Top 10 Suburbs for Property Investment in Australia — October 2026
Our October 2026 screen combines September's 89 suburb markets with suburbs PropTrack showed still rising in the September quarter, 298 scored in full. Bridgewater, Tasmania leads the houses and Bungalow in Cairns leads the units. Fourteen of the 20 picks had values still rising over the quarter (PropTrack), and 12 are outside the capital cities.
#1 Houses
Bridgewater, TAS
PIS 73.5 · $525K · 5.42%
#1 Units
Bungalow, QLD
PIS 76.1 · $410K · 6.16%
Scored
298 suburb markets
incumbents + rising markets
Methodology
PIS v2.1
component scores published
PIS: our analysis. Median and yield: Cotality via Your Investment Property (medians 12 months to July 2026; yields September 2026).
Ranking data cut-off: 25 October 2026. Suburb medians, 12-month change, sales and days on market: Cotality via Your Investment Property (12 months to 31 July 2026). Rents and gross yields: Cotality via Your Investment Property (September 2026). Vacancy: SQM Research (September 2026). Quarterly price trend: PropTrack (September quarter 2026).
Market context updated: 28 October 2026 (ABS CPI; bank forecasts and market pricing as reported that day). Scores and rankings: our analysis, PIS v2.1.
Jump to: How we selected · Top 10 Houses · Top 10 Units · Interest cover · Rising markets · Market backdrop · What changed · Catalyst map · FAQs · Methodology appendix · Sources
Quick answer
On our October 2026 screen, the top-ranked suburbs for property investment in Australia are Bridgewater, Tasmania (houses) and Bungalow, Queensland (units, Cairns). We re-checked the 89 suburb markets scored in September, added suburb markets PropTrack showed still rising in the September quarter, and scored 298 in full. That makes this a screen of incumbents and rising markets, not an exhaustive ranking of every Australian suburb: suburbs that fell over the quarter were scored only if they were already in September's set. Each entry passed two gates: SQM postcode vacancy of 1.5% or less, and a gross yield of 4.3% or more (or a median of $700,000 or less with a delivered or funded catalyst). Passing suburbs were ranked on our 0–100 Property Investment Score (PIS). Different weights would produce different lists.
October 2026 at a glance
| Category | Pick | Why it ranks |
|---|---|---|
| #1 Houses | Bridgewater TAS ($525K, 5.42%) | 0.51% vacancy, 10-day sales, New Bridgewater Bridge delivered |
| #1 Units | Bungalow QLD, Cairns ($410K, 6.16%) | 11-day sales; Cairns Hospital expansion now in early works |
| Highest yield on the main lists | Gillen NT houses, Alice Springs (7.89%) | 0.09% vacancy, but homes took a median 90 days to sell |
| Deepest market on the lists | Mackay QLD units (131 sales) | 6.12% yield; its 1.15% vacancy is the closest to our gate |
| Biggest catalyst change | East Devonport TAS houses | Spirit Quay opened on 22 October 2026 |
| Dropped on the gate | Lavington NSW units (September #9) | Postcode vacancy rose above our 1.5% threshold |
Source: our PIS v2.1, October 2026. Median, yield, sales and days on market: Cotality via Your Investment Property (medians 12 months to July 2026; yields September 2026). Vacancy: SQM Research, September 2026. Catalysts: Department of Infrastructure (New Bridgewater Bridge); Queensland Government, 15 September 2026 (Cairns Hospital); Premier of Tasmania, 22 October 2026 (Spirit Quay).
Prices fell across most of Australia in the September quarter. Cotality's national index fell 1.1% in September, the sixth monthly fall in a row, and on our count of PropTrack's quarterly suburb values, 82% of house suburbs and 80% of unit suburbs were lower. Domain found house prices down in every capital at once, for the first time in 15 years. On 28 October the ABS reported that the quarterly trimmed mean, a measure of underlying inflation, rose 3.7% over the year to the September quarter, and all four major banks now forecast a rate rise on 3 November (as reported by The Adviser, 28 October).
That changes where a vacancy-and-yield screen finds suburbs. This month we added a second source of candidates: every suburb PropTrack showed still rising over the quarter, priced under $750,000 for houses or $600,000 for units. Twelve of the 20 entries are outside the capital cities, in northern Tasmania, inland Queensland, Alice Springs, Cairns, Townsville, Mackay and regional Western Australia, and 14 had values still rising over the quarter (PropTrack). Several are small towns with small rental markets and slower sales, so each entry's main risk sits beside it.
How were the suburbs selected?
Quick answer
We scored 298 suburb markets: the 89 from September, re-checked, plus new candidates PropTrack showed still rising in the September quarter. Falling suburbs outside September's set weren't screened, so the lists rank incumbents and rising markets rather than every suburb in Australia. An entry needed SQM postcode vacancy of 1.5% or less in September 2026, a gross yield of 4.3% or more (or a median of $700,000 or less with a delivered or funded catalyst), at least 50 house or 30 unit sales in 12 months, and a rental pool of at least 300 properties. Passing suburbs were ranked on PIS v2.1.
Weights (unchanged from September's PIS v2.0, where the 12% factor was labelled sale conditions): vacancy 20%, days on market 13%, price momentum 12%, gross yield 16%, 12-month sold-median change 8%, affordability 8%, infrastructure 13%, demographic and supply durability 10%.
Three changes this month (PIS v2.1):
- Price momentum is measured at suburb level. September scored this factor on whether the suburb's SA4 region was rising in PropTrack's three months to July. In the September quarter most SA4 regions fell (72 of 88 for houses and 71 of 85 for units, on PropTrack's suburb values), so the region measure separated suburbs far less than in earlier editions. The factor now uses the suburb's own PropTrack change for the September quarter, scored in steps set out in the Methodology appendix.
- A minimum rental pool. Where SQM counts fewer than 300 rental properties in a postcode, one vacant home moves the rate by a third of a point or more. Those postcodes are now excluded. Rows with out-of-date figures are also excluded.
- A measured single-industry test. A town is excluded when one mining or metal-smelting industry employs 10% or more of its working residents at the 2021 Census (ABS). This replaces the named-town judgement used in earlier editions; the figures for every town it touched are in the Methodology appendix.
What the design does
New candidates came only from suburbs PropTrack showed rising, so every one scores full marks on momentum, while falling suburbs outside September's 89 weren't screened. That gives this month's newcomers a built-in advantage on the 12% momentum factor. Re-scoring the same pool with a region-level momentum measure (each suburb's SA4 median change) keeps seven of the ten houses and five of the ten units; Mowbray would lead the houses, and Nightcliff would edge Driver for the units by 0.001 points.
Four list rules, applied after scoring: thin markets (fewer than 50 house or 30 unit sales a year) are excluded; one entry per postcode per list, because suburbs in a postcode share one SQM vacancy reading; no more than two entries per SA4 region per list; and single-industry towns are excluded. This month the single-industry test removed the Kalgoorlie-Boulder suburbs, Kambalda West, Port Pirie's suburbs, Mount Isa's Soldiers Hill, Cloncurry, Collie, Roxby Downs, Emerald and West Wyalong; it also applies to Biloela and Tannum Sands. Cloncurry, Biloela and Tannum Sands were also out on other rules (thin markets or out-of-date figures). Without the test, Kambalda West would rank first and South Kalgoorlie third on the houses list, West Wyalong seventh and Risdon Park SA ninth, and Rangeway would drop out under the two-per-region rule.
We count capital-city entries using the ABS Greater Capital City areas, so Driver (in Palmerston) is part of Greater Darwin, and Bridgewater and Risdon Vale are part of Greater Hobart. PIS v2.1 scores aren't comparable with earlier editions', and rank changes compare positions only. This is the fifth edition of the series, after April, May, August and September.
Top suburbs for property investment: houses (October 2026)
Quick answer
Bridgewater TAS ranks first, followed by Manjimup WA, Mowbray TAS, Charters Towers QLD and East Devonport TAS. All ten have postcode vacancy of 1.08% or less (SQM Research, September 2026) and a median at or below $745,000 (Cotality via Your Investment Property). Four are in Tasmania and one is in Perth (Midvale); none is in Sydney, Melbourne, Brisbane or Adelaide.
