Top 10 Suburbs to Invest in Across VICTORIA: Reviewed and Ranked in 2024

Identifying the top suburbs to invest in across Victoria is a daunting task, given the myriad of factors to consider and the ever-changing market dynamics. Choosing the wrong suburb can lead to stagnant property values, high vacancy rates, and poor rental yields. This article is the result of comprehensive research and analysis, evaluating numerous suburbs based on essential criteria to provide you with reliable investment insights for 2024.

10. Doncaster – Total Score: 72/100

Doncaster, image by Philip Mallis

Doncaster is a well-established suburb with a blend of positive attributes and some challenges, making it a solid investment option with room for growth. The suburb offers good employment opportunities and high-quality schools, making it appealing to families and professionals alike. 

Scoring Criteria:

  • Market Growth: 7/10
  • Rental Yield: 6/10
  • Employment Opportunities: 8/10
  • Population Growth: 7/10
  • Quality of Schools: 8/10
  • Community and Lifestyle: 7/10
  • Median House Price: 5/10
  • Public Transport and Infrastructure: 6/10
  • Local Amenities: 8/10
  • Rental Vacancy Rate: 10/10

Doncaster stands out for its employment opportunities and quality of schools, making it attractive for families and professionals. The suburb has seen steady population growth, contributing to its vibrant community and lifestyle. Doncaster boasts excellent local amenities, including shopping centres like Westfield Doncaster, which draws in both residents and visitors.

Median prices for Doncaster, Vic (3108), as of May 2024:

  • Houses – $1,525,500
  • Units – $625,000

House and unit data provided by, realestate.com.au/vic/doncaster-3108/

Despite these positives, Doncaster faces challenges with its high median house prices, which might be a barrier for some investors. Additionally, while the rental yield is decent, it isn’t the highest in the region, potentially limiting immediate returns on investment. Public transport could also use some improvements to better serve the growing population.

Overall, Doncaster’s strengths in employment, education, and community amenities make it a worthwhile investment opportunity for 2024. Its vibrant lifestyle and growth potential make it an attractive option for long-term investors willing to overlook the higher entry costs.

Interested in Doncaster?

9. Werribee – Total Score: 74/100

Pacific Werribee Shopping Centre, image by Bob Tan

Werribee offers a blend of affordable housing and strong growth potential, though it faces challenges in infrastructure and amenities. The suburb’s affordability and proximity to Melbourne make it a popular choice for young families and professionals. 

Scoring Criteria:

  • Market Growth: 8/10
  • Rental Yield: 7/10
  • Employment Opportunities: 6/10
  • Population Growth: 9/10
  • Quality of Schools: 6/10
  • Community and Lifestyle: 7/10
  • Median House Price: 9/10
  • Public Transport and Infrastructure: 6/10
  • Local Amenities: 6/10
  • Rental Vacancy Rate: 10/10

Werribee’s market growth and population increase have been notable, driven by its affordability and proximity to Melbourne. The suburb’s rental yield is respectable, and the low median house price makes it accessible for many investors. Werribee’s expanding community is supported by new housing developments and improved local services.

Median prices for Werribee, Vic (3030), as of May 2024:

  • Houses – $610,000
  • Units – $425,000

House and unit data provided by, https://www.realestate.com.au/vic/werribee-3030/

However, the suburb faces challenges in terms of public transport and infrastructure, which can impact daily commuting and lifestyle. The quality of schools, while improving, still lags behind some other suburbs on this list. The limited employment opportunities within the suburb also mean residents often have to commute to nearby areas.

In summary, Werribee’s affordability and growth potential make it a promising investment, particularly for those willing to bet on future infrastructure developments. The suburb’s potential for growth is significant, but investors should be mindful of the current limitations in amenities and transport.

Interested in Werribee?

8. Sunshine – Total Score: 76/100

Sunshine (Devonshire Rd), image John Shadbolt

Sunshine has seen substantial growth and offers significant potential, although it still faces some social and economic challenges. The suburb has a vibrant and diverse community that is gradually transforming with new developments and infrastructure improvements. 

