high-density residential area that is fast becoming a suburb of choice for growing families in Sydney.
Property prices in Botany are a little on the high side but this is mostly a reflection of its prime location close to both the CBD and the airport. With all signs pointing to a high potential for growth, Botany is certainly worth keeping an eye on for investment.
Median house price: $1,950,000 (Up 8.9% from Oct 2023 – Sept 2024)
Median weekly house rent: $1,200 (Down 7.7% from Oct 2023 – Sept 2024)
Median unit price: $873,500 (Up 1.0% from Oct 2023 – Sept 2024)
Median weekly unit rent: $800 (Up 9.6% from Oct 2023 – Sept 2024)
Median weekly household income: $2,373 (ABS, 2021)
Population: 12,960 (ABS, 2021)
Private dwellings: 5,412 (ABS, 2021)
Edgecliff, 2027
Edgecliff is, for many, the gateway to Sydney’s prestigious Eastern Suburbs. Treading the fine line between city living and Eastern Suburbs opulence, Edgecliff combines the comfort and amenities of the CBD with easy access to the beaches, entertainment, and lifestyle afforded by its prime, Eastern Suburbs fringe location.
Edgecliff’s real estate values have been up on the climb from $2m since the start of January 2024 and is expected to return to its former peak value of $4m. Discerning investors will be able to find a clear opportunity here for long term capital value and rental returns.
Median house price: $3,249,167 (Up 36.8% from Oct 2023 – Sept 2024)
Median weekly house rent: $1,250 (Up 2.2% from Oct 2023 – Sept 2024)
Median unit price: $1,380,000 (Up 6.2% from Oct 2023 – Sept 2024)
Median weekly unit rent: $780 (Up 11.4% from Oct 2023 – Sept 2024)
Median weekly household income: $2,321 (ABS, 2021)
Population: 2,499 (ABS, 2021)
Private dwellings: 1,536 (ABS, 2021)
Canada Bay, 2046
A hidden gem in the inner west of Sydney, Canada Bay can be found 11 kilometres west of the Sydney CBD, along the Parramatta River. The suburb is home to a quaint community of just over 1.3K residents and promises a luxurious and idyllic lifestyle along the bay.
Dominated by larger two-storey homes, Canada Bay is an ideal location for professionals with a large family or retirees who still want access to city conveniences while living in a quiet alcove of their own. Investors looking to capitalise on Canada Bay’s steady appreciation will have to meet the high median house price of $2,650,000.
Median house price: $2,650,000 (Up 11.3% from Oct 2023 – Sept 2024)
Median weekly house rent: $850 (Down 22.7% from Oct 2023 – Sept 2024)
Median weekly household income: $2,473 (ABS, 2021)
Population: 1,308 (ABS, 2021)
Private dwellings: 510 (ABS, 2021)
Maryville, 2293
Maryville is an inner city harbourside suburb in Newcastle. At just 4 km from the Newcastle CBD, Maryville is a prime choice among working professionals and young families who are seeking a safe and convenient living area.
Maryville has undergone significant gentrification in the past decade, enough to have a current median house price of $1,237,500 along with an escalating growth rate of 24.8%. Investors who want an alternative to the busy real estate market of Sydney should look into opportunities in Maryville.
Median house price: $1,237,500 (Up 24.8% from Oct 2023 – Sept 2024)
Median weekly house rent: $680 (Up 4.6% from Oct 2023 – Sept 2024)
Median weekly household income: $2,067 (ABS, 2021)
Population: 1,671 (ABS, 2021)
Private dwellings: 759 (ABS, 2021)
Carrington, 2294
Neighbouring Maryville, Carrington is less than 4km from the Newcastle CBD, featuring most of what makes the area so highly demanded — well-connected transportation routes, proximity to the city, and a thriving coastal community.
At just over $1,000,000, Carrington’s real estate markets are full of opportunities for investors who are looking to maximise their returns in the long term.
Median house price: $1,020,000 (Up 17.5% from Oct 2023 – Sept 2024)
Median weekly house rent: $645 (Up 7.5% from Oct 2023 – Sept 2024)
Median unit price: $1,030,000 (Up 18.1% from Oct 2023 – Sept 2024)
Median weekly unit rent: $655 (Up 0.8% from Oct 2023 – Sept 2024)
Median weekly household income: $1,766 (ABS, 2021)
Population: 2,061 (ABS, 2021)
Private dwellings: 986 (ABS, 2021)
Bombira, 2850
Bombira is situated just 3km north of Mudgee, the largest town in the Mid-Western Regional Council. Located in a regional area that is famed for wineries and a picturesque countryside atmosphere, Bombira is rapidly becoming Mudgee’s most affluent neighbourhood. The heritage feel of Bombira makes it attractive to residents who want a slower pace of life while not losing access to modern amenities in the area such as healthcare services and quality schools.
The median house price growth in the past 12 months (42.3%) best illustrates Bombira’s meteoric rise in popularity.
Median house price: $1,565,000 (Up 42.3% from Oct 2023 – Sept 2024)
Median weekly household income: $2,903 (ABS, 2021)
Population: 504 (ABS, 2021)
Private dwellings: 181 (ABS, 2021)
