If you’re looking for more space, liveability or lifestyle amenities, these are some of the best upgrader suburbs in Australia for buyers and investors in 2023.
The Australian real estate market continues to thrive in 2023, with many suburbs emerging as prime locations for property investments.
With the pandemic having shifted the priorities and preferences of homebuyers and investors, suburbs that offer a mix of affordability, accessibility, and lifestyle amenities are proving to be some of the most attractive, particularly for home buyers looking to upgrade their lifestyle and not their home loan.
REA economist Anne Flaherty says upsizers are often looking for a house as opposed to a unit or townhouse but, compared to first-home buyers, have the advantage of already being in the property market.
“When upsizing, people often look to stay in the same corridor as where they’re already located,” she says.
Among the upsizer suburbs gaining plenty of attention is Newcastle, north of Sydney. Picture: Getty
“If you’re looking to start a family, for example, you might be needing additional bedrooms or a backyard, and these things will determine the areas you choose to look to buy. It all comes down to the motivation of why someone is upsizing.”
And with all these changes to your home, and therefore your home loan, it’s important to understand the ins and outs of what’s available to you.
HSBC understands the importance of fully comprehending your available equity in your current home, which is why they take the time to assist you with gaining a clear understanding of it.
Additionally, HSBC can provide you with an estimation of potential changes in payments for your future home, whether it be an increase or decrease.
So, if you’re in the market for a new home, these are some of the best upgrader suburbs in Australia for buyers and investors in 2023.
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Reservoir is a multicultural suburb located around 12 kilometres north of Melbourne’s CBD.
It boasts several parks, including the popular Edwardes Lake Park, as well as excellent schools and shopping centres.
The median house price is around $800,000, making it an affordable option for those looking to buy a house in Melbourne.
The bayside suburb is located around 40 kilometres southeast of Melbourne’s CBD and is a popular choice for families and first-home buyers alike due to its excellent beaches, parks, and recreational facilities.
With a vibrant main shopping strip, hospitals, a university and a thriving cultural precinct, Frankston is becoming a go-to for Melburnians seeing a coastal lifestyle with the convenience of transport links to the CBD.
The median house price for a four-bedroom house in Frankston is around $800,000.
Located around 15 kilometres west of Melbourne’s CBD, Sunshine is becoming known for its multiculturalism and diversity.
It offers easy access to the city via the Western Ring Road and is home to several parks and sporting facilities.
According to REA data, the median house price in Sunshine is around $850,000, with the average cost for a four-bedroom home pushing up to the $1 million mark.
Offering lifestyle options as well as more affordable housing, Sunshine is catching the eye of many upsizers. Picture: Getty
Melbourne’s west, more broadly, offers both lifestyle and price appeal, with buyers still able to find boasting bigger blocks and more bedrooms, with closer proximity to the CBD, for well under $1 million.
Suburbs to watch include South Kingsville, Altona North, Footscray, Brooklyn and Braybrook.
New South Wales
Liverpool is a multicultural suburb located around 27 kilometres southwest of Sydney’s CBD.
It boasts several parks, including the popular Woodward Park, as well as excellent schools and shopping centres.
The median house price in Liverpool is around $820,000, making it an affordable option for those looking to buy a house in Sydney.
For buyers priced out of Chatswood, Castle Hill, Pennant Hills and Wahroonga, Hornsby, in Sydney’s Upper North Shore district, offers an affordable alternative.
Located 23km northwest of Sydney’s CBD, and with a median house price of less than $1.6 million, this leafy locale is an up-and-coming area for families seeking more space, without sacrificing convenience.
It is conveniently located to shopping centres, schools, trains and hospitals, with easy access to transport connections including the Pacific Highway, NorthConnex and soon-to-be-completed Pacific Motorway.
Located in the inner-south of Sydney, Mascot offers easy access to the Sydney CBD, the airport, and major transport links such as the M5 Motorway and the Eastern Distributor.
REA data shows that as of February 2023, the median house price in Mascot is around $1.6 million, which is significantly less than surrounding suburbs, such as Botany ($1.9 million), Surry Hills ($2.3 million), Maroubra ($2.7 million) and Randwick ($3.2 million).
Mascot in Sydney’s inner city is a much more affordable option than neighbouring suburbs. Picture: Getty
The suburb is currently undergoing significant development, with major projects such as the new airport rail link and the WestConnex motorway under construction.
This could potentially lead to increased demand for properties in the area making it an attractive option for investors and upsizers alike.
The average cost of a house in Newcastle is around $890,000 according to REA data.
It’s this attractive price point that has seen first-home buyers and young families flocking to the northern beach town, which has become a satellite hub for Sydneysiders seeking a more relaxed lifestyle.
This gentrification has seen Newcastle become a hub of activity and investment, offering a vibrant restaurant, bar and café scene, as well as beautiful beaches, coastal walks and a thriving local creative industry.
Paddington is a beautiful and vibrant suburb located just a few kilometres from Brisbane’s CBD.
The area is renowned for its trendy cafes, boutique shops, and art galleries, making it a popular destination for young professionals and creatives.
The median house price in Paddington is around $1.4 million, which is quite affordable compared to similar suburbs in Sydney or Melbourne.
Robina, Gold Coast
As of February 2023, the median house price in Robina, a suburb located on the Gold Coast in Queensland, is around $760,000, according to REA data.
In spite of exploding house prices on the Gold Coast in recent years, there are still affordable pockets. Picture: Getty
Situated next door to Burleigh Heads (median house price of $1.7 million) and Broadbeach ($1.6 million), it is an attractive option for home buyers looking for a coastal lifestyle without the premium price tag.
Fortitude Valley, Brisbane
If you’re looking for a burgeoning, offbeat suburb close to the Brisbane CBD, Fortitude Valley offers proximity, location, lifestyle and plenty of culture.
With a median price of $1.1 million, The Valley, as locals call it, is cheaper than many of its neighbours (including St Lucia and New Farm at $1.4 million, and Hawthorne and Teneriffe at $1.6 million), and a spate of recent investment has seen the suburb transformed into Brisbane’s emerging capital of cool.
Mount Barker, Adelaide
The Adelaide Hills is a stunning region located just a short drive from Adelaide’s CBD and Mount Barker is not only the area’s largest town but also one of its fastest growing.
The region is renowned for its natural beauty, picturesque vineyards, and quaint towns, making it a popular destination for tourists and locals alike.
For buyers looking for more space, you can pick up a four-bedder in Mount Barker for under $700,000, shows the latest REA data.
Golden Grove, Adelaide
Located around 20 kilometres northeast of Adelaide, Golden Grove is a popular suburb with excellent schools and plenty of leafy parks, reserves and walking trails. The median price for a four-bedroom home is a little over $800,000.
With local shopping centres, café and sporting facilities, Golden Grove is a sought-after suburb for families and investors alike.
North Fremantle, Perth
North Fremantle is a vibrant and trendy seaside suburb located about 19 kilometres southwest of Perth’s CBD.
The area boasts a thriving arts and cultural scene, with plenty of galleries, cafes, and boutique shops, as well as myriad dining and drinking options.
According to REA data, the median house price in North Fremantle is a little under $1.2 million, but the suburb is on the up, with prices having mushroomed by more than 25% in the past 12 months.