Scoring Criteria:

  • Market Growth: 9/10
  • Rental Yield: 8/10
  • Employment Opportunities: 7/10
  • Population Growth: 8/10
  • Quality of Schools: 6/10
  • Community and Lifestyle: 7/10
  • Median House Price: 6/10
  • Public Transport and Infrastructure: 7/10
  • Local Amenities: 8/10
  • Rental Vacancy Rate: 10/10

Sunshine is experiencing rapid market growth, bolstered by its rental yield and increasing population. The suburb benefits from strong employment opportunities, with ongoing developments in the area. Public transport and infrastructure have seen significant improvements, enhancing connectivity to Melbourne CBD.

Median prices for Sunshine, Vic (3020), as of May 2024:

  • Houses – $805,000
  • Units – $487,500

House and unit data provided by, https://www.realestate.com.au/vic/sunshine-3020/

However, Sunshine’s quality of schools and median house prices pose challenges. The community and lifestyle are improving, but the suburb still faces social and economic hurdles. These challenges can impact the overall attractiveness of the suburb for potential residents and investors.

Overall, Sunshine’s growth trajectory and improved infrastructure make it an appealing investment for those seeking long-term gains. The suburb’s transformation is ongoing, offering significant potential for future returns despite current challenges.

Interested in Sunshine?

7. Ringwood – Total Score: 78/100

Ringwood, Railway Station, image by Philip Mallis

Ringwood combines excellent amenities and community features with strong growth potential, despite its higher median house prices. The suburb offers a desirable lifestyle with top-notch schools and local facilities, making it an attractive choice for families and professionals. 

Scoring Criteria:

  • Market Growth: 8/10
  • Rental Yield: 7/10
  • Employment Opportunities: 8/10
  • Population Growth: 7/10
  • Quality of Schools: 8/10
  • Community and Lifestyle: 8/10
  • Median House Price: 6/10
  • Public Transport and Infrastructure: 7/10
  • Local Amenities: 9/10
  • Rental Vacancy Rate: 10/10

Ringwood’s strengths lie in its quality schools, community lifestyle, and local amenities. The suburb has experienced steady market growth and offers solid rental yields. Its public transport infrastructure and employment opportunities make it a convenient location for professionals.

Median prices for Ringwood, Vic (3134), as of May 2024:

  • Houses – $999,500
  • Units – $620,000

House and unit data provided by, https://www.realestate.com.au/vic/ringwood-3134/

Despite these positives, Ringwood faces challenges with its higher median house prices, which might be a barrier for some investors. Additionally, while the rental yield is solid, it may not be the highest in the region, potentially limiting immediate returns on investment. The suburb also faces occasional issues with public transport congestion.

Overall, Ringwood’s excellent amenities and steady growth make it a strong contender for investment in 2024. Its family-friendly environment and robust infrastructure enhance its appeal for long-term investors.

Interested in Ringwood?

6. Cranbourne – Total Score: 80/100

Cranbourne Botanic Gardens, image by Robert Bicknell

Cranbourne is an emerging suburb with significant growth potential, supported by affordability and increasing amenities. The suburb’s rapid development and accessible housing market make it an attractive option for young families and first-time investors. 

Scoring Criteria:

  • Market Growth: 9/10
  • Rental Yield: 7/10
  • Employment Opportunities: 7/10
  • Population Growth: 9/10
  • Quality of Schools: 7/10
  • Community and Lifestyle: 8/10
  • Median House Price: 9/10
  • Public Transport and Infrastructure: 6/10
  • Local Amenities: 8/10
  • Rental Vacancy Rate: 10/10

Cranbourne’s affordable housing and rapid population growth make it an attractive investment. The suburb’s community and lifestyle are improving, with new developments enhancing local amenities. Cranbourne’s rental yield is competitive, and its low median house price is a significant advantage.