Rank changes are not like-for-like: October uses a new momentum measure and a wider candidate pool, so a move up or down doesn't show that a suburb's fundamentals changed.
| Rank | Suburb | State | Postcode | Median (12m to Jul) | 12m sold-median change | Gross yield (Sep) | Vacancy (Sep) | DoM (12m) | Sales (12m) | PIS | Position vs Sep (not like-for-like) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bridgewater (Hobart) | TAS | 7030 | $525,000 | +25.0% | 5.42% | 0.51% | 10 | 56 | 73.5 | ▲3 |
| 2 | Manjimup | WA | 6258 | $514,326 | +23.2% | 5.79% | 0.30% | 20 | 84 | 68.0 | NEW |
| 3 | Mowbray (Launceston) | TAS | 7248 | $550,000 | +23.6% | 5.12% | 0.33% | 10 | 84 | 67.8 | ▼2 |
| 4 | Charters Towers City | QLD | 4820 | $350,000 | +25.0% | 6.47% | 0.00% ⚠ | 44 | 65 | 67.7 | NEW |
| 5 | East Devonport | TAS | 7310 | $540,000 | +20.3% | 5.04% | 0.55% | 32 | 76 | 65.5 | NEW |
| 6 | Risdon Vale (Hobart) | TAS | 7016 | $536,000 | +16.8% | 5.40% | 0.51% | 10 | 60 | 64.6 | NEW |
| 7 | Rangeway (Geraldton) | WA | 6530 | $422,000 | +32.3% | 6.06% | 1.08% | 14 | 71 | 64.0 | ▼4 |
| 8 | Goondiwindi | QLD | 4390 | $650,000 | +30.0% | 4.54% | 0.14% | 30 | 89 | 63.2 | NEW |
| 9 | Gillen (Alice Springs) | NT | 0870 | $467,000 | +8.0% | 7.89% | 0.09% | 90 | 75 | 60.8 | NEW |
| 10 | Midvale (Perth) | WA | 6056 | $745,000 | +29.0% | 5.22% | 0.75% | 13 | 74 | 60.6 | ▼3 |
Source: our PIS v2.1. Median, 12-month sold-median change, days on market (DoM) and sales: Cotality, 12 months to 31 July 2026, via Your Investment Property. Gross yield: Cotality value-based yield, September 2026, via Your Investment Property. Vacancy: SQM Research postcode series, September 2026.
⚠ Charters Towers has recorded 0.00% vacancy in six of the 13 months to September 2026, including August and September, and never more than 0.34% (SQM Research). SQM counts about 1,180 rental properties in postcode 4820, so one vacant home moves the rate.
Property Investment Score — Top 10 Houses, October 2026
PIS v2.1 (0–100). Colour indicates state. Axis starts at 50 to make rank gaps readable.
TASNTWAQLD
Our Property Investment Score (PIS v2.1), October 2026, built on Cotality data via Your Investment Property (12 months to July 2026; gross yields September 2026), SQM Research postcode vacancy (September 2026), PropTrack suburb values (September quarter 2026), ABS Census and official infrastructure project sources.
Why each house ranks, and its main risk
| Suburb | Why it ranks | Main risk |
|---|---|---|
| Bridgewater | 0.51% vacancy, 10-day sales, New Bridgewater Bridge opened June 2025 | Rent covers about 88% of interest at an illustrative 7%; 56 sales |
| Manjimup | 0.30% vacancy, 5.79% yield, prices rising over the quarter (PropTrack +2%) | Southern Forests farming town; no major project verified |
| Mowbray | 0.33% vacancy, 10-day sales; UTAS Inveresk campus delivered next door | Values eased 1% over the quarter (PropTrack) |
| Charters Towers City | $350,000 entry, 6.47% yield, PropTrack +3% for the quarter | Vacancy read 0.00% in six of the 13 months to September 2026, never above 0.34% (SQM); 44 days on market; gold mining in the district |
| East Devonport | Spirit Quay opened in the suburb on 22 October 2026; PropTrack +6% for the quarter | 32 days on market; rent covers about 89% of interest at 7% |
| Risdon Vale | 0.51% vacancy, 10-day sales, rising over the quarter | Rental pool under 400 properties; the Correa Unit is still in design |
| Rangeway | $422,000 entry, 6.06% yield, Geraldton Health Campus delivered next door | Values fell 4% over the quarter (PropTrack); vacancy up to 1.08% |
| Goondiwindi | 0.14% vacancy, prices still rising | 4.54% yield, the lowest on the list; rent covers about 79% of interest at 7% |
| Gillen | 7.89% yield, the highest on either list; 0.09% vacancy; PropTrack +2% for the quarter | Homes took a median 90 days to sell; no major project verified |
| Midvale | 13-day sales; new Midland station opened next door in February 2026 | Values fell 6% over the quarter (PropTrack); the highest median on the list |
Source: our analysis; figures as in the ranking table (Cotality via Your Investment Property; SQM Research, September 2026; PropTrack, September quarter 2026); catalysts as in the catalyst map.
Bridgewater and Risdon Vale, Hobart (PIS 73.5 and 64.6)
Bridgewater moves from fourth to first on a $525,000 median, a 5.42% yield, 0.51% vacancy and 10-day sales (Cotality via Your Investment Property; SQM Research). PropTrack had its house values up 1% over the September quarter while most of Hobart fell. The $786 million New Bridgewater Bridge opened to traffic on 1 June 2025 (Department of Infrastructure). Risdon Vale, on Hobart's eastern shore, enters sixth on a similar profile: $536,000, 5.40%, 0.51% and 10-day sales. Its infrastructure score is lower because the Risdon Prison Correa Unit is still in design, with construction expected from 2027 subject to approvals (Department of Justice Tasmania). We score it as public investment and construction employment, not as an amenity.
Balanced view
Bridgewater's 56 sales a year sit just above our 50-sale line, and Risdon Vale's rental pool is under 400 properties. Median weekly household incomes were $944 in Bridgewater and $1,187 in Risdon Vale at the 2021 Census (ABS), which may limit how far rents can rise; we score their demographic durability at 40.
Manjimup, Rangeway and Midvale, Western Australia (PIS 68.0, 64.0 and 60.6)
Manjimup, the Southern Forests farming and timber centre about 300 km south of Perth, enters second on 0.30% vacancy, a 5.79% yield and a $514,326 median. Rent covers interest at 7% about 1.08 times on our stress test. Rangeway, in Geraldton, drops from third to seventh because PropTrack had its values down 4% over the quarter and vacancy rose to 1.08%; its 6.06% yield and $422,000 entry keep it on the list. Midvale, in Perth's north-east, holds a place at tenth on 13-day sales and 0.75% vacancy at $745,000, next to the new Midland station.
Balanced view
Manjimup has no major project in or near it (the Warren Health Service upgrade, completed in 2018, cost $37.6 million, below our $50 million line), and its rental market has about 660 properties. Rangeway's +32% and Midvale's +29% trailing sold-median changes ran through a rising market, and PropTrack had Midvale's values down 6% over the September quarter. Midvale edges Berri SA for tenth place by less than a hundredth of a point.
Mowbray and East Devonport, northern Tasmania (PIS 67.8 and 65.5)
Mowbray, September's first, ranks third. Its numbers held ($550,000, 5.12%, vacancy down to 0.33%), but PropTrack had its values 1% lower over the quarter, which costs it on the momentum measure. East Devonport replaces Devonport on the houses list. The Spirit Quay berth at East Devonport was officially opened on 22 October 2026 (Premier of Tasmania), and TT-Line has been targeting first commercial sailings of Spirit of Tasmania IV and V from 31 October (TT-Line, as reported by The Examiner). PropTrack had East Devonport houses up 6% over the quarter.
Balanced view
A delivered project can already be priced in, and East Devonport's 32-day selling time is slower than Mowbray's 10. Parts of Invermay, next to Mowbray, sit on the Tamar floodplain behind levees.
Charters Towers, Goondiwindi and Gillen: inland towns (PIS 67.7, 63.2 and 60.8)
Three inland towns make the houses list. Charters Towers City ($350,000, 6.47%) and Gillen, in Alice Springs ($467,000, 7.89%), carry the highest house yields on the list, and Goondiwindi ($650,000, 4.54%) has 0.14% vacancy. PropTrack had all three rising over the September quarter (+1% to +3%). Gillen's 0.09% vacancy comes from a deeper rental market than the other two: SQM counts about 3,200 rental properties in postcode 0870.
Balanced view
These are the entries where our measures are least reliable. Charters Towers read 0.00% vacancy in six of the 13 months to September 2026 (SQM Research), so a single vacant rental would move its rate sharply, and Gillen's 90-day and Charters Towers' 44-day selling times mean an exit can take months. Gold mining employed about 4% of Charters Towers City's working residents at the 2021 Census (ABS), below our single-industry line but a risk to watch. Emerald and West Wyalong would each have ranked if exempted from that line (coal mining 16.6% and gold mining 14.9% of working residents). Treat these towns as candidates for local research, including a local property manager's view of rental demand, before treating them as investments.
