The year ahead is promising to test the wit and determination of even the most seasoned investor. To help you narrow down your search, Your Mortgage compiled a list of the best suburbs to invest in 2009 in Australia in the January issue out on 12 December. Selected from coast to coast, they are where experts say investors and homebuyers should look into the New Year.
1. Beenleigh, QLD
Low entry price
Transport infrastructure
Job growth
Beenleigh is a prime example of where demand should be high in 2009, with many first homebuyers attracted by the affordability.
Along with nearby suburbs such as Eagleby and Mount Warren Park, the Beenleigh area is one of the one of southeast Queensland's best property bargains, according to RP Data. While the area is not attractive to everyone, it has the price as well as infrastructure to draw in many in the area for their first home.
2. Carlton, VIC
Tram stops to city
Wide price range
Strong demand
There's no secret to Carlton being one of the more popular Melbourne suburbs. RP Data projects that popularity to continue to grow ever stronger into 2009.
Located just north of the Melbourne CBD and positioned along the tram line, Carlton's draw are its social precincts. RP Data says more than 75% of the housing stock is units.
Despite Carlton's popularity as a social destination, the unit market still provides exceptional value for the money, though. The median price for a unit in August was $320,000. That compares to $495,000 in nearby Collingwood, $387,000 in North Melbourne and $352,000 in Brunswick.
3. Ceduna, SA
Healthy economy
Affordable
Mining connections
Ceduna is a remote regional centre in the west of South Australia. The home values are low, but there's reason to believe they could be on their way up in 2009.
Ceduna is set on Murat Bay, just under 800 km northwest from Adelaide. Recent improvements to infrastructure include a $36 million renovation of the Ceduna Hospital. The area is also popular with some tourists, including an annual oyster festival. To the north is the vast Yellabinna Recreation Reserve.
4. Dapto, NSW
Tight rental market
Population growth
Improving infrastructure Another hot spot for first homebuyer-based growth could be Dapto, a Woolongong suburb, in 2009. Many can enter the Dapto house market for as low as $210,000, says PRDnationwide sales coordinator Nardia Guillaumier.
PRDnationwide places Dapto and Horsley as the highest selling suburbs in the Woolongong region.
"This is great news for the first home buyer," says Guillaumier. "If the trends continue, (these buyers) will be receiving strong growth soon after their purchase."
Rents are also up in the area by double digit percentages recently, Guillaumier says. The growing demand is set to continue well past 2009 as well. The population for the Woolongong area is expected to grow from 195,768 in June 2007 to 223,740, says Guillaumier. There are already plans for an extensive land release on the outskirts of Dapto, which could make Dapto one of Woolongong's largest suburbs.
To read the full article, read the January issue of Your Mortgage magazine out on sale from 12 December.
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