Median prices for Cranbourne, Vic (3977), as of May 2024:

  • Houses – $667,500
  • Units – $466,000

House and unit data provided by, https://www.realestate.com.au/vic/cranbourne-3977/

Challenges include the need for better public transport and infrastructure to support the growing population. Employment opportunities are also an area for improvement. Additionally, while the quality of schools is improving, there is still room for growth.

Overall, Cranbourne’s affordability and growth potential make it a promising investment suburb for 2024. Its ongoing development and accessible housing market offer significant potential for future returns.

Interested in Cranbourne?

5. Geelong – Total Score: 82/100

Geelong Foreshore, image by Bob Tan

Geelong offers a blend of strong market growth, community lifestyle, and excellent amenities, making it a top investment choice. The suburb’s economic stability and appealing lifestyle make it a desirable location for both families and professionals. 

Scoring Criteria:

  • Market Growth: 9/10
  • Rental Yield: 8/10
  • Employment Opportunities: 8/10
  • Population Growth: 8/10
  • Quality of Schools: 8/10
  • Community and Lifestyle: 8/10
  • Median House Price: 7/10
  • Public Transport and Infrastructure: 7/10
  • Local Amenities: 9/10
  • Rental Vacancy Rate: 10/10

Geelong’s market growth and rental yield are impressive, supported by a strong local economy and employment opportunities. The suburb’s population growth and quality of schools make it appealing for families. Geelong’s community lifestyle and amenities, including waterfront attractions, enhance its desirability.

Median prices for Geelong, Vic (3220), as of May 2024:

  • Houses – $1,000,000
  • Units – $657,500

House and unit data provided by, https://www.realestate.com.au/vic/geelong-3220/

However, Geelong’s median house prices are higher compared to some other suburbs, and improvements in public transport and infrastructure are needed to support its growth. Additionally, while the rental yield is strong, it may not be the highest in the region.

Geelong’s comprehensive amenities and strong market performance make it a top investment suburb for 2024. Its vibrant lifestyle and economic stability make it an attractive option for long-term investors.

Interested in Geelong?

4. Frankston – Total Score: 84/100

Landmark Bridge on the Frankston Waterfront, image by Harley Calvert

Frankston combines affordability, market growth, and excellent amenities, making it a strong investment suburb. The suburb’s beachside lifestyle and improving infrastructure make it an appealing option for families and professionals.

Scoring Criteria:

  • Market Growth: 9/10
  • Rental Yield: 8/10
  • Employment Opportunities: 9/10
  • Population Growth: 9/10
  • Quality of Schools: 7/10
  • Community and Lifestyle: 9/10
  • Median House Price: 8/10
  • Public Transport and Infrastructure: 8/10
  • Local Amenities: 9/10
  • Rental Vacancy Rate: 10/10

Frankston’s market growth and rental yield are supported by its affordable housing and growing population. The suburb’s community lifestyle and local amenities, including beachside attractions, are significant draws. Public transport and infrastructure enhancements have improved connectivity.

Median prices for Frankston, Vic (3199), as of May 2024:

  • Houses – $735,000
  • Units – $496,000

House and unit data provided by, https://www.realestate.com.au/vic/frankston-3199/

Challenges include the need for more employment opportunities and improvements in school quality. Despite these, Frankston’s overall appeal and growth potential make it a top investment choice. The suburb’s beachside lifestyle and affordable housing market offer significant potential for future returns.

Frankston’s blend of affordability and growth makes it an attractive investment suburb for 2024. Its ongoing development and appealing lifestyle make it a promising option for long-term investors.

Interested in Frankston?

3. Dandenong – Total Score: 85/100

View from the Dandenongs, image by Peter Campbell

Dandenong offers a diverse and vibrant community with strong growth potential and excellent amenities. The suburb’s multicultural atmosphere and ongoing developments make it an appealing option for families and professionals. 