Top suburbs for property investment: units (October 2026)
Quick answer
Bungalow in Cairns leads, followed by Driver (Palmerston), Pimlico (Townsville), Woolner (Darwin) and New Town (Hobart). All ten have gross yields above 5.2% (Cotality via Your Investment Property, September 2026) and postcode vacancy of 1.15% or less (SQM Research). Fourteen more Darwin and Palmerston unit suburbs passed every gate; nine scored high enough to rank but were held back by our postcode and two-per-region rules. Bungalow's lead depends on two of our judgement calls: counting the Cairns Hospital expansion's early works as construction, and a higher demographic score for Cairns than for Palmerston (65 against 55). Reversing either would put Driver first.
Rank changes are not like-for-like: October uses a new momentum measure and a wider candidate pool, so a move up or down doesn't show that a suburb's fundamentals changed.
| Rank | Suburb | State | Postcode | Median (12m to Jul) | 12m sold-median change | Gross yield (Sep) | Vacancy (Sep) | DoM (12m) | Sales (12m) | PIS | Position vs Sep (not like-for-like) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bungalow (Cairns) | QLD | 4870 | $410,000 | +29.1% | 6.16% | 0.71% | 11 | 42 | 76.1 | NEW |
| 2 | Driver (Palmerston) | NT | 0830 | $386,500 | +39.3% | 7.86% | 0.85% | 33 | 56 | 75.2 | NEW |
| 3 | Pimlico (Townsville) | QLD | 4812 | $433,000 | +27.4% | 5.21% | 0.51% | 16 | 33 | 73.7 | NEW |
| 4 | Woolner (Darwin) | NT | 0820 | $486,000 | +20.0% | 7.56% | 0.66% | 27 | 32 | 73.4 | NEW |
| 5 | New Town (Hobart) | TAS | 7008 | $465,250 | −7.2% | 5.41% | 0.10% | 9 | 42 | 67.3 | NEW |
| 6 | Cannington (Perth) | WA | 6107 | $630,000 | +20.7% | 5.65% | 0.50% | 12 | 121 | 65.2 | ▲1 |
| 7 | Devonport | TAS | 7310 | $426,250 | +4.0% | 5.36% | 0.55% | 30 | 75 | 64.0 | NEW |
| 8 | Midland (Perth) | WA | 6056 | $580,000 | +20.5% | 5.52% | 0.75% | 7 | 115 | 64.0 | = |
| 9 | Woree (Cairns) | QLD | 4868 | $352,000 | +20.6% | 7.27% | 0.98% | 24 | 85 | 63.7 | ▼7 |
| 10 | Mackay | QLD | 4740 | $404,000 | +20.6% | 6.12% | 1.15% | 20 | 131 | 63.0 | NEW |
Source: our PIS v2.1. Median, 12-month sold-median change, days on market (DoM) and sales: Cotality, 12 months to 31 July 2026, via Your Investment Property. Gross yield: Cotality value-based yield, September 2026, via Your Investment Property. Vacancy: SQM Research postcode series, September 2026.
Property Investment Score — Top 10 Units, October 2026
PIS v2.1 (0–100). Colour indicates state. Axis starts at 50 to make rank gaps readable.
TASNTWAQLD
Our Property Investment Score (PIS v2.1), October 2026, built on Cotality data via Your Investment Property (12 months to July 2026; gross yields September 2026), SQM Research postcode vacancy (September 2026), PropTrack suburb values (September quarter 2026), ABS Census and official infrastructure project sources.
Why each unit ranks, and its main risk
| Suburb | Why it ranks | Main risk |
|---|---|---|
| Bungalow | 11-day sales, 6.16% yield; Cairns Hospital expansion in early works | 42 sales; cyclone-zone strata insurance |
| Driver | 7.86% yield; rent covers interest at 7% about 1.3 times | Vacancy up from 0.25% to 0.85% in a month (SQM); Darwin's cycle history; 33 days on market |
| Pimlico | 0.51% vacancy, 16-day sales, unit values up 1% over the quarter while Townsville units were flat (PropTrack) | 33 sales; rent covers about 90% of interest at 7% |
| Woolner | 7.56% yield, the highest interest cover on either list | 32 sales; Darwin cycle risk; vacancy up from 0.44% to 0.66% in a month (SQM) |
| New Town | 0.10% vacancy, 9-day sales, PropTrack +4% for the quarter | The 12-month sold median fell 7.2% |
| Cannington | 0.50% vacancy, 121 sales; station rebuilt and reopened June 2025 | Values fell 7% over the quarter (PropTrack) |
| Devonport | Spirit Quay opened next door; 75 sales | Trailing growth of +4.0%; 30 days on market |
| Midland | 7-day sales, the fastest on either list; station opened February 2026 | Values fell 5% over the quarter (PropTrack) |
| Woree | 7.27% yield; the cheapest unit on the list at $352,000 | Vacancy rose to 0.98%; values down 2% over the quarter (PropTrack) |
| Mackay | 131 sales, 6.12% yield; hospital expansion funded | Vacancy of 1.15%, closest to the gate; Bowen Basin exposure |
Source: our analysis; figures as in the ranking table (Cotality via Your Investment Property; SQM Research, September 2026; PropTrack, September quarter 2026); catalysts as in the catalyst map.
Cairns units: Bungalow and Woree (PIS 76.1 and 63.7)
Bungalow, a small inner suburb south of the Cairns CBD, leads on 11-day sales, a 6.16% yield and 0.71% vacancy at $410,000, with PropTrack showing unit values up 2% over the quarter. The Cairns Hospital expansion moved from funded to under construction in mid-September, with helipad works under way and a builder appointed (Queensland Government, 15 September 2026), which lifts every Cairns entry's infrastructure score. Woree, September's second, drops to ninth: its vacancy rose from 0.47% to 0.98% and PropTrack had its values down 2%.
Balanced view
Bungalow's 42 sales a year make it one of the thinner entries. Far north Queensland is a cyclone zone, and strata insurance can take a meaningful share of gross rent, so ask for the body corporate's insurance and levy history. The hospital is in Cairns North, so we score it as serving the wider city. Bungalow's lead rests on the expansion's stage: scored as funded rather than under construction, Bungalow would score 74.1 and Driver (75.2) would lead the units; the same call keeps Woree on the list, and without it Chinchilla would take tenth.
Darwin units: Driver and Woolner (PIS 75.2 and 73.4)
Darwin and Palmerston units are the deepest pool on this month's screen. Driver, in Palmerston, yields 7.86% at $386,500; Woolner, an inner Darwin suburb, yields 7.56% at $486,000. Their rents cover interest at 7% about 1.32 and 1.43 times; Woolner's is the highest on either list. Behind them, 14 more Darwin and Palmerston unit suburbs passed every gate, nine of them scoring between 68.0 and 75.2 (rounded); our one-per-postcode and two-per-region rules keep them off the list.
Balanced view
In our reading, yields this high partly reflect Darwin's cycle risk: values were 32.7% below their May 2014 peak by early 2020 (CoreLogic's Tim Lawless, as reported by MacroBusiness, 5 March 2020). Driver's postcode vacancy more than tripled in a month, from 0.25% in August to 0.85% in September (SQM Research). Selling times run 27 to 33 days, and Woolner's 32 sales sit just above our line. Holding more than one Darwin unit adds to the same exposure.
Pimlico and New Town (PIS 73.7 and 67.3)
Pimlico, in Townsville, takes over postcode 4812 from Hermit Park with 0.51% vacancy, 16-day sales and a 5.21% yield at $433,000. New Town, in Hobart's inner north, has the lowest unit vacancy on the list (0.10%) and 9-day sales.
Balanced view
New Town's 12-month sold median fell 7.2% to July even as PropTrack's modelled values rose 4% over the September quarter. With 42 sales a year, a few sales of smaller or older units can pull a median down, so we read the two figures as a mixed signal. Pimlico's 33 sales are close to the thin-market line.
Perth, Devonport and Mackay
Cannington (sixth) and Midland (eighth) stay on the list with their numbers little changed: $630,000 and $580,000, yields of 5.65% and 5.52%, vacancy of 0.50% and 0.75%. Cannington station was rebuilt as an elevated station with a larger bus interchange under the Victoria Park–Canning Level Crossing Removal Project and reopened on 9 June 2025 (Australian Government; Metronet). Devonport units enter at seventh, next to the newly opened Spirit Quay, and Mackay enters at tenth with 131 sales and a 6.12% yield.
Balanced view
PropTrack had Cannington's unit values down 7% and Midland's down 5% over the September quarter, and Perth total listings were 64.7% higher than a year earlier (Cotality, 15 October 2026). In our reading, their 20%-plus trailing medians reflect last year's market. Mackay's 1.15% vacancy is the closest to our gate on either list, and coal mining employed about 6% of the suburb's working residents and 8.8% across the town of Mackay at the 2021 Census (ABS).
Interest-cover stress test (not a cash-flow calculation)
Quick answer
At an illustrative 7.00% stress rate and on July trailing medians, asking rent covers the interest on an 80% interest-only loan for seven of the ten units and four of the ten houses (Gillen, Charters Towers, Manjimup and Rangeway). At 7.25%, five units and the same four houses still cover it; Cannington (0.996×) and New Town (0.973×) fall just below break-even. This measures interest cover only. It excludes rates, insurance, strata, maintenance, management, vacancy, land tax, tax and principal, so it isn't positive cash flow.
A high rental yield doesn't guarantee that rent covers a loan's interest, so this is our own stress test, kept separate from the PIS ranking. It compares a year's median asking rent with a year's interest on 80% of the median price at three illustrative rates. The 7.25% column tests one further quarter-point on top of 7.00%: after the September CPI on 28 October, all four major banks forecast a 25-basis-point rise in the cash rate on 3 November, and markets priced about an 87% chance of it (both as reported by The Adviser, 28 October 2026). These rates aren't lender quotes. Ratios are shown to three decimal places so an entry just under break-even doesn't round up to 1.00.
| Entry | Weekly rent (Sep) | Median price (12m to Jul) | Interest cover at 6.75% | At 7.00% | At 7.25% | Weekly gap at 7.00% |
|---|---|---|---|---|---|---|
| Woolner NT units | $750 | $486,000 | 1.486× | 1.433× | 1.384× | +$227 |
| Driver NT units | $550 | $386,500 | 1.370× | 1.321× | 1.276× | +$134 |
| Gillen NT houses | $650 | $467,000 | 1.340× | 1.292× | 1.248× | +$147 |
| Woree QLD units | $450 | $352,000 | 1.231× | 1.187× | 1.146× | +$71 |
| Mackay QLD units | $508 | $404,000 | 1.211× | 1.168× | 1.127× | +$73 |
| Charters Towers City QLD houses | $420 | $350,000 | 1.156× | 1.114× | 1.076× | +$43 |
| Bungalow QLD units | $490 | $410,000 | 1.151× | 1.110× | 1.071× | +$48 |
| Manjimup WA houses | $600 | $514,326 | 1.123× | 1.083× | 1.046× | +$46 |
| Rangeway WA houses | $480 | $422,000 | 1.095× | 1.056× | 1.020× | +$26 |
| Cannington WA units | $700 | $630,000 | 1.070× | 1.032× | 0.996× (below) | +$22 |
| New Town TAS units | $505 | $465,250 | 1.045× | 1.008× | 0.973× (below) | +$4 |
| Midland WA units | $620 | $580,000 | 1.029× | 0.993× (below) | 0.958× (below) | −$5 |
| Risdon Vale TAS houses | $560 | $536,000 | 1.006× | 0.970× (below) | 0.937× (below) | −$17 |
| Devonport TAS units | $440 | $426,250 | 0.994× (below) | 0.959× (below) | 0.925× (below) | −$19 |
| Midvale WA houses | $750 | $745,000 | 0.969× (below) | 0.935× (below) | 0.903× (below) | −$52 |
| Pimlico QLD units | $420 | $433,000 | 0.934× (below) | 0.901× (below) | 0.870× (below) | −$46 |
| East Devonport TAS houses | $520 | $540,000 | 0.927× (below) | 0.894× (below) | 0.863× (below) | −$62 |
| Bridgewater TAS houses | $500 | $525,000 | 0.917× (below) | 0.884× (below) | 0.854× (below) | −$65 |
| Mowbray TAS houses | $515 | $550,000 | 0.902× (below) | 0.869× (below) | 0.839× (below) | −$77 |
| Goondiwindi QLD houses | $550 | $650,000 | 0.815× (below) | 0.786× (below) | 0.759× (below) | −$150 |
Source: our analysis. Weekly rent: median weekly asking rent (Cotality via Your Investment Property, September 2026). Median price: 12-month median sold price to July 2026 (Cotality via Your Investment Property). Interest cover = (weekly rent × 52) ÷ (0.8 × median price × stress rate), interest-only. Weekly gap = weekly rent − (0.8 × median price × 7.00% ÷ 52). “(below)” marks interest cover under 1.000×.
Interest Cover at 7.00% — All 20 Ranked Entries, October 2026
Our analysis: median asking rent (Sep 2026) vs interest on 80% of the July 12-month median at an illustrative 7.00% stress rate, interest-only. Interest cover, not cash flow.
Houses Units
Source: our analysis; Cotality via Your Investment Property (rents September 2026; medians 12 months to July 2026).
New Town (+$4 a week) and Midland (−$5) sit closest to break-even at 7%, so a small change in rent or rate moves them either side of it. Use the cash flow calculator to add the other holding costs for a specific property, and the rental yield calculator to test a property's own rent and price.
The test uses the 12-month sold median to July. PropTrack's September-quarter modelled values, a different measure that estimates the value of all homes rather than those sold, are higher for 17 of the 20 entries. On those values, rent covers interest at 7% for five units (Woolner, Driver, Bungalow, Woree and Mackay) and two houses (Gillen and Rangeway) (our analysis; PropTrack, September quarter 2026).
Which markets are still rising as prices fall?
Quick answer
Mostly regional markets, and relatively few of them. On our count of PropTrack's September-quarter suburb values, 375 of 3,525 house suburbs and 241 of 1,720 unit suburbs had values higher than three months earlier, and 381 of those 616 were outside the capital cities. By number, regional New South Wales (150), regional Queensland (73) and regional Victoria (66) had the most; by share, regional South Australia (57% of its suburbs), the rest of the Northern Territory (6 of 13) and Greater Hobart (37%) led, against 2% in Brisbane and 4% in Adelaide. A rising quarter suggests where demand was still meeting supply while most capitals fell, though one quarter is a short record.
On our count of PropTrack's September-quarter suburb values, 82% of house suburbs and 80% of unit suburbs fell, and in Sydney 97% of house suburbs fell. Cotality's index shows the same split at regional level: combined capital-city values fell 4.3% over the quarter and combined regional values 1.9%, while regional South Australia rose 1.7% (Cotality, 1 October 2026). Ten of this month's 20 entries came from the rising pool.
PropTrack's suburb changes are rounded to whole percentages, so “+1%” covers a wide range. The 12-month sold medians in our tables lag further still: Cannington's, Midland's and Midvale's are up 20% or more over the year while their modelled values fell over the quarter.
What is the market backdrop in October 2026?
Quick answer
Prices are falling across most of Australia and buyers have more room to negotiate, while inflation has picked up. Cotality's national index fell 1.1% in September, the sixth monthly fall; the quarterly trimmed mean, a measure of underlying inflation, rose 3.7% over the year to the September quarter (ABS, 28 October 2026); and all four major banks expect the cash rate to rise to 4.85% on 3 November (as reported by The Adviser, 28 October 2026).
Prices. Cotality's national Home Value Index fell 1.1% in September, the sixth consecutive fall, leaving values 5.2% below the March peak; Darwin (+0.4%) was the only capital to rise (Cotality, 1 October 2026). Domain's September-quarter House Price Report (22 October) found house prices lower in all eight capitals in the same quarter for the first time in 15 years; our analysis of the Domain report covers each capital.
Selling conditions. Total listings were 19.1% higher than a year earlier in the four weeks to 11 October, homes took a median 41 days to sell, and the capital-city median vendor discount was 4.4%, the highest in five years (Cotality Monthly Housing Chart Pack, 15 October 2026). Our buyer's-market checklist covers how to use that negotiating room.
Rents. SQM's national vacancy rose to 1.4% in September, with Sydney at 1.8% and Melbourne and Canberra at 1.9%; Brisbane, Perth, Adelaide, Darwin and Hobart stayed under 1% (SQM Research, 13 October 2026).