Scoring Criteria:

  • Market Growth: 9/10
  • Rental Yield: 9/10
  • Employment Opportunities: 8/10
  • Population Growth: 9/10
  • Quality of Schools: 7/10
  • Community and Lifestyle: 8/10
  • Median House Price: 8/10
  • Public Transport and Infrastructure: 8/10
  • Local Amenities: 9/10
  • Rental Vacancy Rate: 10/10

Dandenong’s strengths include its market growth, rental yield, and population increase. The suburb’s employment opportunities and public transport infrastructure are robust. Dandenong’s diverse community and lifestyle, along with excellent local amenities, make it highly desirable.

Median prices for Dandenong, Vic (3175), as of May 2024:

  • Houses – $690,000
  • Units – $400,000

House and unit data provided by, https://www.realestate.com.au/vic/dandenong-3175/

However, Dandenong’s median house prices are higher, and there is room for improvement in school quality and community facilities. Additionally, the suburb faces occasional issues with congestion and infrastructure strain.

Dandenong’s vibrant community and growth potential make it a top investment suburb for 2024. Its ongoing development and diverse atmosphere offer significant potential for future returns.

Interested in Dandenong?

2. Box Hill – Total Score: 87/100

Box Hill, image by Bob Tan

Box Hill is a thriving suburb with strong market growth, excellent amenities, and high rental yields. The suburb’s vibrant community and top-notch infrastructure make it a desirable location for families and professionals. 

Scoring Criteria:

  • Market Growth: 9/10
  • Rental Yield: 9/10
  • Employment Opportunities: 8/10
  • Population Growth: 9/10
  • Quality of Schools: 8/10
  • Community and Lifestyle: 9/10
  • Median House Price: 7/10
  • Public Transport and Infrastructure: 9/10
  • Local Amenities: 9/10
  • Rental Vacancy Rate: 10/10

Box Hill’s market growth and rental yield are exceptional, supported by strong employment opportunities and population growth. The suburb’s quality schools and vibrant community lifestyle add to its appeal. Box Hill’s public transport and infrastructure are excellent, making it highly accessible.

Median prices for Box Hill, Vic (3128), as of May 2024:

  • Houses – $1,680,000
  • Units – $580,000

House and unit data provided by, https://www.realestate.com.au/vic/box-hill-3128/

The higher median house prices and rental vacancy rates are challenges, but Box Hill’s overall strengths outweigh these drawbacks. Additionally, the suburb faces occasional issues with congestion and infrastructure strain.

Box Hill’s thriving market and excellent amenities make it a top investment suburb for 2024. Its vibrant lifestyle and top-notch infrastructure offer significant potential for future returns.

Interested in Box Hill?

1. Hawthorn – Total Score: 88/100

The Hudson Apartments in Hawthorn, image by Bob Tan

Hawthorn tops the list with its exceptional market growth, community lifestyle, and excellent amenities. The suburb’s prestigious reputation and top-quality facilities make it a highly desirable location for families and professionals. 

Scoring Criteria:

  • Market Growth: 10/10
  • Rental Yield: 9/10
  • Employment Opportunities: 9/10
  • Population Growth: 9/10
  • Quality of Schools: 9/10
  • Community and Lifestyle: 9/10
  • Median House Price: 5/10
  • Public Transport and Infrastructure: 9/10
  • Local Amenities: 9/10
  • Rental Vacancy Rate: 10/10

Hawthorn’s market growth and rental yield are unparalleled, supported by excellent employment opportunities and population growth. The suburb’s quality schools and vibrant community lifestyle, along with superior public transport and infrastructure, make it highly desirable. Hawthorn’s local amenities, including shopping, dining, and cultural attractions, are top-notch.

Median prices for Hawthorn, Vic (3122), as of May 2024:

  • Houses – $2,910,000
  • Units – $585,000

House and unit data provided by, https://www.realestate.com.au/vic/hawthorn-3122/

The higher median house prices and rental vacancy rates are the primary challenges, but Hawthorn’s overall strengths make it the top investment suburb for 2024. Additionally, the suburb faces occasional issues with congestion and infrastructure strain.