Inflation. The ABS released September's CPI on 28 October. In the monthly series, headline CPI rose 4.3% over the 12 months to September (from 4.0% in August) and the trimmed mean 3.6% (from a revised 3.5%). In the quarterly series, the trimmed mean (ABS Appendix 1a, pre-October 2025 method) rose 1.0% in the September quarter and 3.7% over the year (from 3.6% in the June quarter), and headline CPI rose 1.3% in the quarter (Table 17). Over the 12 months to September, electricity rose 12.8% as Commonwealth rebates ended, automotive fuel 23.6%, new dwellings 4.7% and rents 3.6% (ABS, 28 October 2026).
Rates. The cash rate is 4.60% after the RBA's 29 September rise. These are three different kinds of view, each dated:
- Economists' forecasts (28 October): all four major banks expect a 25-basis-point rise to 4.85% on 3 November. NAB (“We now believe that the RBA will deliver a 25bp hike in November”) and CBA moved to that call after the CPI; ANZ and Westpac reaffirmed theirs (as reported by The Adviser, 28 October 2026).
- Market pricing (28 October): markets implied about an 87% probability of a rise on 3 November, up from 69% before the CPI release (as reported by The Adviser, 28 October 2026).
- The RBA (21 October): Deputy Governor Andrew Hauser said in a fireside chat “the inflation outlook looks materially worse than we projected in the August report” (RBA).
Bank house-price forecasts (dated; not like-for-like measures)
| Bank | Dated | Measure | Geography | Forecast |
|---|---|---|---|---|
| NAB | 7 Oct | Peak to trough | Capitals | −11% |
| CBA | 1 Sep | Peak to trough | National | −9% |
| Westpac | 15 Oct | Change over calendar 2026 | National | about −8%, as reported (−6% in September) |
Source: NAB Housing Monitor, October 2026; CommBank, 1 September 2026; Westpac Market Outlook, September 2026, and its 15 October update as reported by Mortgage Professional Australia (15 October 2026). These forecasts predate the 28 October CPI.
What changed since September?
Quick answer
One month is too short to judge price performance. The October data take Lavington units above the vacancy threshold, move several September entries off the lists through our list rules or lower scores, and update two catalysts: Spirit Quay is now open and the Cairns Hospital expansion is under construction. The single-industry test is now measured on the 2021 Census. The November edition adds our first three-month scorecard.
| Entry or input | September edition | October data | What changes |
|---|---|---|---|
| Lavington NSW units (#9) | Passed the vacancy gate | SQM postcode vacancy above 1.5% (September 2026) | Moves off the units list |
| Spirit Quay berth, East Devonport | Under construction | Officially opened 22 October 2026 (Premier of Tasmania) | East Devonport scores as delivered in the suburb; Devonport as delivered next door |
| Cairns Hospital expansion | Funded; construction from late 2026 | Under construction (early works); helipad works under way, builder appointed (Queensland Government, 15 September 2026) | Every Cairns entry's infrastructure score rises from 50 to 65 |
| Momentum factor | SA4 region, three months to July | Suburb, PropTrack September quarter | PIS v2.1 |
| Single-industry test | Named towns, editorial judgement | One mining or smelting industry employing 10% or more of working residents (ABS 2021 Census) | Emerald, West Wyalong and Biloela excluded; Chinchilla eligible |
Source: SQM Research postcode vacancy (September 2026); Premier of Tasmania, 22 October 2026; Queensland Government, 15 September 2026; ABS 2021 Census QuickStats.
The catalyst map — October 2026
Quick answer
We score delivered infrastructure above promised infrastructure. Manjimup, Charters Towers and Gillen have no project of $50 million or more verified in or next to the suburb, so they score 40 or less on infrastructure and rank mainly on vacancy, yield and momentum.
| Catalyst | Listed suburbs | Stage | Timing |
|---|---|---|---|
| New Bridgewater Bridge ($786m) | Bridgewater | Delivered | Opened 1 June 2025 |
| UTAS Inveresk campus | Mowbray (adjacent) | Delivered | October 2024 |
| Spirit Quay berth (TT-Line / TasPorts) | East Devonport (in suburb); Devonport (adjacent) | Delivered | Opened 22 October 2026; first commercial sailings targeted from 31 October (TT-Line, as reported by The Examiner) |
| Geraldton Health Campus ($192m) | Rangeway (adjacent) | Delivered | Practical completion 1 July 2026 |
| Cannington station rebuild (Victoria Park–Canning Level Crossing Removal) | Cannington | Delivered | Reopened June 2025 |
| Midland station | Midland; Midvale (adjacent) | Delivered | February 2026 |
| Charles Darwin University city campus | Woolner (serving Darwin) | Delivered | October 2024 |
| Palmerston Regional Hospital | Driver (serving Palmerston) | Delivered | 2018 |
| Queensland Country Bank Stadium | Pimlico (serving Townsville) | Delivered | 2020 |
| Cairns Hospital expansion (>$1bn) | Bungalow, Woree (serving Cairns) | Construction (early works) | Surgical centre due 2031 |
| Mackay Base Hospital expansion | Mackay | Funded | Main works from 2027; Stage 1 by 2030 |
| Risdon Prison Correa Unit (maximum-security unit) | Risdon Vale | Funding committed; in design and approvals | Construction expected from 2027, subject to approvals |
| St Johns Park mental health facility ($47m) | New Town | Construction (below our $50m line) | Construction from August 2026 |
| Inland Rail, North Star to Border | Goondiwindi | Planning | Preserved for future delivery |
Source: official project and government pages linked in the table and listed in Sources, checked 25–28 October 2026.
What should you check before buying?
Quick answer
Gross yield and vacancy are screening measures, not a purchase decision. Check acquisition and holding costs, the building (for units), natural hazards and, in small towns, how long comparable homes take to rent and to sell. Also watch the inputs that would move a suburb off these lists: vacancy, rates, commodity prices and the regional price turn.
Due-diligence checklist
- Acquisition costs: stamp duty, legal and inspection fees, and lenders' mortgage insurance if the loan-to-value ratio is above 80%. Some lenders cap the LVR lower in small regional and mining-town postcodes, so check lender appetite before you make an offer.
- Holding costs: council and water rates, landlord insurance, land tax, property management, maintenance and an allowance for vacancy.
- For units: strata levies and their history, the sinking-fund balance, building insurance, defect history, special levies, building age and planned capital works.
- Natural hazards: flood, bushfire, cyclone and coastal exposure, and the availability and cost of insurance.
- Small-town liquidity: ask a local property manager how many comparable rentals are listed and how long they take to lease, and check how long comparable homes have taken to sell this year.
- Current pricing: July trailing medians lag the market in either direction, so compare recent sales and current listings before making an offer.
Timing and who these lists fit
Prices are falling nationally, and all four major banks forecast a 3 November rise (as at 28 October). Most of these 20 entries were still rising, though, and PropTrack's September-quarter modelled values sit above the July trailing median for 17 of them, so a trailing median may understate today's price as easily as overstate it. In our view, the better approach is to price an offer from current listings and recent sales, and to expect room to negotiate: Cotality's 15 October chart pack put the capital-city median vendor discount at 4.4%, the highest in five years. Each rise also cuts borrowing capacity: Cotality estimates the four 2026 rises have reduced a median-income household's capacity by about $90,000, or 9% (Cotality Monthly Housing Chart Pack, 15 October 2026). The small-town houses (Charters Towers, Goondiwindi, Gillen and Manjimup) fit an investor who wants yield and can hold through a slow sale and a concentrated local economy; they fit a first purchase less well. The eight capital-city entries (Bridgewater, Risdon Vale and New Town in Greater Hobart; Midvale, Cannington and Midland in Greater Perth; Woolner and Driver in Greater Darwin) sit in larger markets with more potential buyers on exit, although Darwin's selling times run 27 to 33 days. SMSF trustees should read the FAQ below on the borrowing rules.
Tax settings also change for anything bought now. Under the Treasury Laws Amendment (Tax Reform No. 1) Act 2026, rental losses on established dwellings acquired after 7:30pm AEST on 12 May 2026 are quarantined from 1 July 2027, so they can no longer offset wage or other income; new dwellings are carved out. For individuals, trusts and partnerships, gains that accrue from 1 July 2027 are taxed under cost-base indexation with a 30% minimum tax rate instead of the 50% discount, and SMSFs are exempt from both changes (ATO). Most entries on these lists are established homes, and nine of the 20 don't cover interest at 7% even before other costs, so model the after-tax holding cost under the new rules before you buy. Our negative gearing transition guide covers the detail.