Hawthorn’s exceptional market performance and amenities make it the best investment suburb in Victoria for 2024. Its prestigious reputation and top-quality facilities offer significant potential for future returns.

Interested in Hawthorn?

How I Scored Each Suburb

In this section, you’ll learn about the 10 criteria used to score the cities and why they were deemed essential factors in our ranking.

Market Growth

Market growth refers to the increase in property values within a suburb over a specific period. This metric is crucial as it indicates the potential for capital appreciation, making it an essential consideration for investors seeking long-term gains. A suburb scoring 1 in market growth, like Broadmeadows, typically shows minimal or negative property value changes over several years, indicating poor investment potential. Conversely, a suburb scoring 10, such as Brighton, exhibits significant and consistent property value increases, making it highly desirable for investors.

Rental Yield

Rental yield measures the annual rental income as a percentage of the property’s value. It is an important metric for investors focusing on rental income. A suburb with a score of 1 in rental yield, such as Toorak, often has high property prices with relatively low rental returns. On the other hand, a suburb scoring 10, like Footscray, offers high rental returns compared to the property value, making it attractive for rental property investors.

Employment Opportunities

Employment opportunities assess the availability and diversity of job options within or near the suburb. This is critical as it affects the demand for housing. A suburb scoring 1, like Melton South, may have limited employment options, reducing its attractiveness. In contrast, a suburb scoring 10, such as Melbourne CBD, offers abundant and diverse job opportunities, making it highly appealing to professionals and families.

Population Growth

Population growth measures the increase in the number of residents in a suburb. This metric is significant as it reflects the area’s attractiveness and potential for future development. A suburb scoring 1 in population growth, like St Albans, shows little to no population increase, suggesting limited demand for housing. A suburb scoring 10, such as Clyde North, experiences rapid population growth, indicating high demand and potential for property value appreciation.

Quality of Schools

Quality of schools evaluates the standard of educational institutions within the suburb. This is crucial for families and affects long-term property value. A suburb scoring 1 in quality of schools, such as Laverton, may have schools with lower performance ratings. Conversely, a suburb scoring 10, like Camberwell, boasts top-rated schools, making it highly desirable for families.

Community and Lifestyle

Community and lifestyle consider the overall living experience, including safety, recreational facilities, and social cohesion. A suburb scoring 1, such as Doveton, might have limited amenities and safety concerns. In contrast, a suburb scoring 10, like South Yarra, offers a vibrant lifestyle with numerous recreational and social amenities, making it attractive for residents.

Median House Price

Median house price reflects the midpoint price of homes in the suburb. While high prices can indicate desirability, they may also pose affordability challenges for investors. A suburb scoring 1, like Southbank, has very high median house prices, making it less accessible for many investors. A suburb scoring 10, such as Bacchus Marsh, has more affordable median house prices, increasing its accessibility and investment potential.

Public Transport and Infrastructure

Public transport and infrastructure evaluate the quality and availability of transportation and essential services. A suburb scoring 1, like Seabrook, may have poor public transport and infrastructure, reducing its attractiveness. A suburb scoring 10, like Richmond, boasts excellent public transport and infrastructure, enhancing its appeal for commuters and residents.

Local Amenities

Local amenities consider the availability and quality of facilities such as shopping centres, parks, and healthcare. A suburb scoring 1, like Hoppers Crossing, may have limited local amenities, reducing its desirability. A suburb scoring 10, like Kew, offers abundant and high-quality amenities, making it highly appealing for residents.

Rental Vacancy Rate

Rental vacancy rate measures the percentage of rental properties that are unoccupied. A low vacancy rate indicates strong rental demand. A suburb scoring 1, like Wyndham Vale, might have high vacancy rates, suggesting low rental demand. A suburb scoring 10, such as Brunswick, has very low vacancy rates, indicating high demand and stable rental income potential.