What would change these rankings
An entry drops out at the next ranking if its postcode vacancy rises above 1.5% or its yield falls below 4.3% without a qualifying catalyst. Mackay (1.15%) and Rangeway (1.08%) are closest to the vacancy gate, and Woree's vacancy doubled in a month. If PropTrack's December-quarter data show this month's rising regional towns falling, the momentum measure will move them down sharply. If borrowing costs run a quarter-point above our 7% illustration, as in the 7.25% column, New Town and Cannington slip just below full interest cover, and the six houses and three units (Midland, Devonport and Pimlico) already short at 7% fall further behind. Charters Towers and Mackay have mining in their local economies below our single-industry line, and insurance and strata costs in Cairns, Townsville, Mackay and Darwin aren't captured by any yield figure.
Key dates into November
| Date | Event |
|---|---|
| Sat 31 Oct | Spirit of Tasmania IV and V first commercial sailings targeted (TT-Line, as reported by The Examiner) |
| Mon 2 Nov | Cotality Home Value Index, October (expected) |
| Tue 3 Nov, 2:30pm | RBA decision and Statement on Monetary Policy |
| Mid-November | SQM Research vacancy, October |
Source: Cotality, RBA and SQM Research release calendars; TT-Line sailing target as reported by The Examiner.
Frequently Asked Questions
On our October 2026 screen, the top-ranked houses are Bridgewater TAS, Manjimup WA, Mowbray TAS, Charters Towers City QLD and East Devonport TAS, and the top-ranked units are Bungalow QLD (Cairns), Driver NT (Palmerston), Pimlico QLD (Townsville), Woolner NT (Darwin) and New Town TAS (Hobart). The screen covers September's suburbs plus suburbs still rising in the September quarter, so it isn't an exhaustive national ranking, and the results depend on our method.
We scored 298 suburb markets: the 89 from September plus new candidates that PropTrack showed still rising in the September quarter. Each needed SQM postcode vacancy of 1.5% or less (September 2026), a gross yield of 4.3% or more or a median of $700,000 or less with a delivered or funded catalyst, at least 50 house or 30 unit sales, and a rental pool of at least 300 properties. Towns where one mining or smelting industry employs 10% or more of working residents (2021 Census) were excluded. Passing suburbs were ranked on PIS v2.1 using Cotality data to July (prices) and September (rents and yields).
Prices fell in most capital-city suburbs over the September quarter, and our screen rewards tight vacancy, yield and price momentum. Regional towns where prices were still rising scored well on all three, and the candidate pool added this month was drawn from rising suburbs. Those towns also carry risks a city suburb doesn't: small rental pools, slower sales, commodity exposure and stricter lending in some postcodes.
It points to strong rental demand, but in a small market it isn't precise. In postcodes with a few hundred to about a thousand rentals, one vacant property moves the rate by about a tenth of a point or more. We read Charters Towers' 0.00% (SQM Research, September 2026) as "very tight" rather than exact, and suggest asking a local property manager for current leasing times.
No. Our stress test compares asking rent with interest only. It excludes rates, insurance, strata, maintenance, management, vacancy, land tax, tax and principal. On July trailing medians, seven of the ten units and four of the ten houses cover interest at an illustrative 7% (five and two on PropTrack's September-quarter values), but a full cash-flow calculation will usually show a smaller surplus or a shortfall.
Its postcode vacancy rose from 0.47% to 0.98% between August and September (SQM Research), and PropTrack had its unit values 2% lower over the quarter. The October method also differs from September's, so the position change isn't like-for-like. Woree still passes both gates and has one of the highest yields on the list.
Not with a new borrowing arrangement. Schedule 5 of the Treasury Laws Amendment (Tax Reform No. 1) Act 2026, which commenced on 10 August 2026, limits new limited recourse borrowing arrangements (LRBAs) for real property to business real property, so a new residential purchase would be made without borrowing. The Act's transitional provisions preserve arrangements made before commencement: existing LRBAs continue, a residential purchase exchanged under an LRBA before 10 August can settle, and a pre-commencement borrowing can be refinanced. Buying outright only removes the borrowing question; the purchase still has to meet the sole purpose test, the fund's investment strategy and liquidity needs, and the related-party and in-house asset rules, so have the specific purchase reviewed by a licensed adviser.
SMSF references: Treasury Laws Amendment (Tax Reform No. 1) Act 2026 (Schedule 5, Federal Register of Legislation) and our LRBA checklist, which covers the transitional rules in detail.
The Bottom Line
Our October 2026 screen ranks Bridgewater first for houses and Bungalow first for units. The screen combines September's suburbs with suburbs still rising in the September quarter, and with prices falling in most capitals, 14 of the 20 picks had values still rising over the quarter. Twelve are outside the capital cities; the eight capital-city entries are Hobart's Bridgewater, Risdon Vale and New Town, Perth's Midvale, Cannington and Midland, and Darwin's Woolner and Driver (Palmerston).
Several of the highest yields sit in small towns where a sale takes longest (Gillen 90 days, Charters Towers 44). At an illustrative 7% on July trailing medians, asking rent covers interest for seven of the ten units and four of the ten houses; on PropTrack's higher September-quarter values, five units and two houses.
The September CPI (ABS, 28 October) showed the trimmed mean up 1.0% in the quarter and 3.7% over the year, and all four major banks now forecast a rise to 4.85% on 3 November (as reported by The Adviser, 28 October). At 7%, New Town (1.008×) and Cannington (1.032×) only just cover interest, while Midland (0.993×) and Risdon Vale (0.970×) already fall just short; a quarter-point more, as in our 7.25% column, would leave New Town and Cannington short as well. Watch the RBA decision on 3 November and SQM's October vacancy in mid-November. The November edition will re-rank on that data and add our first three-month scorecard.
Methodology appendix (PIS v2.1)
Quick answer
Five measurable inputs are scored 0–100 between fixed anchors, price momentum is scored in fixed steps, infrastructure uses the exact-value rubric below and demographic durability is a published judgement score, shown with the Census evidence behind it. The single-industry test uses a 10% Census threshold. The tables give every component score for the 20 ranked entries and the sources behind each one.
Formula. Vacancy, days on market, gross yield, 12-month sold-median change and affordability are each converted to a 0–100 score by straight-line interpolation between two anchors, capped at 0 and 100: score = (value − low anchor) ÷ (high anchor − low anchor) × 100. PIS is the weighted sum of the eight scores.
| Input | Weight | Scores 0 at | Scores 100 at | Data |
|---|---|---|---|---|
| Vacancy | 20% | 2.0% | 0.0% | SQM postcode, September 2026 |
| Days on market | 13% | 60 days | 10 days | Cotality 12-month average to July |
| Price momentum | 12% | Step rule (below) | Step rule (below) | PropTrack suburb, September quarter |
| Gross yield | 16% | 3.5% | 8.0% | Cotality value-based, September 2026 |
| 12m sold-median change | 8% | 0% | 30% | Cotality, 12 months to July |
| Affordability | 8% | $800,000 | $300,000 | Cotality median, 12 months to July |
| Infrastructure | 13% | Rubric below | Official project sources | |
| Demographic and supply | 10% | Our assessment | Census evidence below |
Source: our PIS v2.1 method; input providers as listed.
Price momentum (step rule, no interpolation). The score depends on the suburb's PropTrack three-month value change for the September quarter: 100 if it rose 1% or more; 70 if it was unchanged (0%); 50 if it fell 1%; 30 if it fell 2% or more. PropTrack publishes suburb changes rounded to whole percentages, and we use the published figure as it stands, so every suburb lands on exactly one step. Where a suburb has no PropTrack reading we use its SA4 region's median suburb change, which can be fractional: 1.0 or more scores 100, 0 to under 1.0 scores 70, −1.0 to under 0 scores 50, and below −1.0 scores 30. All 20 ranked entries had a suburb reading.
Infrastructure rubric (exact values). “In the suburb” means the project sits within the suburb's boundary; “adjacent” means it sits in a suburb that shares a boundary. 90 = major project delivered in the suburb; 85 = delivered in an adjacent suburb; 70 = delivered, serving the wider city or region; 80 = under construction in or adjacent to the suburb; 65 = under construction, serving the wider city or region; 50 = funded, not started; 40 = in planning or approvals, or a project under $50 million; 20 = nothing verified. The rubric has no age limit, so older projects (Palmerston Regional Hospital, 2018; the Townsville stadium, 2020) still score; they may already be priced in.