My Suburb Rankings: A Deep Dive into Data and Local Experiences

Compiling the list of top suburbs to invest in across Victoria required a comprehensive approach, blending quantitative data with qualitative insights. I began by sourcing data from reputable real estate databases such as CoreLogic, REA and Domain, which provided invaluable statistics on market growth, rental yields, and median house prices. These platforms allowed me to identify trends and compare various suburbs based on concrete financial metrics.

Beyond data, my research involved extensive fieldwork across Victoria. I visited numerous suburbs, walking their streets, visiting local cafes, and speaking with residents to understand the community vibe. In Doncaster, I enjoyed a coffee at Jackson Court’s iconic Cafe Oggi, which serves as a local hub for professionals and families alike. In Geelong, I spent an afternoon at Pakington Street, immersing myself in the lively atmosphere and chatting with locals at the bustling King of the Castle Cafe. This firsthand experience was crucial in assessing the lifestyle and community spirit that data alone cannot capture.

I also referenced articles and news reports from The Age and the Herald Sun to gain insights into local developments and future infrastructure projects. For instance, recent articles highlighted significant public transport upgrades planned for Werribee, reinforcing its potential for future growth. By staying updated with local news, I ensured that my recommendations were grounded in the latest information.

In addition to these sources, I frequented social settings and restaurants to gauge the local amenities and their appeal. For example, dining at Geelong’s acclaimed Bistrot Plume provided a glimpse into the suburb’s thriving food scene, reflecting its broader appeal to young professionals. Similarly, enjoying a meal at Box Hill’s Golden Lily gave insight into the suburb’s vibrant multicultural offerings and strong community ties.

By combining data-driven analysis with on-the-ground observations, I was able to rank the suburbs comprehensively. This approach not only identified where financial metrics pointed but also ensured that the recommended suburbs offered an attractive lifestyle, making them well-rounded choices for young families, professional couples and first time investors looking to invest in 2024.

In Conclusion

In 2024, several suburbs across Victoria stand out as prime investment opportunities for young professional couples. These suburbs have been meticulously evaluated based on market growth, rental yield, employment opportunities, population growth, quality of schools, community and lifestyle, median house price, public transport and infrastructure, local amenities, and rental vacancy rate. Here is my recap of the top 10 suburbs to consider:

  1. Hawthorn – Total Score: 88/100
  2. Box Hill – Total Score: 87/100
  3. Dandenong – Total Score: 85/100
  4. Frankston – Total Score: 84/100
  5. Geelong – Total Score: 82/100
  6. Cranbourne – Total Score: 80/100
  7. Ringwood – Total Score: 78/100
  8. Sunshine – Total Score: 76/100
  9. Werribee – Total Score: 74/100
  10. Doncaster – Total Score: 72/100

Each of these suburbs offers a unique blend of growth potential, lifestyle amenities, and community appeal, making them excellent choices for property investment in the coming year. Hawthorn leads the list with exceptional market growth and superior amenities, making it highly desirable for investors. Box Hill and Dandenong follow closely with their thriving markets and diverse community offerings. Frankston and Geelong stand out for their strong market growth and vibrant lifestyles, while Cranbourne and Ringwood offer promising growth with affordable housing options. Sunshine, Werribee, and Doncaster round out the list, each with their own compelling reasons for investment, from affordability to strong local amenities.

Investing in any of these suburbs could yield substantial benefits, whether you are looking for strong rental yields, affordable housing, or vibrant community life. The diverse characteristics of these top suburbs cater to a variety of investment strategies, ensuring there is a suitable option for every investor.

If you need help finding a suitable property, consider using a professional residential buyer’s agent. They can provide expert advice, local insights, and tailored assistance to help you navigate the property market and make the best investment decision. A buyer’s agent can be instrumental in securing a property that aligns with your financial goals and personal preferences, making your investment journey smoother and more successful.


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