Single-industry test. A town is excluded when one mining or metal-smelting industry class employs 10% or more of its employed residents at the 2021 Census. We read the town as a whole: the ABS urban centre (UCL) where the town spans several suburbs, and the ABS suburb (SAL) where the suburb is the whole town. We checked every suburb in this month's screen against its Census industry figures. The table lists every town the test excludes, every town where one mining or smelting industry employs 7% or more (in the town or in the screened suburb), Chinchilla and Charters Towers, which sit close to the lists, and Gladstone, where aluminium smelting (4.9%) and alumina production (4.4%) are separate industry classes that together employ 9.3% of residents. Across the rest of the screen, no single mining or smelting industry reaches 7% of a suburb's employed residents.
| Town | ABS area | Largest mining or smelting industry | Share of employed residents | Result |
|---|---|---|---|---|
| Roxby Downs SA | SAL41281 | Copper ore mining | 39.6% | Excluded |
| Kambalda West WA | SAL50718 | Gold ore mining | 36.3% | Excluded |
| Kalgoorlie-Boulder WA (Kalgoorlie, Boulder, South Kalgoorlie, Somerville) | UCL512004 | Gold ore mining | 20.3% | Excluded |
| Mount Isa QLD (Soldiers Hill) | UCL313009 | Copper ore mining | 16.9% | Excluded |
| Emerald QLD | SAL30973 | Coal mining | 16.6% | Excluded |
| West Wyalong NSW | SAL14273 | Gold ore mining | 14.9% | Excluded |
| Biloela QLD | SAL30252 | Coal mining | 14.0% | Excluded (also out-of-date figures) |
| Collie WA | SAL50310 | Coal mining | 12.2% | Excluded |
| Port Pirie SA (Port Pirie West, Risdon Park) | UCL413005 | Copper, silver, lead and zinc smelting and refining | 10.9% | Excluded |
| Cloncurry QLD | SAL30628 | Copper ore mining | 10.6% | Excluded |
| Tannum Sands–Boyne Island QLD (Tannum Sands) | UCL314023 | Aluminium smelting | 10.5% | Excluded (also a thin market) |
| Mackay QLD (Mackay, Andergrove, North Mackay, South Mackay) | UCL311003 | Coal mining | 8.8% | Not excluded |
| Portland NSW | SAL13262 | Coal mining | 8.8% | Not excluded |
| Wallerawang NSW | SAL14132 | Coal mining | 7.6% | Not excluded |
| Kandos NSW | SAL12065 | Coal mining | 7.2% | Not excluded |
| Narrabri NSW | SAL12912 | Coal mining | 7.0% | Not excluded |
| Lithgow NSW (Bowenfels; 9.9% in the suburb itself) | UCL113008 | Coal mining | 6.7% | Not excluded |
| Gladstone QLD (South Gladstone, West Gladstone, Gladstone Central, New Auckland) | UCL312002 | Aluminium smelting | 4.9% | Not excluded |
| Chinchilla QLD | SAL30602 | Oil and gas extraction | 4.7% | Not excluded |
| Charters Towers QLD (Charters Towers City, Richmond Hill) | UCL314007 | None in the town's top five (gold ore mining is 4.2% in Charters Towers City) | n/a | Not excluded |
Source: ABS, 2021 Census QuickStats, industry of employment (top responses), employed people aged 15 and over; suburb (SAL) or urban centre (UCL) as named.
Single-Industry Test — Mining or Smelting Share of Local Jobs
Largest mining or metal-smelting industry, % of employed residents (2021 Census). Towns at or above the 10% line are excluded. Towns spanning several suburbs are read on the ABS urban centre.
Excluded Not excluded
Source: ABS, 2021 Census QuickStats, industry of employment (top responses); chart: Property Investment Professionals.
Demographic and supply durability remains a judgement score (40–70 for the ranked entries). It weighs the Census indicators below together with the wider city's economy and new housing supply, so it isn't a formula of these figures; we plan to replace it with a formula built on them.
| Entry | Demog. score | Population change, 2016–21 | Median weekly household income (2021) | Rented (2021) | Unemployment (2021) |
|---|---|---|---|---|---|
| Bridgewater TAS | 40 | +13.5% | $944 | 55.3% | 11.9% |
| Manjimup WA | 45 | −1.6% | $1,208 | 34.0% | 4.7% |
| Mowbray TAS | 50 | +8.4% | $1,138 | 48.1% | 9.2% |
| Charters Towers City QLD | 45 | +4.0% | $1,078 | 41.1% | 8.1% |
| East Devonport TAS | 50 | +8.2% | $900 | 41.7% | 9.0% |
| Risdon Vale TAS | 40 | +10.4% | $1,187 | 34.2% | 8.0% |
| Rangeway WA | 50 | −0.8% | $921 | 36.2% | 14.5% |
| Goondiwindi QLD | 55 | −2.0% | $1,629 | 35.5% | 3.3% |
| Gillen NT | 40 | +4.4% | $2,176 | 41.0% | 3.7% |
| Midvale WA | 65 | +52.8% | $1,433 | 31.3% | 6.2% |
| Bungalow QLD | 65 | +9.2% | $1,121 | 58.9% | 8.8% |
| Driver NT | 55 | −4.8% | $1,984 | 46.1% | 6.2% |
| Pimlico QLD | 70 | +3.9% | $1,128 | 57.4% | 7.4% |
| Woolner NT | 55 | +3.4% | $2,628 | 58.2% | 2.6% |
| New Town TAS | 60 | +10.8% | $1,596 | 41.2% | 6.7% |
| Cannington WA | 65 | +16.0% | $1,558 | 57.0% | 6.2% |
| Devonport TAS | 50 | +5.2% | $1,093 | 35.7% | 7.0% |
| Midland WA | 70 | +6.1% | $1,138 | 61.6% | 7.3% |
| Woree QLD | 60 | +6.3% | $1,152 | 51.7% | 9.1% |
| Mackay QLD | 45 | +10.0% | $1,239 | 64.5% | 7.2% |
Source: demographic score: our PIS v2.1 judgement. Census figures: ABS 2016 and 2021 Census QuickStats for each suburb (SAL 2021; SSC 2016, same boundaries for all 20); rented is the share of occupied private dwellings; unemployment is the share of the labour force.
Component scores, houses
| Suburb | Vacancy | DoM | Momentum | Yield | Growth | Afford. | Infra. | Demog. | PIS |
|---|---|---|---|---|---|---|---|---|---|
| Bridgewater | 74.5 | 100 | 100 | 42.7 | 83.3 | 55.0 | 90 | 40 | 73.5 |
| Manjimup | 85.0 | 80.0 | 100 | 50.9 | 77.3 | 57.1 | 40 | 45 | 68.0 |
| Mowbray | 83.5 | 100 | 50 | 36.0 | 78.7 | 50.0 | 85 | 50 | 67.8 |
| Charters Towers City | 100 | 32.0 | 100 | 66.0 | 83.3 | 90.0 | 20 | 45 | 67.7 |
| East Devonport | 72.5 | 56.0 | 100 | 34.2 | 67.6 | 52.0 | 90 | 50 | 65.5 |
| Risdon Vale | 74.5 | 100 | 100 | 42.2 | 55.9 | 52.8 | 40 | 40 | 64.6 |
| Rangeway | 46.0 | 92.0 | 30 | 56.9 | 100 | 75.6 | 85 | 50 | 64.0 |
| Goondiwindi | 93.0 | 60.0 | 100 | 23.1 | 100 | 30.0 | 40 | 55 | 63.2 |
| Gillen | 95.5 | 0 | 100 | 97.6 | 26.6 | 66.6 | 20 | 40 | 60.8 |
| Midvale | 62.5 | 94.0 | 30 | 38.2 | 96.7 | 11.0 | 85 | 65 | 60.6 |
Source: our PIS v2.1 component scores, October 2026.
Component scores, units
| Suburb | Vacancy | DoM | Momentum | Yield | Growth | Afford. | Infra. | Demog. | PIS |
|---|---|---|---|---|---|---|---|---|---|
| Bungalow | 64.5 | 98.0 | 100 | 59.1 | 97.1 | 78.0 | 65 | 65 | 76.1 |
| Driver | 57.5 | 54.0 | 100 | 96.9 | 100 | 82.7 | 70 | 55 | 75.2 |
| Pimlico | 74.5 | 88.0 | 100 | 38.0 | 91.2 | 73.4 | 70 | 70 | 73.7 |
| Woolner | 67.0 | 66.0 | 100 | 90.2 | 66.7 | 62.8 | 70 | 55 | 73.4 |
| New Town | 95.0 | 100 | 100 | 42.4 | 0 | 67.0 | 40 | 60 | 67.3 |
| Cannington | 75.0 | 96.0 | 30 | 47.8 | 69.0 | 34.0 | 90 | 65 | 65.2 |
| Devonport | 72.5 | 60.0 | 100 | 41.3 | 13.2 | 74.8 | 85 | 50 | 64.0 |
| Midland | 62.5 | 100 | 30 | 44.9 | 68.4 | 44.0 | 90 | 70 | 64.0 |
| Woree | 51.0 | 72.0 | 30 | 83.8 | 68.5 | 89.6 | 65 | 60 | 63.7 |
| Mackay | 42.5 | 80.0 | 100 | 58.2 | 68.7 | 79.2 | 50 | 45 | 63.0 |
Source: our PIS v2.1 component scores, October 2026.
What the list rules changed. Without the postcode cap, Invermay TAS (67.5, same postcode as Mowbray) and Devonport TAS (62.2, same postcode as East Devonport) would have made the houses list in place of Gillen and Midvale. On the units list, the caps held back Gray (75.2), Johnston (72.9), Karama (72.3), Nightcliff (71.6), Leanyer (71.3), Marrara (71.2), Millner (70.5), Rapid Creek (69.7) and Stuart Park (68.0) in the Darwin region; Redlynch (70.0), Manunda (69.2), Westcourt (64.3) and Manoora (63.2), which share Bungalow's postcode; Hermit Park (69.5), which shares Pimlico's; and Beckenham (64.6), which shares Cannington's. The next eligible entries were Berri SA (60.6, less than a hundredth of a point behind Midvale) for houses and Chinchilla QLD (62.95, 0.09 points behind Mackay) for units. Other rules also moved the houses list: the single-industry test removed Kambalda West (73.8), South Kalgoorlie (72.2), West Wyalong (67.1) and Risdon Park SA (65.5), all of which would otherwise have ranked, and Emerald (63.4), which would have ranked eighth had it alone been exempt; Biloela (71.6) failed both the single-industry test and the out-of-date-figures rule; and the rental-pool rule removed Mount Barker WA (63.3), which would otherwise have ranked. On the units list, the single-industry test removed Kalgoorlie (71.7) and Somerville (71.4, which shares Kalgoorlie's postcode); without the test, Kalgoorlie would rank fifth and Mackay would drop off.
Screening universe. We scored 298 suburb markets (170 house, 128 unit): the 89 scored in September and those new candidates whose postcodes passed the vacancy gate, drawn from the 328 suburb markets PropTrack showed still rising over the September quarter under our price caps (301 once September's markets and suburbs we couldn't match to a postcode were set aside). 85 house and 71 unit markets passed every gate and exclusion rule before the postcode and SA4 caps. The most common exclusions were thin markets, small rental pools, single-industry towns and out-of-date figures. We publish figures for the ranked entries only.
Sources for each ranked entry. Each entry's suburb figures come from its Cotality profile on Your Investment Property, its vacancy from SQM Research's postcode series and its Census figures from ABS QuickStats. PropTrack's September-quarter suburb changes were published by realestate.com.au in a suburb table (October 2026).
| Entry | Suburb data (Cotality via Your Investment Property) | Vacancy (SQM Research) | Census (ABS, 2021) |
|---|---|---|---|
| Bridgewater TAS houses | Profile | 7030 | SAL60073 |
| Manjimup WA houses | Profile | 6258 | SAL50891 |
| Mowbray TAS houses | Profile | 7248 | SAL60437 |
| Charters Towers City QLD houses | Profile | 4820 | SAL30585 |
| East Devonport TAS houses | Profile | 7310 | SAL60176 |
| Risdon Vale TAS houses | Profile | 7016 | SAL60556 |
| Rangeway WA houses | Profile | 6530 | SAL51280 |
| Goondiwindi QLD houses | Profile | 4390 | SAL31202 |
| Gillen NT houses | Profile | 0870 | SAL70109 |
| Midvale WA houses | Profile | 6056 | SAL50948 |
| Bungalow QLD units | Profile | 4870 | SAL30431 |
| Driver NT units | Profile | 0830 | SAL70080 |
| Pimlico QLD units | Profile | 4812 | SAL32317 |
| Woolner NT units | Profile | 0820 | SAL70293 |
| New Town TAS units | Profile | 7008 | SAL60451 |
| Cannington WA units | Profile | 6107 | SAL50246 |
| Devonport TAS units | Profile | 7310 | SAL60156 |
| Midland WA units | Profile | 6056 | SAL50947 |
| Woree QLD units | Profile | 4868 | SAL33165 |
| Mackay QLD units | Profile | 4740 | SAL31724 |
Source: suburb pages captured 25 October 2026 (Cotality via Your Investment Property; SQM Research, September 2026 reading); ABS QuickStats. Provider pages update monthly, so a page viewed later may show newer figures than this edition used.
Data as at
- Ranking data cut-off, 25 October 2026: Cotality via Your Investment Property (medians, sold-median change, sales and days on market for the 12 months to 31 July 2026; rents and value-based gross yields as at 30 September 2026); SQM Research postcode vacancy, September 2026; PropTrack suburb values, September quarter 2026.
- Method data: ABS 2016 and 2021 Census QuickStats (single-industry test and demographic evidence), checked 28 October 2026.
- Market context, updated 28 October 2026: ABS CPI (released 28 October); bank calls and market pricing as reported on 28 October; Cotality HVI and chart pack (October releases); SQM national vacancy (13 October).
This article is general information only and does not take into account your objectives, financial situation or needs. It is not financial, tax or legal advice. Rankings reflect our methodology and the ranking data captured on 25 October 2026; market commentary is updated to 28 October 2026. Figures change monthly. Past growth is not a reliable indicator of future performance. Consider seeking advice from a licensed professional before making an investment decision.
Sources
Suburb, rental and Census data
- Cotality via Your Investment Property: suburb medians, 12-month change, sales and days on market (12 months to 31 July 2026) and value-based gross yields and rents (September 2026), suburb pages linked per entry in the Methodology appendix, captured 25 October 2026. Cotality and its licensors own the underlying data.
- SQM Research: postcode vacancy series, September 2026 (linked per entry); national vacancy release, 13 October 2026.
- PropTrack (realestate.com.au): suburb AVM values, September quarter 2026, three- and 12-month changes (published suburb table).
- ABS: 2016 and 2021 Census QuickStats (linked per entry).
Market, inflation and rates
- ABS, Consumer Price Index, Australia, September 2026 (28 October 2026), including the quarterly trimmed mean (Appendix 1a) and quarterly CPI (Table 17)
- Cotality Home Value Index, September 2026 (released 1 October 2026) · Cotality Monthly Housing Chart Pack, October 2026 (15 October 2026)
- Domain House Price Report, September quarter 2026 (22 October 2026)
- RBA: Deputy Governor Andrew Hauser, fireside chat at the Citi Australia & New Zealand Investment Conference, 21 October 2026
- The Adviser, 28 October 2026, reporting NAB, CBA, ANZ and Westpac rate calls and market pricing after the CPI
- Bank house-price forecasts: NAB Housing Monitor, October 2026; CommBank (1 September 2026); Westpac Market Outlook (September 2026), with its October 2026 update as reported by Mortgage Professional Australia, 15 October 2026
- Darwin price history: CoreLogic (Tim Lawless), as reported by MacroBusiness, 5 March 2020
Policy and SMSF
- Treasury Laws Amendment (Tax Reform No. 1) Act 2026, Schedule 5 (Federal Register of Legislation): SMSF borrowing
- Negative gearing and CGT changes (commence 1 July 2027): Treasury Laws Amendment (Tax Reform No. 1) Act 2026; ATO, Tax reform: boosting home ownership, reforming negative gearing and CGT
Catalysts
- Spirit Quay (Premier of Tasmania, 22 October 2026) · Cairns Hospital expansion (15 September 2026) · Mackay Base Hospital expansion (11 August 2026) · Geraldton Health Campus complete (1 July 2026) · New Midland station (PTA) · Cannington station rebuild (Metronet) · Inner Armadale Line reopening, 9 June 2025 (Minister for Infrastructure) · New Bridgewater Bridge opens · UTAS Inveresk campus · CDU city campus opening · Risdon Prison Correa Unit (Department of Justice Tasmania) · St Johns Park mental health facility (6 August 2026) · Inland Rail
Earlier editions: September 2026 · August 2026 · May 2026 · April 2026 · Top suburbs hub
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